Irrevocable Commitment to Cover Contingent Housing Fund Payments by Shandong Longkong Travel Development Co., Ltd.
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Summary
Zhang Shanjiu, the actual controller of Shandong Longkong Travel Development Co., Ltd, commits to ensure the company begins paying the staff housing fund starting October 2010. If any government authority later requires the company to make back payments or imposes penalties related to unpaid housing funds, Zhang Shanjiu will personally cover all such costs and will not seek reimbursement from the company. This commitment is irrevocable and aims to protect the company from financial liability related to past non-payment of staff housing funds.
EX-10.31 35 exhibit1031.htm COMMITMENT OF CONTINGENT AFTER-PAYMENT OR CALL-PAYMENT OF HOUSING FUND exhibit1031.htm
Exhibit 10.31
Commitment
of
Contingent After-Payment or Call-Payment of Housing Fund
Whereas: Company (Shandong Longkong Travel Development Co., Ltd) un-pays the Housing Found for staff since the company formed, as the actual controller of the Company, I hereby presents the irrevocable commitment as following:
1. I would supervise and urge Company to start to pay the Housing Fund for staff from the date of October, 2010.
2. If any Government authority requires Company to provide the after-payment or call-payment of the Housing Fund for Company staff, and Company may incur a penalty or any loss for that, I would bear all the compensation obligations without a claim to Company for recovering above compensation.
/s/ ZHANG SHANJIU
Date: 28-9-2010
