FRAMEWORK AGREEMENT FOR SALES OF SILVER Date Sample Clauses

FRAMEWORK AGREEMENT FOR SALES OF SILVER Date. 31 December 2017 (i) The Company; and (ii) Zhaojin Import and Export From 1 January 2018 to 31 December 2020 Subject to compliance with applicable laws and regulations and the Listing Rules, the Framework Agreement for Sales of Silver may be extended or renewed by the parties. Silver (around Ag 99.0%) The Group agreed to sell silver to Zhaojin Import and Export at market price, which will be determined on a fair basis with reference to the morning or afternoon spot settlement price of No. 2 Silver quoted on Shanghai Huatong on the date of price determination and taking the highest price quoted by other buyers of silver during the period of 1 January 2018 to 31 December 2020. The parties to the Framework Agreement for Sales of Silver have agreed that the price at which the Group sells silver to Zhaojin Import and Export shall not be lower than the price charged by the Group on independent third parties for the sales of same type of silver. Payment should be made by Zhaojin Import and Export within two days from the date of price determination by bank draft or telegraphic transfer. After full payment of the purchase price by Xxxxxxx Import and Export, the Group shall deliver silver to Zhaojin Import and Export. According to the Framework Agreement for Sales of Silver, each party shall give priority in purchasing products from or selling products to the other party provided that the terms offered by third parties are no more favourable than the terms offered by the other party. Both parties are entitled to sell products to, or purchase products from, third parties if the third parties purchase or sell the same or similar products at a more favourable price than the price available under the Framework Agreement for Sales of Silver. Subject to compliance with the provisions of the Framework Agreement for Sales of Silver, the purchasing party is entitled to purchase the same or similar products from third parties if the provision of products sold by the selling party cannot meet the demand (either quantitative or qualitative) of the purchasing party. The parties shall ensure and procure their respective subsidiaries to enter into specific product supply agreements, subject to compliance with the terms of the Framework Agreement for Sales of Silver.
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