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EXHIBIT 10.8
VEHICLE LEASE CONTRACT
Lessor : Xx. Xxx-Jun Fan
Address : Xxxx 0000, Yin Xing House, Ju Bao Garden, Liantang District,
Shenzhen Municipality, the People's Republic of China.
Lessee : Supply Chain Services Limited
Address : 0/X, Xxxxxxxxx Textile Centre, 22 Minden Avenue, Tsimshatsui,
Kowloon, Hong Kong
1. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor,
the vehicle descibred on Appendix I & Appendix II attached hereto (the
"Vehicle") for Lessor's use.
2. Lessor shall lease the Vehicle to Lessee for a term of three (3) years
commencing on January 1, 2001 and expiring on December 31, 2003, both
days inclusive (the "Term").
3. Lessee agrees to pay to Lessor a monthly rent of RMB8,000.00 (the
"Rent"), which shall be paid in arrear by Lessee to Lessor on the 5th
of each calendar month.
4. Lessee shall pay to Lessor a deposit (the "Deposit") of RMB8,300.00
for the due and punctual performance of Lessee's obligations hereunder
upon the execution of this Contract.
5. It is intended and agreed that Lessor shall pay all the costs in
connection with the repaid, maintenance, insurance, government
licenses and mortgage of the Vehicle while Lessee shall pay all the
expenses in connection with the use and operation of the Vehicle
during the Term set forth in this Contract.
6. If in the course of Lessee's use of the Vehicle, the Vehicle is
damaged or in a state which impedes the safe and normal use thereof,
Lessee shall promptly notify Lessor and Lessor shall take effective
measures.
7. Lessee shall indemnify and reimburse Lessor for any damage to the
Vehicle where the Vehicle is damaged through the negligent or willful
conduct of Lessee or any employees or invitees of Lessee.
8. Lessee warrants that the designated operator of the Vehicle shall
conform to all applicable laws, rules and government regulations in
connection with the use and operation of the Vehicle.
9. Lessor shall be entitled to terminate this Contract upon the
occurrence of any of the events set forth below:
(a) Lessee fails to pay rent for more than two (2) months;
(b) Lessee fails to keep and maintain the Vehicle in good and
efficient condition, causing frequent and serious damage to the
Vehicle;
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(c) Lessee becomes insolvent or bankrupt, or is the subject of
proceedings for liquidation or dissolution, or cases to carry on
business; or
(d) Lessee shall fail to comply with any term, provision or covenant
of this Contract and shall not cure such failure within thirty
(30) days after written notice thereof has been served by Lessor
upon Lessee.
10. Lessee shall be entitled to terminate this Contract upon the
occurrence of any of the events set forth below:
(a) Lessor is in breach of Clause 5 of this Contract and thereby
rendering it unable for Lessee to continue to use the Vehicle;
(b) Lessor is in breach of Clause 6 of this Contract and fails to
perform its repair obligation or to pay for the repair and
thereby rendering it unable for Lessee to continue to use the
Vehicle.
11. This Contract may be terminated by either party upon giving sixty (60)
days written notice to the other party. Without prejudice to such
termination, each party agrees to fulfill all obligations which
accrued there under, prior to the time such termination becomes
effective.
12. Each party shall indemnify and hold the other party harmless against
actual loss as a result of its failure to perform its obligations
under this Contract.
13. This Contract constitutes the entire agreement between the parties and
supersedes any other agreements or understandings, whether written or
oral, between the parties.
14. All notices required by this Contract shall be in writing and sent by
registered mail, postage prepaid and addressed to:
Lessor : Xx. Xxx-Jun Fan
Room 1101, Ying Xing House
Ju Bao Garden
Liantang District
Shengzhen Municipality
People's Republic of China
Lessee : Supply Chain Service Limtied
8/F, Guangdong Textile Centre
00 Xxxxxx Xxxxxx
Xxxxxxxxxxx
Xxxxxxx
Xxxx Xxxx
15. In the event of a dispute between Lessor and Lessee or either party
failing to comply with any provision of this Contract, the parties
shall resolve any such disputes or non-compliance through friendly
consultation immediately after one party has delivered to the other
party a request for such consultation. In the event the parties are
unable to resolve the dispute within thirty (30) days of initiation of
the friendly consultation, the parties shall bring a lawsuit to a
People's Court.
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16. The Chinese text (if any) of this Contract shall be the primary text
of this Contract, the English text is a duplicate. In the event of a
conflict between the Chinese text and the English text of this
Contract, the Chinese text of this Contract shall, as between the
parties hereto, prevail over the English text in the interpretation of
this Contract.
17. This Contract shall be governed by and construed in accordance with
the laws and regulations of the People's Republic of China.
18. This Contract shall be executed in two counterparts. Lessor and Lessee
shall each hold one (1) copy.
19. This Contract shall become effective from the date of its signing.
Lessor: Xx. Xxx-Jun Fan )
)
Identity Number: 441425721119141 ) /s/ Wei-Jun Fan
) ------------------------
Lessee: Supply Chain Services Limited )
)
Legal Representative: Xx. Xxxxxx X.X. Xxx )
)
Contract Telephone Number: 000-00000000 ) /s/ Xxxxxx X.X. Xxx
) ------------------------
Witnesses: /s/ Xxxxxxx Xxx
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Date: December 15, 2000
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APPENDIX I
VEHICLE
Vehicle Plate Number: B-K 9874
Vehicle Model: Freeca AT
Vehicle Origin: Fujian Province, the People's Republic of China
Vehicle Value: RMB214,000.00
