Payment Agreement between Zhuolu Hydraulic and Hydro-Power Engineering Co., Ltd. and Zhuolu Jinxin Mining Co., Ltd.

Contract Categories: Business Operations › Settlement Agreements
Summary

Zhuolu Hydraulic and Hydro-Power Engineering Company Limited (Party A) and Zhuolu Jinxin Mining Company Limited (Party B) have agreed that Party B will pay Party A RMB 16,000,000 for equipment and construction fees owed as of March 20, 2010. The payment will be made in three installments by the end of 2010, 2011, and 2012. No interest will be charged unless payments are late, in which case interest will accrue at the commercial bank's benchmark rate. Disputes will be resolved first by negotiation, then by court if necessary.

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EX-10.10 4 e609467_ex10-10.htm Unassociated Document
 
Exhibit 10.10
 
Agreement
 
(English Translation)
 
Party A: Zhuolu Hydraulic and Hydro-Power Engineering Company Limited
 
Party B: Zhuolu Jinxin Mining Company Limited
 
Whereas:
 
As of March 20, 2010, Party B owed Party A equipments and construction fee in a total of RMB 16,000,000(the “Fee”).
 
NOW, THEREFORE, with the consensus reached through negotiation, the parties have entered into this Agreement and agree to abide by it pursuant to the applicable laws, regulations and rules of the PRC (“laws of the PRC”):
 
Item I
 
Party B will pay the total amount of RMB 16,000,000 to Party A in three payments as follows:
 
1. RMB 6,000,000 on or before December 31, 2010.
 
2. RMB 5,000,000 on or before December 31, 2011.
 
3. RMB 5,000,000 on or before December 31, 2012.
 
Item II
 
The Fee bears no interests until any amount of the Fee is overdue according to the payment terms stated in Item I.  Interest will be charged on any overdue amount at the benchmark rate issued by Commercial Bank during the same period when the amount is overdue.
 
Item III
 
Any disputes arising from or in relation to this Agreement shall first be settled by the negotiation of both parties. If the dispute could not be solved by negotiation, each party can file the dispute to any court of competent jurisdiction.
 
Item IV
 
This Agreement shall be executed in two copies, each party holds one.  Each of the copies shall be deemed as the original one and has the same effect upon the signing on the Agreement.
 
Party A: Zhuolu Hydraulic and Hydro-Power Engineering Company Limited
 
Representative:
 
Date:  03/20/2010
 
Party B: Zhuolu Jinxin Mining Co., Ltd.
 
Representative:
 
Date: 3/20/2010