Waiver and Release Agreement between CleanTech Innovations, Inc. and Wonderful Limited (October 27, 2010)

Contract Categories: Business Finance › Waiver Agreements
Summary

CleanTech Innovations, Inc. and Wonderful Limited have agreed that Wonderful will waive its right to receive a payment of RMB 1,136,800 related to a previous share transfer approval. In return, CleanTech Innovations releases Wonderful from any and all claims or liabilities up to the date of this agreement. This means both parties are settling any outstanding financial or legal issues between them as of October 27, 2010.

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EX-10.26 12 ex10-26.htm ex10-26.htm
Exhibit 10.26
 
Waiver and Release
 

 
This Waiver (this “Waiver”) is made as of October 27, 2010, between CleanTech Innovations, Inc., a Nevada corporation (the “Company”), and Wonderful Limited (“Wonderful”).
 
In consideration of the release by the Company below, Wonderful hereby consents and agrees to waive all rights to the payment of RMB 1,136,800 due under the Approval on Share Transfer Regarding Creative Bellows Manufacture Co., Ltd., dated September 15, 2010, from the Department of Foreign Trade and Economic Cooperation of Liaoning Province.
 
In consideration for the execution of the Waiver, the Company does hereby release and forever discharge Wonderful and its successors and assigns of and from all claims, actions, causes of action, liability, demands and damages of whatever name or nature, whether at law or in equity, in any manner having arisen, arising, or to arise from the beginning of time to the date hereof.
 
 
CLEANTECH INNOVATIONS, INC.
 
/s/ Bei Lu                                                               
By: Bei Lu
Title: Chairman & Chief Executive Officer
 
 
WONDERFUL LIMITED
 
/s/ Gloria Lam                                                                                                                        
By: Gloria Lam
Title: Director