2 (Velásquez Rodríguez Case, Judgment of July 29, 1988. 194). Series C No. 4, para. I 3. The Court has jurisdiction to order the payment of fair compensation to the injured party in the instant case. Honduras ratified the Convention on September 8, 1977, and recognized the contentious jurisdiction of the Court on September 9, 1981, by depositing the instrument referred to in Article 62 of the Convention. The Commission submitted the case to the Court pursuant to Articles 61 of the Convention and 50 (1) and 50 (2) of its Regulations, and the Court decided the case on July 29, 1988. II 4. By Resolution of January 20, 1989, the Court decided: 1. To authorize the President, should the State and the Commission fail to submit an agreement within the allotted time period, to consult with the Permanent Commission of the Court, to initiate whatever studies and name whatever experts might be convenient, so the Court will have the elements of judgment necessary to set the form and amount of compensation. 2. To authorize the President, should it be necessary, to obtain the opinion of the victim's family, the Inter-American Commission on Human Rights, and the Government of Honduras. 3. To authorize the President, should it be necessary, and following consultation with the Permanent Commission of the Court, to set a hearing in this matter. 5. On January 24, 1989, the Agent gave the Secretariat a copy of the agreement signed by the Government and the Commission on the previous day in Honduras, and according to which: FIRST: The Government of Honduras reiterates its decision to implement fully the judgment entered by the Illustrious Inter-American Court of Human Rights, in conformity with the terms of that judgment. SECOND: The Government of Honduras and the Commission recognize that the only beneficiaries of the compensation fixed by the Court are the wife of Manfredo Velásquez, Mrs. Emma Guzmán Urbina, and the children of the marriage, Héctor Ricardo Velásquez Guzmán, Nadia Waleska Velásquez Guzmán and Herling Lizzett Velásquez Guzmán. The children shall be recognized as beneficiaries as soon as they fulfill the prerequisites of Honduran law to be considered the legal heirs of Manfredo Velásquez. THIRD: The Government of Honduras believes that the best way to carry out the Court's "order to pay just compensation to the next of kin of the