EXHIBIT 10.20
Agreement on Termination of Use of Intangible Assets
Party A: Liuzhou Construction Machinery General Factory
Party B: Liuzhou OVM Construction Machinery Co., Ltd.
Party A and Party B, upon mutual negotiation, hereby reach the following
agreement on the termination of use of the intangible assets owned by Party A:
1. The "Agreement on the Transfer of Intangible Assets" entered between
Party A and Party B on June 5, 1995 shall be terminated on January 31,
2000.
2. Party B still has the right to use the intangible assets of Party A
according to the previous agreement before January 31, 2000. When using
the intangible assets, Party B guarantees to maintain and protect the
honor of the intangible assets owned by Party A and shall not cause any
damage to the image and honor of the intangible assets owned by Party
A. Party B shall not cause any defamation or damage to the intangible
assets owned by Party A due to its termination of use of the intangible
assets after such termination.
3. Party A and Party B shall comply the clauses of this Agreement
strictly, and if any party breaches this Agreement, that breaching
party shall bear related economic responsibility.
4. This Agreement is in duplicate, with one held by each party. This
Agreement takes effect after signing by the legal representatives of
both parties.
Party A: Party B:
Liuzhou Construction Machinery Liuzhou OVM Construction Machinery
General Factory Co., Ltd.
/s/ Xxxx Xxxx /s/ Ching Lung Po
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Xxxx Xxxx Ching Lung Po
December 12, 1999
