Purchase Order and Contract Between Ansaldo Ricerche S.r.l. and DE NORA S.p.A. for Fuel Cell Stacks (Feb. 13, 1997)

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Summary

Ansaldo Ricerche S.r.l. (ARI) has entered into a contract with DE NORA S.p.A. (DNR) for the supply, installation, testing, and operation of fuel cell stacks for a demonstration project involving a fuel cell boat. DNR will provide technical assistance and maintenance, retaining ownership of the stacks during the demonstration period, which ends no later than June 30, 1999. ARI agrees not to analyze or allow third parties to inspect the stacks. Delivery is to be made within 24 working weeks, and payment is due 90 days from invoice date.

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EX-10.34 21 0021.txt PURCHASE ORDER & CONTRACT DATED FEB 13, 1997 EXHIBIT 10.34
ANSALDO RICERCHE - ------------------------------------------------------------------------------------------------------------------------------------ Ansaldo Ricerche S.r.l. Order no. M 0286/00 The correspondence regarding the present Corso Perrone, 25 document must refer to the complete 16161 Genoa ITALY particulars referred to alongside hereof Te. 010 6551, Telex 271274 ANSAR 1, Fax 010 444666 and be addressed as specified below. ANSALDO RICERCHE shall not be liable for the consequences of any possible forwarding of the correspondence carried out contrary to what is specified. - ------------------------------------------------------------------------------------------------------------------------------------ Tax ID no., VAT no. 03285280107 Date FEB. 13, 1997 to: C.C.I.A.A. 331606 Genoa DE NORA S.p.A. - ----------------------------------------------------------------------------------------- Registered office: Genoa 55815 Project ARI ANSALDO RICERCHE VIA BISTOLFI, 35 - ----------------------------------------------------------------------------------------- Capital 19,320,000,000 lire Supplier code D6441T ###-###-#### 20134 MILAN - ----------------------------------------------------------------------------------------- IPN FINMECCANICA - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ You are granted this order on the conditions contained herein, which nullify and For business correspondence: replace any other condition contained in the terms of sale. The validity of this order is contingent on the receipt, within 30 days of date contained herein, of Ansaldo Nuclear Division your letter of unconditional acceptance as per the attached fax. Corso Perrone, 25 - ----------------------------------------------------------------------------------------- Ref. 45 KW FUEL CELL STACKS 16161 Genoa ITALY Fax ###-###-#### Unit DNU/PNI - ------------------------------------------------------------------------------------------------------------------------------------ Detailed information For correspondence of a strictly ORDER NO. DESCRIPTION ISSUE AMOUNT CURRENCY administrative nature, such as invoices, R TI1000 PEM 45 KW FUEL CELL STACKS 320,000,000 LIRE price revisions, account statements: Ansaldo PC Divison Via D'Annunzio, 105 16126 Genoa, Italy - ------------------------------------------------------------------------------------------------------------------------------------ For test & inspection telexes and telegrams THE FOLLOWING ARE AN INTEGRAL PART OF THE ORDER: - TEXT OF THE ORDER Ansaldo Nuclear Division - BILL DIARY Corso Perrone, 25 - ATTACHMENTS REFERENCED IN THE TEXT Unit OUA ------------------------------------------- SPECIAL CONDITIONS: PAYMENT: 90 DAYS FROM INVOICE DATE For all other correspondence: DESTINATION: Corso Perrone, 25 TRANSPORT: DELIVERY: Free Genoa Ansaldo Ricerche Srl CRATING: INCL. (OPTIONAL) Corso Perrone, 25 16161 Genoa ITALY Information for Requesting party: Issued by: ANSALDO only DNT B. AMCHERO G. PAOLO ------------------------------------------- Total amount MERCENARO BARTOLOMEO 320,000,000 LIRE Order manager -------------------------------------------
