EXHIBIT 10.3
[Xxxxx Xxxxxx Letterhead]
June 24, 2002
Xx. Xxxxx Xxxxxx
General Manager
IBEC
0000 Xxxx 000xx Xxxxxx
Xxxxxx, XX 00000
RE: LETTER OF INTENT - IBEC CORN ETHANOL PLANT
Dear Xxxxx:
We are issuing this letter of intent to confirm our agreement regarding work to
be performed by the Project Team of Xxxxx Xxxxxx Company, Inc., Xxxxxxx
Mechanical and Xxxxxx Electric, and relating to the design and construction of a
corn ethanol plant, based upon Xxxxxx International Inc.'s proprietary ethanol
technology, pending execution of a written construction contract between
Iroquois Bio-Energy Company, LLC as Owner, and Xxxxx Xxxxxx as Design/Builder.
We will provide a scope document and preliminary engineering for the lump sum of
$60,000 to be applied to the executed guaranteed maximum price design/build
contract. The following scope of services will be complete on or before August
30, 2002. The Project Team will provide a conceptual budget, design and
construction durations, project plan, and a comprehensive scope description.
Xxxxxx International, Inc. will provide preliminary design basis criteria for
the proposed facility including product, co-product and utility summaries,
general site plan illustrating the arrangement of major equipment items and
process data to support the environmental permitting effort.
Assuming you are in agreement with the foregoing, please sign the
acknowledgement and return it to me as soon as possible. We will also provide a
contract template for the design/build contract to begin our negotiations for
your consideration. Thank you for selecting our Project Team. We look forward to
working with you.
Please do not hesitate to give me a call with any questions or comments.
Sincerely, Acknowledged and Accepted:
/s/ Xxxxxx Xxxxxxx
Iroquois Bio-Energy Cooperative
Xxxxxx Xxxxxxx
Vice President
By: /s/ Xxxx X. Xxxxxx, Xx.
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Its: Secretary
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