Electronic System Development Agreement between Hyundai Heavy Industries and e-MARINE Inc.
Hyundai Heavy Industries Co., Ltd. and e-MARINE Inc. have entered into an agreement for the development of a CBM system for the HIEMS-DF engine. The contract, valued at 234,000,000 Korean Won, covers a 23-month period from March 1, 2017, to January 31, 2019. Payment is structured in four installments, with specific amounts and dates outlined. The system will be installed at Hyundai Heavy Industries' location. Both parties have agreed to the terms and will retain signed copies of the contract.
Contract for Electronic System Development
Project: Development of CBM System for HIEMS-DF Engine
Price: 234,000,000 WON
Period: March 1st 2017 ~ January 31st 2019 (23 Months)
Payment Terms
| Deposit | When Contracted | ₩ | 66,000,000 | 28 | % | |||||
| First Middle Payment | 2017 September | ₩ | 75,000,000 | 32 | % | |||||
| 2nd Middle Payment | 2018 April | ₩ | 69,750,000 | 30 | % | |||||
| Rest | 2019 January | ₩ | 23,250,000 | 10 | % |
Installation Location: Hyundai Heavy Industries
Hyundai Heavy Industries Co., Ltd. (“The Customer”) and e-MARINE Inc. (“The Provider”) agree to execute all matters written in the Contract and each party keeps a signed copy.
March 29th 2017
The Customer
Hyundai Heavy Industries Co., Ltd.
1000, Bangeojinsunhwando-ro, Dong-gu, Ulsan, Republic of Korea
The Provider
e-MARINE Inc.
15-14, Samsan-ro 308beon-gil, Nam-gu, Ulsan, Republic of Korea
