Supplementary Agreement to Construction Contract (Turbine Manufacturing Facilities)
Exhibit 10.2
Supplementary
Agreement to Construction Contract
(Turbine Manufacturing Facilities)
THIS
SUPPLEMENTARY AGREEMENT to the Construction Contract for the Workshop of Wuhan
Generating Equipment Co., Ltd., which was executed on March 26, 2006 (the
“Construction Contract”), is made and entered on this 21st day of March, 2007,
by and between Wuhan Blower Co., Ltd. (“Party A”) and Hubei Gongchuang Real
Estate Co., Ltd. (“Party B”) (collectively referred to herein as the “Parties”).
W
I T N E
S S E T H:
WHEREAS,
the Parties agree that the details regarding the supply of materials were not
clearly specified under the Construction Contract; and
WHEREAS,
the Parties wish to set forth herein the details of such supply of materials
under the Construction Contract;
NOW
THEREFORE, for and in consideration of the premises and the mutual promises
set
forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as
follows:
1.
The
Parties have made a preliminary estimate of the cost for the supply of materials
under the Construction Contract. The preliminary estimate is approximately
Twenty-Five Million and 00/100 Renminbi (RMB 25,000,000).
2. The
Parties have agreed that Party A shall purchase the materials. Party A shall
prepay Twenty Million and 00/100 Renminbi (RMB 20,000,000) and pay the remaining
installment based on the progress of the project.
3. After
the
completion of the project, both Parties shall reach a final settlement pursuant
to the final accounting established by both Parties.
4. Party
B
shall purchase the project to the extent it complies with the details offered
in
the drawings and based on the progress of the project.
WUHAN
BLOWER CO., LTD.,
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HUBEI
GONGCHUANG REAL ESTATE CO., LTD.,
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as
Party A
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as
Party B
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By:
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/s/ |
By:
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/s/ Xxxx Xxxxxxx | |
Name:
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Name:
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Xxxx Xxxxxxx | ||
Title:
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Title:
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[Seal
of Party A]
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[Seal
of Party B]
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March
21,
2007