TERMINATION AGREEMENT
This
Termination
Agreement
is made
and entered into effective as of July
18th,
2007,
by and between Shengkui Technologies Inc.(the “Seller”)
and
Kiwa Bio-Tech Products Group Ltd. (the “Buyer”)
for
the termination of Sale and Purchase of Prilled Urea 46% N Agricultural Grade
Contract dated July 31, 2006 (the “Contract”).
WHEREAS,
on July
31, 2006, the seller and the Buyer entered into an irrevocable agreement to
sell
and purchase 1,200,000 metric tons of prilled urea N 46% agricultural grade
with
the price $135 per metric ton, the term of which is 18 months. Two shipments
(totally 50,000 metric tons) were delivered according to the renegotiated price
of $139 per metric ton in the second half of 2006. No shipments have been
delivered since then.
NOW,
THEREFORE,
in
consideration of the mutual covenants contained herein, intending to be legally
bound hereby, the Parties agree as follows:
(1)
Confirmation. Each
of
the parties hereto acknowledges that the
two
shipments delivered under the Contract had already been settled.
(2)
Termination
of the Contract.
Each of
the parties hereby terminates the Contract, effective upon the signing of this
Termination Agreement. As a result of this provision, none of the parties shall
have any rights or obligations under or with respect to the
Contract.
(3)
Governing
Law. The
validity, performance, construction and effect of this Termination Agreement
shall be governed by and construed in accordance with the UNITED NATIONS
CONVENTION for the sale of goods (U.N Convention).
IN
WITNESS WHEREOF,
the
Parties have executed this Termination Agreement as of the date first set forth
above.
Shengkui
Technologies, Inc.
/s/:__________________________
Name:
Title:
Kiwa
Bio-Tech Products Group Ltd.
/s/:__________________________
Name:
Xxx
Xx
Title:
Chief Executive Officer and Chairman of Board
