Purchase Contract for Hot-Rolled Steel between Sinosteel Company and Baosheng Steel Products Co., Ltd.
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Summary
Sinosteel Company agrees to sell hot-rolled steel to Baosheng Steel Products Co., Ltd. for a total of 56 million RMB. The buyer is responsible for picking up the goods at the steel mill and covering all transportation costs. Payment will be made by acceptance draft, with the final price determined by the steel mill’s monthly settlement. The contract is valid for one month, and any disputes will be resolved in the seller’s local court. Both parties agree to follow the quality standards set by the manufacturer and national regulations.
EX-10.10 29 v196530_ex10-10.htm
Exhibit 10.10
Purchase Contract
| Seller: Sinosteel Company | Contract Number:ZGTJ20100903-01 |
| Buyer: Baosheng Steel Products Co.,Ltd | |
| Place of sign: Hexi zone, Tianjin | |
| Date: |
| 1. | Product Name, Number, Price Per Unit |
| Product Name | Brand | Manufacturer | Specification Type | Unit | Number | Price Per Unit | Total Amount | Delivery date | ||||||||
| Hot- rolled steel | Guofeng | ton | ||||||||||||||
| Hot- rolled steel | Ganglu | ton | ||||||||||||||
| Total amount: fifty six millions RMB | ||||||||||||||||
| 2. | Quality Standard: Quality standard subject to manufacture execution standard |
| 3. | Seller’s responsibility for the quality of product and due: Keep product when there is a dispute on product, both side should verify the fact. The seller need to claim compensation from the steel mill, and render to the buyer. |
| 4. | Natural wear and tear standard & compute method: This product is a loss-free product, the pound measurement is subject to steel mill standard in accordance with national regulations of pounds measurement. (peer measurement +-3%) |
| 5. | Delivery Location: Steel mill pick up cargo by Buyer who is responsible for all transportation cost |
| 6. | Delivery method, Port destination and transportation cost: Buyer responsible |
| 7. | Payment method: acceptance draft. If need cash settlement, Prices adjusted accordingly by acceptance draft. Meanwhile,the price is temporary, the definitive price is subject to Steel mill’s monthly settle price at the end of each month. |
| 8. | The liability for breach of contract: according to The Contract Law of the People’s Republic of China. |
| 9. | Contract dispute resolution: At the time of contract, the both party shall seek solution regarding the dispute of the contract. If they fail to reach an agreement, the buyer shall make a Prosecution to the seller’s local court. |
| 10. | The contract valid period: one month |
| 11. | Other Matters not mentioned herein, if any, maybe consulted by parties hereto. |
| Seller: Sinosteel Company | Buyer: Dachang Hui Autonomous County Baosheng | |
| Steel Products Co.,Ltd | ||
| Company Address: | Company Address: | |
| Legal Representative: | Legal Representative: | |
| Assignee: | Assignee: | |
| Tel: | Tel: | |
| Tax No.: | Tax No.: | |
| Opening Bank: | Opening Bank: | |
| Account: | Account: | |
| Zip Code: | Zip Code: |
