Exhibit 10.3
SALES CONTRACT OF INDUSTRIAL PRODUCTS
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NO.: 02597
SIGNED AT: Tai'an
DATE:December 12, 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: Whirling Fluid Reactor
UNIT: PIECE
QUANTITY: One
UNIT PRICE: RMB 555,560.76 yuan
TOTAL AMOUNT: RMB 555,560.76 (Five hundred and fifty-five thousand, five hundred
and sixty point seven six) yuan
DATE OF DELIVERY: February 10, 2003
Article 2: QUALITY STANDARD
Be subject to relevant National Trade Standard.
Article 3: TERMS AND TIME LIMIT OF QUALITY ASSURANCE OF THE SELLER: 1 Year of
Quality Warranty
Article 4: NUMBER OF NECESSITIES, SPARE PARTS, TOOLS TO BE PACKED WITH THE SAID
EQUIPMENT, AND METHOD OF SUPPLY: In accordance with the requirements indicated
in the drawing sheet.
Article 5: 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 6: MEANS AND PLACE OF DELIVERY: The site where the buyer uses the goods.
Article 7: MODE OF TRANSPORAT AND DESTINATION AND COST ALLOCATION: By road; the
Seller shall pay the cost.
Article 8: 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 9: THE INSTALLATION AND TESTING OF THE COMPLETE EQUIPMENT: After being
successfully tested by the Seller, the object shall be delivered to the Buyer.
Article 10: METHOD, TIME AND PLACE OF PAYMENT: 50% shall be paid after this
contract becomes effective. 40% shall be paid after the successful inspection
and acceptance; and the remaining 10% shall be paid off within one year.
Article 11: TERMINATION OF THIS CONTRACT: After the remaining amount of money
has been paid off.
Article 12: 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 13: 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
