Finished Oil Sales Contract
Contract
No.: zc20090105
Finished
Oil Sales Contract
Party A:
Xxxxxxx Xxxxxx of China Petroleum and Chemical Sales Co.,
Ltd.
Party B:
Xi’an City Baorun Industrial Development Co., Ltd.
Pursuant
to the Contract Law of the People’s Republic of China, and relevant laws and
regulations, based on equal and mutual benefits, and same value considerations,
through negotiations, both parties execute the contract.
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1.
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Item
(hereinafter “Oil Product” ), Amount and
Price:
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Arrival
Stop (Harbor)
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Item
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Amount
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Price
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||||
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Tianhui
Town
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Gasoline
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30000
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Fluctuate
in line with market conditions
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Tianhui
Town
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Diesel
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10000
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Fluctuate
in line with market conditions
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Note: The
supply amount is the actual shipping amount.
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2.
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Standard
of Quality:
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The
gasoline of the Oil Product set forth in this contract reaches the standard of
GB17930-2006. In the event both parties cannot reach agreements to the quality,
it shall base on the examination report rendered by the quality examination
institution of Sichuan. In the event the quality of Oil Product has problems,
Party A is entitled to reject the Oil Product, and Party B shall assume all of
the results.
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3.
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Delivery
of Oil Product:
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The
delivery of the items shall be in accordance with the chart listed above. Tanhui
oil tank is responsible for the accepting and unloading work.
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4.
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Standard
of Measurement and Exhaust
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Railway
transportations are based on the measurement of loaded cars. The measurement is
executed in accordance with the “Measurement and Management Standard of the
Headquarter of China Petroleum and Chemical Corporation”. In the event the
exhaust of transportation is within 3‰, both parties
make up a deficiency to each other; n the event the exhaust exceeds the
aforesaid standard, Party B shall assume.
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5.
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Payment:
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Using the
delivery and one ticket system as the payment method, the price of payment is
the delivered price. Party A shall pay off the payment after receiving the Oil
Product and A.V.T. invoices.
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6.
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Alteration
and Cancellation
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6.1
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Both
Parties may negotiate to change or cancel the contract. The alteration or
cancellation of the contract shall be in
writing.
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6.2
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In
the event the followings occur, either party may unilaterally cancel the
contract:
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6.2.1
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Due
to the force majeure, the purpose of the contract cannot be
realized.
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6.2.2
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Without
the other party’s written consent, one party transfers rights and
obligations of the contract in part or in whole to a third
party.
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6.3
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After
the contract is cancelled, the payment, clearance and dispute provisions
of the original contract survive and still are
effective.
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6.4
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The
party that cancels the contract shall perform the obligation to notify the
other party when cancelling the
contract.
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7.
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Breach
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7.1
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In
the event the quality of Oil Product Party B delivered does not qualify
and cause losses of Party A and the third party, Party B shall compensate
all losses incurred to Party A, and be responsible for replacing the Oil
Product having quality problems, pay Party A the penalty, which is 1% of
the total amount of the contract. All expenses incurred by replacing the
Oil Product shall be assumed by Party
B.
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7.2
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In
the event the occurrence of other breaches, the breaching party shall
compensate the other party all losses incurred by its breach. In case both
parties are at fault, each party shall assume its relevant
liabilities.
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8.
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Force
Majeure
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8.1
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In
the event the occurrences of the force majeure, for example, fire,
earthquakes, typhoons, floods and natural disasters, and other
unforeseeable, unavoidable, and insurmountable events cause the
non-performance of the obligations of the contract in whole or in part,
the affected party or both parties shall not assume breach liabilities,
but shall notify the other party within 48 hours after the occurrence of
the force majeure, and provide the other party with valid evidencing
documents within 7 days after the occurrence of such
events.
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8.2
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The
affected party or both parties shall take actions to mitigate the loss
caused by the force majeure to the lowest
degree.
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9.
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Dispute
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Any
dispute arising from the contract shall be negotiated by both parties. In the
event the negotiation fails to resolve the dispute, it shall be submitted to the
People’s Court at the place Party A resides.
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10.
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Effectiveness
and Miscellaneous
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10.1
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The
contract becomes effective after both parties sign and seal on the
contract.
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10.2
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In
the event any matter is not specified in the contract, both parties may
execute supplemental
agreements.
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10.3
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The
contract consists of two copies; each party holds one
copy.
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Party A:
Xxxxxxx Xxxxxx of China Petroleum and Chemical Sales Co.,
Ltd.
Legal
Representative or Authorized Person: Xx Xxx (signature)
(with
corporate seal)
Party B:
Xi’an City Baorun Industrial Development Co., Ltd.
Legal
Representative or Authorized Person: Xxxx Xxxxxx (signature)
(with
corporate seal)
Execution
Date: January 25, 2009
