Sales Agreement
Serial #: 2008AKXS003
Party A: Ankang (Dalian) Agriculture Co., Ltd (Party A)
Party B: Beijing Jingu Hengfa Trading Co., Ltd (Party B)
Party A and B consult and sign a sales agreement for Party B to sell Party
A's product. This agreement is based on the principles of "People's Republic of
China Economical Law of Contract" and other related regulations.
1. Products' quantity, quality and standard
(a) Party A will sell approximately 1,760 tons of organic rice
originating from Mingxuan from Party B totaling approximately $4.3
million. The payments will be divided 4 times and the period of the
contract is for 3 months. The price for the first time will be
claimed at the second provision (Details can be seen in the
appendix), and the price for the other three payments will be set by
further meetings.
(b) Party A should deliver products to Party B's designated location
in Beijing. If Party B should experience any defects with Party A's
products, Party B should send in a formal letter to Party A within 7
days after receiving the products. Otherwise, the product will be
sold as is and Party B cannot request for refunds from Party A in
the future.
(c) If any problem should occur when Party B's storage and
transportation met Party A's requirements and the products were
still in validity duration, the product can be returned or exchanged
after it is being examined by Party A, and Party A should respond to
the charges of transportation. Otherwise, Party B should take the
responsibilities.
(d) Party A provides rice products to Party B in accordance with
Party B's detailed sales list, and different products should meet
the relative quality standards requirements.
2. Sales price and methods of payment
(a) Total price of products is $1.1 million and the prepayment is
$142,857.
(b) The prepayment will be paid to Party A's designated account
within 10 days after both parties have signed the agreement. Within
10 days after Party A delivers the products, Party B should pay
$214,286 to Party A. The rest of payment will be paid within 3
Months after all the products are received and determined.
3. Responsibility of default
(a) If this agreement cannot be implemented or completed from either
sides, the breaching Party should bear the responsibilities of
default. If the mistakes were made by both Parties, both Parties
should bear the responsibilities accordingly.
(b) If the default was due to a force of nature, both Party A and B
do not need to bear any responsibilities. However, they should
inform each other timely. Otherwise, if the delayed notice causes
any loss, the responding Party should bear all of the direct and
indirect losses.
4. The period of validity
This agreement will become effective after both sides have signed
and will expire on August 4, 2008. It can be eliminated early or
modified through consulting.
5. The agreements and any other further documents will be effective after
signed and sealed by both parties.
6. If any problem arises from the agreement, Party A and B should take a
friendly approach to solve the matter. Otherwise, Party A and B will agree
to solve the problem through lawsuits and the court should be the local
court Party B's region.
7. The incomplete part of this agreement will be added through further
consulting by both sides and have the same legal effects. There are four
copies of this agreement and each Party keeps two copies respectively.
8. Additional provisions: (a) ____________________________________________
(b) ____________________________________________
(c) ____________________________________________
Party A: Ankang (Dalian) Party B: Beijing Jingu Hengfa
Agriculture Co., Ltd Trading Co., Ltd
Legal representative: Xxxxxxxxx Xxx Legal representative: Xx Xxxx
Address: XinggangVillage, Address: Huihuang International Center,
Lingang Industrial Area, 2-200771, #5, North District,
Changxing Island, Dalian Shangdi Information Industrial Base,
Haidian, Beijing
Phone: 000-00000000 Phone: 000-00000000
Bank account: Dalian brand, Huaxia Bank Bank account: Zizhuyuan Branch, Beijing,
China Industrial and
Commercial Bank
May 5, 2008
