Industrial and Mineral Products Purchase Agreement between Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd. and Pingxiang Fangda Steel Ltd.
Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd. agrees to supply metallurgical coke to Pingxiang Fangda Steel Ltd. for a total of RMB 283,200,000, with deliveries scheduled between September 22, 2014, and December 31, 2014. The supplier is responsible for coordinating deliveries, providing necessary documentation, and covering transportation costs. The buyer will inspect the goods and may request re-inspection if quality issues arise. Payment is made the month after the supplier receives the buyer's VAT invoice. The buyer may terminate the contract for repeated late deliveries, and disputes are subject to local court jurisdiction.
Exhibit 10.3
Industrial and Mineral Products Purchase Agreement
Supplier: Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd.
Buyer: Pingxiang Fangda Steel Ltd.
Signed date: 2015-01-07
Product: Metallurgical coke
Total amount: RMB 283,200,000
Duration of the contract: 2014-09-22 to 2014-12-31
Terms:
The Supplier will deliver and coordinate quantity and deliver time with the Buyer, any price change will be based on the Buyer’s notice;
before any delivery, the Supplier will provide location, vehicle number, product types and estimated quantity with its name on the invoice;
the Supplier will be responsible for any injury/death of the delivery person caused by any accident during delivery;
the Buyer will inspect the delivered by sampling, calculating, examining and testing; during the inspection, the Buyer has the right to ask for unloading of the products; the Supplier shall respond to any quality issues from the Buyer based on the inspection within seven days to request a second inspection; failure of responding within 7 days shall be treated as the acceptance of the issues by the Supplier; any conducted re-inspection by the Buyer or by the mutually- agreed- upon third party shall be the final result;
delivery shall be by rail transport or road/highway transport; the Supplier shall bear the transportation fee; VAT (added value tax) specified invoice and VAT invoice shall be used for (added value tax) rail transportation; VAT invoice shall be used for road/highway transport;
the balance shall be settled upon the inspection; the payment will be made the following month after the VAT invoice from the Buyer enters into the Supplier’s account;
the Supplier shall bear any cost related to unqualified goods;
the Buyer has the right to terminate the contract if the Supplier fails to deliver timely two times in a row;
communications related to the contract covered terms shall be conducted via fax, email or post office service;
any dispute between the two parties during the performance of the contract can be brought to a local court.
