TECHNOLOGY LICENSE AGREEMENT
Exhibit
10.21
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Party
A (Licensor):
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Xxxxx
Xx
|
|
Party
B (Licensee):
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Harbin
Pacific Dragon Fertilizers Co., Ltd.
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Legal
Representative:
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Xxxxx
Xx
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Recital
WHEREAS,
China Agritech, Inc. (the “Company”), Xx Xxxxx, and the investors named therein
have agreed to enter into that certain Securities Purchase Agreement, dated
July
5, 2007 (the “Purchase Agreement”), among the parties thereto. Pursuant to
Section 5.1(f) of the Purchase Agreement, the term of the license agreement
between Xxxxx Xx and Pacific Dragon Fertilizers Co. Ltd. (a subsidiary of the
Company), that authorizes Pacific Dragon Fertilizers Co. Ltd. to use the
know-how in manufacturing organic liquid compound fertilizer owned by Xxxxx
Xx
for free, must be extended until December 31, 2011. This renewal of license
agreements extends the terms of such license agreement.
Pursuant
to Contract Law of People’s Republic of China, the Parties through mutual
negotiations hereby enter into this Agreement, under which Party A licenses
Party B to use the production process and formula of the proprietary technology
of “Tialong" Lvlingboa liquid compound fertilizer ("Technology").
1.
Name of the Technology: production process and formula of "Tailong" Lvilingboa
liquid compound fertilizer.
2. Methods
of Scope: Party A authorizes Party B to use the Technology for free in its
production and business activities.
3.
Term: from the date on which Party A licenses Party B the Technology to December
31, 2011.
4.
Obligations of Party A:
| (a) |
Party
A shall continue to provide the materials and instruction of the
Technology after this Agreement takes into effect;
|
| (b) |
Party
A undertakes that Party A is the legal owner of the Technology and
does
not use on his own or license the Technology to any other party except
Party B;
|
| (c) |
During
the term of this Agreement, Party A shall not provide the Technology
to
any third party or use the Technology himself, and keep the
confidentiality of the Technology.
|
5.
Obligations of Party B:
(a) Party
B
shall not misappropriate the Technology in connection with any illegal
activities;
(b) Party
B
shall keep the Technology confidential during the term of this agreement and
after the expiration of the term of this Agreement.
6.
In the event that a Party breaches the Agreement and causes damages to the
other
Party, the breaching party should be obligated to compensate.
| 7. |
In
the event a dispute arises between Party A and Party B in connection
with
the implementation of this Agreement, the Parties shall settle such
dispute through friendly consultations. If the consultation fails
to lead
to an agreement , either party can bring a lawsuit to a People’s court
having jurisdiction.
|
8.
This agreement shall become effective as of the date when
both parties sign and/or affix seals to it.
9.
This agreement consists of two originals. Party A and Party B
each retain one copy with the same legal effect.
Party
A:
__Yu
Chang____________
Xx
Xxxxx
Date:
__July
5, 2007______
Party
B:
Pacific
Dragon Fertilizer Co., Ltd
By:__Yu
Chang_________
Name:
Xx
Xxxxx
Title:
President
Date:
__July
5, 2007_____