ANSALDO RICERCHE - ---------------------- ---------------------------------- ------------------- order no. N 02486 00 of FEB. 13, 1997 page no. 2 - ---------------------- ---------------------------------- ------------------- PREAMBLE The European Economic Community (hereinafter COMMUNITY in the contract documents), represented by the Commission of the European Communities (hereinafter COMMISSION in the contract documents) and - ANSALDO RICERCHE S.r.l. (COORDINATOR) - ANSALDO INDUSTRIA S.p.A. - MESSER GRIESHEIM GmbH - REGISTRO NAVALE ITALIANO (RINA) (hereinafter CONTRACTING PARTIES), signed CONTRACT no. 5074-92-11 EL ISP PC (hereinafter the CONTRACT) concerning "EOHHPP Phase III O-3: Demonstration Prototype of a Fuel Cell Boat used for Inland Navigation (hereinafter the PROJECT), in which CONTRACTING PARTIES undertake to perform the work for the PROJECT. COORDINATOR has selected the Subcontractor who will supply DE NORA S.p.A. (hereinafter DNR) fuel cells; said company, with whom [COORINDATOR] engages in joint business governed by two agreements dated 05/13/92, has developed a new technology for solid fuel electrolytic cells. ART. 1 -- SUBJECT OF THE ORDER 1.1 ANSALDO RICERCHE S.r.l. (ARI) grants DE NORA S.p.A. (DNR) the order to supply: 1.1.1 Fuel cell stacks defined in the annexed document "PURCHASE SPECIFICATION FOR FUEL CELL GENERATION SYSTEM FOR VESSEL EQHHPP" 1.1.2 Installation, start-up, testing & inspection, and operation of the stacks for a maximum period of 15 working days. Intervention time to be agreed with reasonable notice. 1.1.3 Replacement parts for regular maintenance during the test period. ANSALDO RICERCHE - ---------------------- ---------------------------------- ------------------- order no. N 02486 00 of FEB. 13, 1997 page no. 3 - ---------------------- ---------------------------------- ------------------- 1.2 GA stacks remain the property of DNR, which will make repairs and/or replace all parts at its own expense due to construction defects during the demonstration period (though up to and not later than 06/30/99) and where said malfunctions are not due to operation of same in a way other than that set down by DNR in the respective testing & inspection, maintenance and care manuals. DNR undertakes to provide technical assistance to ARI for the entire demonstration period (up to and not later than 06/30/99) at terms and conditions to be agreed upon between ARI and DNR on a case by case basis. 1.3 ARI undertakes not to analyze the components of the stacks and not to permit third parties to inspect and/or analyze the components of the stacks. 1.4 Once the tests are concluded, ARI and DNR shall agree on returning the stacks to DNR. The stacks will be returned in their current condition and ARI shall not be responsible for wear and/or deterioration due to the use of the stacks, unless said wear and deterioration is due to operating the stacks out of conformity with DNR's instructions in its testing & inspection, maintenance and care manuals, without prejudice to the terms of 1.3. 1.5 Any publication of the results, beyond that which is provided in the CONTRACT, shall be agreed between ARI and DNR. ART. 2 - CONTRACT DOCUMENTS 2.1 The contract documents are as follows: 2.1.1 PURCHASE SPECIFICATION -- FOR FUEL CELL GENERATION SYSTEM FOR VESSEL EQHHPP" ANSALDO RICERCHE - ---------------------- ---------------------------------- ------------------- order no. N 02486 00 of FEB. 13, 1997 page no. 4 - ---------------------- ---------------------------------- ------------------- 1.2 doc. PSA/CGF/02 REV. 1 - GENERAL CONDITIONS FOR SUPPLYING SYSTEMS, EQUIPMENT, MACHINERY AND ASSOCIATED BUSINESS .2 For any disagreements between the documents listed above, the interpretation of same must be agreed by ARI and DNR in reasonable terms. .3 The content of this order shall take precedence over the aforementioned documents. .4 Departures from the contract documents must be approved by ANSALDO in writing under penalty of nullification. ART. 3 - TERMS OF CONTRACT .1 The date on which work begins is set down in the order acceptance date. .2 Supply shall be delivered to the delivery point within 24 working weeks of the signing date of the order. ART. 4 - CRATING The price includes crating. ART. 5 - DELIVERY The supply shall be delivered CIF ANSALDO - Genoa (ref. INCOTERMS 1990). ANSALDO RICERCHE - ---------------------- ---------------------------------- ------------------- order no. N 02486 00 of FEB. 13, 1997 page no. 5 - ---------------------- ---------------------------------- ------------------- ART. 6 - TRANSFER OF OWNERSHIP N/A ART. 7 - PENALTIES 1 Delivery dates are final and no delay is permitted without prior written authorization by ANSALDO. 