Supplementary Agreement
Exhibit
10.54
Party
A :
KIWA
BIO-TECH PRODUCTS GROUP LTD
Party
B :
UPB
INTERNATIONAL SOURCING LIMITED
Whereas
the contract in connection with issuance of L/C dated on August 8, 2006, Party
B
should issue revolving L/C with the term of one year, and whereas Party B’s
opening bank agrees to issue L/C with the term of 90 days, and to reissue a
substitute L/C with same amount when the former one expires, both parties come
to terms of this supplementary agreement through negotiation:
I.
Party
A agrees to modify the way of issuing L/C, that is, to alter the original
revolving L/C with the term of one year to L/C with the term of 90 days, L/C
with same amount can be reissued when the time expires, until the Urea Purchase
Contract expires.
II.
As
Party B promises, after the modification of the way of issuing L/C, it shall
guarantee that in the effective period of Urea Purchase Agreement, effective
L/C
is continuous and available anytime, and cannot affect Party A’s normal
trade.
III.
If
Party B’s L/C influences Party A’s trade or causes Party A to be claimed for
compensation by the third party, Party B should pay for the loss of Party A,
but
the compensation is in the limit of the commission.
IV.
This
supplementary agreement shall become effective upon execution.
Party
A :
KIWA
BIO-TECH PRODUCTS GROUP LTD
Signature
:
Title
:
Date
:
Party
B :
UPB
INTERNATIONAL SOURCING LIMITED
Signature
:
Title
:
Date
: