CONTRACT OF SUPPLY AND PURCHASE OF ACID OIL
EXHIBIT
10.10
According
to the Law of Contract of P.R.China and related laws this contract is signed
on
August 2, 2006 in Fuqing city in Fujian province between Party A and Party
B
through negotiation.
| Party A: |
Fujian
Zhongde Technology Corporation,
Ltd.
|
| Address: |
Fulu
Industry district, Longtian town, Fuqing city, Fujian province,
China.
|
| Legal representative: |
Ou
Taiming
|
| Tel: |
0591
- 00000000 Fax: 0591
- 00000000
|
| Business: |
Manufacture
and sale of biodiesel, dimer acid, polyamide
resin,
polyamide
hot-melt adhesive,
Biofuel, polyamide ink, oleic acid, stearic acid and mono amine
|
| Scale: |
Produces
15,000 tons of biodiesel and above chemical products per year, and
needs
20,000 tons of waste grease per
year.
|
| Party B: |
Fuqing
Zhongde Waste Oil Collecting Corporation,
Ltd.
|
| Address: |
Shangyi
village, Longtian town, Fuqing city, Fujian province,
China
|
| Legal representative: |
Yang
Fang
|
| Tel: |
0591
- 00000000 Fax: 0591
- 00000000
|
| Business: |
reclaims
and sells waste grease
|
| Scale: |
reclaims
30,000 to 50,000 tons of waste grease per
year
|
| 1. |
title
of the production: Party
B should provide Party A with all its reclaimed acid oil and Party
B must
ensure that all its reclaimed acid oil should first be sold to Party
A. On
the condition that the quantity of acid oil meets the needs of Party
A,
the left could be sold to other parties.
|
| 2. |
Quantity
of supply: Party
B promises to offer Party A with the following quantity of acid oil
for
next two years respectively:
above 30,000 tons in 2006 above
50,000 tons in 2007. If Party B does not meet the required need stated
in
the contract, Party A has the right to ask for 300,000 RMB for
compensation.
|
| 3. |
Quantity
and time of the trade: Party
A should order in written forms 3 months in advance according to
its
production and sale, and the time for consignment relies on the time
stated in the order.
|
| 4. |
Price
of the production:
directed by the market. Price stated in the contract refers to the
price
including price of the acid oil, fee for packing, fee for transport,
and
fee for insurance. Both parties agree unit
price per ton of the acid oil for the second half of 2006 is at most
3,300
RMB and
at least 2,800 RMB unit
price per ton of the acid oil for the first half of 2007 is at most
3,000
RMB and
at least 2,700 RMB and
the second half of 2007 is at most 3,300 RMB and
at least 2,800 RMB.
|
| 5. |
Packaging:
all
products must be packed with 220L barrel without any damage. Net
weight of
each barrel should be 180 kg, but the actual quantity is measured
according to the actual net weight.
|
| 6. |
Place
for trading: in
the corporation of Fujian Zhongde Technology,
Ltd.
|
| 7. |
Ways
of trading: Party
B is responsible for the transport of the products and security of
the
products during transport. Party A should unload the
products.
|
| 8. |
Quality
Standard of Products: Oleaginousness≥88%,
Acid value≥120mgKOH/g
|
C20Ɯ3%,
PH
value≥4-6, Not emulsification, layered clearly
| 9. |
Regulation
of check of products: if
Oleaginousness is below 88%
or
C20 is above 3% the
price for each percent is deducted for the lack of each percent.
If
Oleaginousness
is below 88%,
Party A has the right to cancel the order, and all expenses for the
canceling should go to Party B.
|
| 10. |
Payment
of trading: the
account departments of both parties should check the account of last
month
at the beginning of this month. If the account is correct, money
should be
paid before 20th
of
this month.
|
| 11. |
Responsibility
for breach:
|
| 1. |
after
signing the contract, each party that relieves the contract without
proper
reason should give the other party 3% of the undone work for
compensation.
|
| 2. |
if
Party B postpones to carry out the order, it should give Party A
3‰ of the
delayed goods for compensation.
|
| 3. |
Party
B should give Party A not less than 2% of the price stated in
the contract for compensation, if the quality of goods offered
by
Party B has a bad effect on the production or process of Party
A.
Besides, Party B should pay for all expenses for exchange of
goods.
|
| 4. |
if
the counterfeit offered by Party B does not have a bad effect on
production, Party A may choose to retain the goods with discount,
but
Party B should return the balance between the original payment and
the
discount.
|
| 12. |
Change
or Cancel of the Contract:
|
| 1. |
any
change or modify or delete of the contents of the contract should
be
agreed and signed in written forms of both parties. Only after the
authorized person of both parties sign on the changed contract can
it take
effective.
|
| 2. |
if
one of the party is not able to pay back debts or it is in the process
of
bankruptcy and clearing debts, the other party can cancel the contract
in
written forms, and it takes effect once it comes to the bankrupted
party.
|
| 3. |
the
cancel of the contract has no effect on the responsibility for breach
|
| 13. |
Ways
to solve disputes: If
there is any dispute, both parties should negotiate. If negotiation
does
not work, each party may raise a lawsuit at the local court where
Party A
is located.
|
| 14. |
both
parties can add supplementary agreements for matters not included
in the
contract and the supplement has the same legal effect as the
contract.
|
| 15. |
the
contract takes effect after representatives of both parties sign
on
it.
|
| 16. |
The
contract is duplicated and each holding one with the same legal
effect.
|
| Party A: |
Fujian
Zhongde Technology Co., Ltd
|
Legal
representative: /s/ Fujian
Zhongde Technology Co., Ltd,
Date:
| Party B: |
Fuqing
Waste Oil Collecting Co., Ltd
|
Legal
representative: /s/
Fuqing Waste Oil Collecting Co., Ltd,
Date:
