Memorandum of Amendment
Contract of Permission for Operating Business of
Selling Merchandise and Souvenirs
at Chiang Mai Airport
No. Chor.Mor. 1-27/2543 dated 19 March 2001
Amendment 1
This memorandum is made at the Airports Authority of Thailand on 5 June 2001,
between the Airports Authority of Thailand, represented by Flight Lieutenant
Usar Borisuth, Deputy Managing Director, Acting Managing Director of the
Airports Authority of Thailand, hereinafter called "AAT" of one part, and King
Power Tax Free Co., Ltd., registered as a juristic person Company Limited under
the Civil and Commercial Code, with the head office at 26th-27th Floors, Siam
Tower, No. 989, Rama I Road, Pathum Wan Sub-district, Pathum Wan District,
Bangkok Metropolis, represented by Mr. Viratana Suntaranond, the person
empowered to enter juristic act binding King Power Tax Free Co., Ltd. according
to the Certificate No. Phor.Hor. 0007150 dated 24 April 2001, issued by the
Office of Partnership/Company Registration, Bangkok Metropolis, hereinafter
called the "Operator" of the other part.
Whereas AAT has granted a permission to the Operator to operate the business of
selling merchandise and souvenirs at the Chiang Mai Airport, according to the
Contract No. Chor.Mor. 1-27/2543 dated 19 March 2001, for a period of two years,
from 1 June 2000 to 31 May 2002.
And whereas AAT has permitted the Operator to lease additional space for the
business operation, thus the Operator agrees to pay the additional remuneration.
Therefore, AAT and the Operator agree as follows :
1. Clause 2.1.2 of the Contract No. Chor.Mor. 1-27/2543 dated 19 March
2001 shall be repealed and replaced with the following :
"2.1.2 The Operator agrees to pay the remuneration for receiving
permission for operating the business of selling merchandise
and souvenirs under this contract to AAT in advance, on
monthly basis, by the 5th of every month, as follows :
- Year 1, from 1 June 2000 to 4 April 2001, Baht
40,000.00 (Forty Thousand Baht) per month; and from 5
April 2001 to 31 May 2001, Baht 52,193.40 (Fifty-Two
Thousand One Hundred Ninety-Three Baht and Forty
Satang); and
- Year 2, from 1 June 2001 to 31 May 2002, Baht
57,412.74 (Fifty-Seven Thousand Four Hundred Twelve
Baht and Seventy-Four Satang) per month.
The said remuneration does not include the value
added tax, for which the Operator has the duty to pay
at the rate stipulated by law."
2. In entering into this memorandum, the Operator has submitted the Letter
of Guarantee No. 00744000166, dated 18 May 2001, of DBS Thai Danu Bank
Public Company Limited, Pathum Wan Branch, for Baht 88,525.00
(Eighty-Eight Thousand Five Hundred Twenty-Five Baht) to AAT as
guarantee for compliance with the Contract No. Chor.Mor. 1-27/2543
dated 19 March 2001. The said performance guarantee shall be returned
after the Operator has been relieved from all obligations under the
said contract.
3. The contents of the Contract No. Chor.Mor. 1-27/2543 dated 19 March
2000, besides the amendment made according to Clause 1 and Clause 2 of
this memorandum, shall remain valid.
4. This memorandum is effective 5 April 2001.
This memorandum is made in duplicate. Both parties, having read and understood
it entirely, hereunder sign their names and affix seal (if any) in the presence
of witnesses and each retaining one copy.
AAT The Operator
--- ------------
- signed - - signed -
(Flight Lieutenant Usar Borisuth) (Mr. Viratana Suntaranond)
Witness Witness
------- -------
- signed - - signed -
(Mr. Krit Phakhakit) (Miss Sarinthorn Jongchaidetwong)
DBS THAI DANU BANK PUBLIC COMPANY LIMITED
Letter of Guarantee
No. 00744000166 18 May 2001
We, DBS Thai Danu Bank Public Company Limited, Pathum Wan Branch, with offices
at 000/0-0, Xxxx Xxxxxx Soi 7, Phaya Thai Road, Pathum Wan Sub-district, Pathum
Wan District, Bangkok Metropolis, hereby issue this Letter of Guarantee to the
Airports Authority of Thailand, as follows :
1. Whereas King Power Tax Free Co., Ltd. has entered into the Contract of
Permission for Operating Business of Selling Merchandise and Souvenirs
at Chiang Mai Airport, No. Chor.Mor. 1-27/2543, and performance
guarantee is required by the Airports Authority of Thailand, for an
amount of Baht 88,525.00 (Eighty-Eight Thousand Five Hundred
Twenty-Five Baht).
2. We consent to bind ourselves as the guarantor of King Power Tax Free
Co., Ltd. to the Airports Authority of Thailand for an amount not
exceeding Baht 88,525.00 (Eighty-Eight Thousand Five Hundred
Twenty-Five Baht). That is, if King Power Tax Free Co., Ltd. fails to
comply with the agreement entered with the Airports Authority of
Thailand, or is in breach of any clause of the said agreement, thereby
the Airports Authority of Thailand is entitled to forfeit the
performance guarantee or demand penalty or fines and/or damages from
King Power Tax Free Co., Ltd., we shall promptly make the payment on
behalf of and without requesting King Power Tax Free Co., Ltd. to make
such payment first.
3. We acknowledge and consent in case the Airports Authority of Thailand
has given an extension or leniency for compliance with the agreement to
King Power Tax Free Co., Ltd., provided that the Airports Authority of
Thailand shall notify us without delay. This Letter of Guarantee is
valid from 5 April 2001 to 31 May 2002.
As evidence, we, DBS Thai Danu Bank Public Company Limited, Pathum Wan Branch,
by the undersigned who are empowered to enter juristic act binding the bank,
hereunder sign our names and affixed the seal.
- signed - - signed - Guarantor
(Xxx. Xxxxxxx Chiranon) (Miss Siraphon Saengphairoj)
Assistant Director & Assistant Branch Manager
Branch Manager
- signed - - signed - Witness
(Xx. Xxxxxx Ratankritnanon) (Mr. Siriphon Archiwa )