2 In the event of delays in the contract supply delivery date, after a grace period of 5 calendar days a penalty of 0.5% of the total order amount shall be applied for every week or portion thereof of delay. .2.1 The maximum amount of delay penalties shall be 10% of the final order amount. ART. 8 - GUARANTIES N/A ART. 9 - INSTALLATION AND TEST ASSISTANCE The above are included in the services as per Art. 1. ART. 10 - PRICE Total flat rate price as indicated in Art. 1. 320,000,000 lire ANSALDO RICERCHE - ---------------------- ---------------------------------- ------------------- order no. N 02486 00 of FEB. 13, 1997 page no. 6 - ---------------------- ---------------------------------- ------------------- ART. 11 - INVOICING AND PAYMENT METHOD 1.1 The amount as per Art. 4 may be invoiced as incurred, though not prior to the dates on which the work associated therewith is completed, defined in Table 1A in the annex. 1.2 Every invoice must contain the following information: - running/consecutive number - Community Order number 5074-92-11 ELISP PC - order number - name, address, and account number of DNP's reference bank ART. 12 - PAYMENT Payments shall be made by direct remittance to the Bank selected by ANSALDO, within 90 days, end of month, of the receipt of invoice, provided the conditions to which the installments are subject have actually been met. ART. 13 - ACCEPTANCE As indication of unconditional acceptance, supplier will send to ANSALDO a letter which complies with the fax specified in the contract documents, by and no later than 20 days from receipt of this order. Should the referenced acceptance not be received within the above term, ANSALDO shall as a precautionary measure stop processing any invoices received, reserving the right to take action against Supplier for compensation for any damages incurred. ANSALDO RICERCHE - ---------------------- ---------------------------------- ------------------- order no. N 02486 00 of FEB. 13, 1997 page no. 7 - ---------------------- ---------------------------------- ------------------- ART. 14 - DECLARATION BY THE CONTRACTING PARTIES ANSALDO and Supplier declare that the terms ratified in this order correspond to the agreements concluded in their negotiations. Therefore, all previous correspondence must be considered superceded. [stamp] ANSALDO Ansaldo Ricerche S.r.l. /s/ Giuseppe Ferrari Managing Director
ANSALDO RICERCHE - ------------------------------------------------------------------------------------------------------------------------------------ order no. N 02486 00 of FEB. 13, 1997 page no. 8 - ------------------------------------------------------------------------------------------------------------------------------------ TABLE 1A BILL AND PAYMENT CONDITIONS DIARY - ------------------------------------------------------------------------------------------------------------------------------------ SUBORDER: N 02486/00 R ORDER / CDR: TI1000 SUPPLIER CODE: 064411 RDA DESCRIPTION: 45 KW FUEL CELL STACKS REF.: - ------------------------------------------------------------------------------------------------------------------------------------ QUALITY LEVEL: 1 CURRENCY CODE: ITALIAN LIRE INITIAL DATE 12/05/96 TYPE OF GOODS: OAB AMOUNT OF SUBORDER PAYMENT COND.: 90 DAYS AFTER INVOICE REF. [ILLEG.] -- AMOUNT ISSUE OF SERVICE: 320,000,000 ORDERS -- TOTAL AMOUNT: 320,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ DESTINATION: Corso Perrone, 25 DELIVERY: Free Genoa TRANSPORT: CRATING: INCLUDED (OPTIONAL) DOCS. ATTACHED: - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ EVENT EVENT SCHEDULE DESCRIPTION OF EVENTS TO BE INVOICED PERCENT AMOUNT COMMENTS - ------------------------------------------------------------------------------------------------------------------------------------ BEGINNING END - ------------------------------------------------------------------------------------------------------------------------------------ 1 A 02/01/97 ACCEPTANCE OF ORDER 0.2500 80,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ 2 C 07/31/97 DELIVERY OF STACKS (24 WORKING WEEKS FROM ACCEPTANCE 0.2500 80,000,000 OF ORDER) - ------------------------------------------------------------------------------------------------------------------------------------ 3 C 01/31/98 SIX MONTHS AFTER DELIVERY OF SUPPLY 0.2500 80,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ 4 C 06/30/99 AT END OF DEMONSTRATION CAMPAIGN, BY ISSUE OF THE 0.2500 80,000,000 ACTIVITY COMPLETION REPORT, AND, IN ANY CASE, NO LATER THAN 06/10/99 - ------------------------------------------------------------------------------------------------------------------------------------