Exhibit 10.2
SALES CONTRACT OF INDUSTRIAL PRODUCTS
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NO.: 02596
SIGNED AT: Tai'an
DATE: _December 10, 2002
This contract is made and entered into by and between Shandong Shengda Chemical
Machinery Co., Ltd (hereinafter referred to as the Seller) and Shandong Shengda
Chemical Co., Ltd (hereinafter referred to as the Buyer); whereby the Seller
agree to sell and the Buyer agree to buy the commodity mentioned in this
contract subject to the terms and conditions stipulated below:
Article 1: Object, Quantity, Price and Date of Delivery
NAME OF COMMODITY: Oil Tank
UNIT: PIECE
QUANTITY: One
UNIT PRICE: RMB 585,940.80 yuan
TOTAL AMOUNT: RMB 585,940.80 (five hundred and eighty-five thousand, nine
hundred and forty point eight) yuan
DATE OF DELIVERY: February 10, 2003
Article 2: QUALITY STANDARD
The seller will manufacture the object according to the
drawing sheet provided by the Buyer.
Article 3: TERMS AND TIME LIMIT OF QUALITY ASSURANCE OF THE SELLER: 1 Year of
Quality Warranty
Article 4: TITLE TO THE
GOODS SHALL BE PASSED UPON DELIVERY; HOWEVER, IF THE BUYER FAILS TO PERFORM THE
OBLIGATION OF PAYING THE FULL AMOUNT OF PURCHASE PRICE, TITLE TO THE GOODS SHALL
REMAIN WITH THE SELLER.
Article 5: MEANS AND PLACE OF DELIVERY: The site where the buyer uses the goods.
Article 6: STANDARD, METHOD, and PLACE AND TIME LIMIT OF INSPECTION: The
inspection will be done pursuant to Article 2 at the place of delivery. Any
dispute shall be raised within three days.
Article 7: METHOD, TIME
AND PLACE OF PAYMENT: 50% shall be paid after this contract becomes effective.
20% shall be paid after the delivery; 20% shall be paid after the inspection and
acceptance; and the remaining amount of money shall be paid off within one year.
Article 8: TERMS FOR THE TERMINATION OF THIS CONTRACT: After the remaining
amount of money has been paid off.
Article 9: BREACH LIABILITY: Be subject to the stipulations in the Contract Law.
Article 10: METHOD OF SETTLING THE DISPUTE OVER THE CONTRACT:
IN THE PERFORMING OF THIS CONTRACT, IF ANY DISPUTE ARISES, THE TWO PARTIES SHALL
SETTLE IT THROUGH FRIENDLY DISCUSSIONS; THE DISPUTE CAN ALSO BE MEDIATED BY THE
LOCAL INDUSTRIAL AND COMMERICAL ADMINISTRATION; IF NO SETTLEMENT COMES FROM THE
DISCUSSIONS OR MEDIATATIONS, THE DISPUTE SHALL BE SETTLED BY LAWSUITS THROUGH
THE PEOPLE'S COURT.
Article 11: THIS CONTRACT SHALL BECOME EFFECTIVE after having been officially
signed by the two parities.
THE SELLER: THE BUYER:
Shandong Shengda Chemical
Machinery Co., Ltd Shandong Shengda Chemical Co., Ltd
/s/ Gong Xingyu /s/ Xxxx Xxx
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AUTHORISED SIGNATURE AUTHORISED SIGNATURE
