Contract for Sales of Industrial and Mineral Products Shagang Group Anyang Yongxing Iron&Steel Co., Ltd.
Exhibit
10.66
Contract
for Sales of Industrial and Mineral Products
Shagang
Group Anyang Yongxing Iron&Steel Co., Ltd.
Contract
No.:YL0100
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Signed
at: Shagang Yongxing Company
Seller:
Henan Shuncheng Group Coal Coke Co., Ltd.
Buyer:
Shagang Group Anyang Yongxing Iron & Steel Co., Ltd.
This
contract is entered into between the Seller and the Buyer on the basis of both
parties’ full consultation pursuant to the Contract Law of the People's Republic
of China.
1.
Commodity and Specification, Quantity and Amount
Commodity
Code
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Name
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Specification
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Unit
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Quantity
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Unit
Price
(yuan)
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Amount
(yuan)
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Month
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||||||||||||
XX0-00000
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Xxxx
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25-80mm
secondary metallurgical coke
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Ton
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15000 | 1870 | 28,050,000 |
April
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Remark
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Twenty-eight
million and fifty
thousand
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2.
Quality Standards: Ash Content≤13.5%, Sulfur≤0.8%, Vdaf≤1.9%, Moisture
retention ≤8%, particle size
25-80cm, less than 25mm coke powder content≤5%, crushing
strength M25≥88, scurf
resistance M10≤8.
3.
Methods for inspection and acceptance: laboratory test to be made by the Buyer,
inspection weight to be weighed by the Buyer. The Seller may appoint person to
supervise such sampling. In case any disagreements occurred, the quality shall
be determined by the re-inspection to the archive sample made by the Buyer, or
the inspection result made by the third party (the inspection qualification
shall be higher than the Buyer).
4.
Acceptance standards at a price with concession:
1). If
ash content is 0.1%higher than the standard, the contract price will be
decreased by 0.8% yuan/ton. In case the ash content is 1% or much higher than
the standard, the price will be decreased in double, or the goods will be
returned.
2). If
Vdaf is higher than the standard, the contract price will be deducted 0.8% for
each 0.1% higher, pro rate. In case Vdaf is 0.5% or much higher than the
standard, the price will be decreased in double, or the goods will be
returned.
3). If
sulfur is higher than the standard, the contract price will be deducted 1% for
each 0.1% higher, pro rate. In case sulfur is 0.4% or much higher than the
standard, the price will be decreased in double, or the goods will be
returned.
4). If
M25 is lower or M10 is higher than the standard, the contract price will be
deducted 1.2% for each 1% lower or higher, pro rate. In case M25 is 3% or much
lower or M10 is 3% or much higher than the standard, the price will be decreased
in double, or the goods will be returned.
5). If
moisture retention is higher than the standard, the price will be deducted
according to the actual exceeding part in settlement.
6). If
coke powder is 5% or much higher than the standard, the exceeding weight shall
be deducted from the weight of coke, which will be settled at a price of 400
yuan/ton.
5.
Packing Requirement: packed in bulk.
6. Means
of transportation: Truck. Place of arrival: freight yard of the Buyer. Freight:
paid by the Buyer.
7.
Delivery date: From April 1st, 2010
to April 30th,
2010
8.
Payment for goods: Invoice shall be issued based on final statement after the
acceptance. It will be paid in the form of bank acceptance after entering the
account.
9.
Economic responsibility: abiding by the terms of the Contract Law and this
contract. Any matters not covered herein shall be solved through both parties’
consultation, or ruled by the People's Court at the place where this contract is
signed. Once the case that the Seller adulterates coal and sells inferior coal
as quality coal is verified to be true, it will be seriously dealt
with.
10.
Others:
1). The
Seller shall deliver the goods on schedule according to the contract (actual
quantity delivered is allowed to plus or minus 5% on the basis of the quantity
stipulated in the contract). In case the Seller fails to deliver the goods in
line with the quantity stipulated herein within the contractually agreed time
limit, the Seller shall compensate 5% of the total amount of contract to the
Buyer.
2). The
contract price is the price to factory that is settled against two documents,
i.e. VAT invoice (rate: 17%) and the freight invoice (rate: 20 yuan/ton).
Ex-factory weight list shall be provided by the Seller.
3). Full
invoices shall be issued prior to the 28th of the
current month by the Buyer.
11. Once
the contract is entered, it shall be binding on both parties in accordance with
the Contract Law. In the course of implementation of the contract, it shall not
be arbitrarily modified or terminated by both parities. Anything not covered in
this Contract will be discussed by both parties. If a supplement agreement is
needed to be concluded, such supplement agreement and this contract are equally
valid.
12. This
contract has two copies, each of the party hold one. The expiry date of this
contract is April 30th,
2010.
Buyer (seal): [company seal and
stamp]
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Shagang Group
Anyang Yongxing
Iron&Steel Co., Ltd.
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Seller (Seal): [company seal and
stamp]
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Henan Shuncheng Group
Coal Coke Co., Ltd.
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Responsible
person:
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Responsible
person:
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|||||
Representative
person:
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[illegible] |
Representative
person:
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[illegible] | |||
Address:
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Shuiye
Town, North
of
Wenming Road
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Address:
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TEL
(Fax):
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0000-0000000
0000000
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TEL:
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0000-0000000
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Tax
ID Number:
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410522719138510
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Tax
ID Number:
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Bank
of deposit:
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Anyang
Sub-branch
of
Bank of China
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Bank
of deposit:
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Zhongzhou
Sub-branch
of
PCBC
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Account
number:
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Account
number:
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