Industrial Product Sales Agreement between Shandong Shengda Chemical Machinery Co., Ltd and Shandong Shengda Chemical Co., Ltd (Methanol Reclaiming Tanks)

Summary

This agreement is between Shandong Shengda Chemical Machinery Co., Ltd (Seller) and Shandong Shengda Chemical Co., Ltd (Buyer) for the sale of two methanol reclaiming tanks at a total price of RMB 610,477.28. The Seller will manufacture the tanks to national standards and the Buyer's specifications, with delivery set for February 10, 2003. The Buyer must pay 70% upfront, 20% after inspection, and the balance within one year. The Seller provides a one-year quality warranty. Ownership transfers upon delivery, unless full payment is not made. Disputes are to be resolved through discussion, mediation, or court.

EX-10.11 12 zec8kex1011033106.txt INDUSTRIAL PRODUCT SALES AGREEMENT Exhibit 10.11 SALES CONTRACT OF INDUSTRIAL PRODUCTS ------------------------------------- NO.: 03007 SIGNED AT: Tai'an DATE: January 10, 2003 This contract is made and entered into by and between Shandong Shengda Chemical Machinery Co., Ltd (hereinafter referred to as the Seller) and Shandong Shengda Chemical Co., Ltd (hereinafter referred to as the Buyer); whereby the Seller agree to sell and the Buyer agree to buy the commodity mentioned in this contract subject to the terms and conditions stipulated below: Article 1: Object, Quantity, Price and Date of Delivery NAME OF COMMODITY: Methanol Reclaiming Tank UNIT: PIECE QUANTITY: Two UNIT PRICE: RMB 305,238.64 yuan TOTAL AMOUNT: RMB 610,477.28 (six hundred and ten thousand, four hundred and seventy-seven point two eight) yuan DATE OF DELIVERY: February 10, 2003 Article 2: QUALITY STANDARD The seller will manufacture the objects according to the National Standards and the drawing sheet provided by the Buyer. Article 3: TERMS AND TIME LIMIT OF QUALITY ASSURANCE OF THE SELLER: 1 Year of Quality Warranty Article 4: TITLE TO THE GOODS SHALL BE PASSED UPON DELIVERY; HOWEVER, IF THE BUYER FAILS TO PERFORM THE OBLIGATION OF PAYING THE FULL AMOUNT OF PURCHASE PRICE, TITLE TO THE GOODS SHALL REMAIN WITH THE SELLER. Article 5: MEANS AND PLACE OF DELIVERY: The site where the buyer uses the goods. Article 6: STANDARD, METHOD, and PLACE AND TIME LIMIT OF INSPECTION: The inspection will be done pursuant to Article 2 at the place of delivery. Any dispute shall be raised within three days. Article 7: METHOD, TIME AND PLACE OF PAYMENT: 70% shall be paid after this contract becomes effective. 20% shall be paid after the successful inspection and acceptance; and the remaining amount of money shall be paid off within one year. Article 8: TERMINATION OF THIS CONTRACT: After the remaining amount of money has been paid off. Article 9: BREACH LIABILITY: shall be governed by the provisions of the Contract Law. Article 10: METHOD OF SETTLING THE DISPUTE OVER THE CONTRACT: IN THE PERFORMING OF THIS CONTRACT, IF ANY DISPUTE ARISES, THE TWO PARTIES SHALL SETTLE IT THROUGH FRIENDLY DISCUSSIONS; THE DISPUTE CAN ALSO BE MEDIATED BY THE LOCAL INDUSTRIAL AND COMMERICAL ADMINISTRATION; IF NO SETTLEMENT COMES FROM THE DISCUSSIONS OR MEDIATATIONS, THE DISPUTE SHALL BE SETTLED BY LAWSUITS THROUGH THE PEOPLE'S COURT. Article 11: THIS CONTRACT SHALL BECOME EFFECTIVE after having been officially signed by the two parities. THE SELLER: THE BUYER: Shandong Shengda Chemical Machinery Co., Ltd Shandong Shengda Chemical Co., Ltd /s/ Gong Xingyu /s/ Wang Wei - ------------------------- ---------------------------------- AUTHORISED SIGNATURE AUTHORISED SIGNATURE