EXHIBIT 10.12
AMENDMENT TO AGREEMENT
THIS AMENDMENT TO AGREEMENT is made and entered into this 24th day of
May, 1996 by and among CTI Industries Corporation ("CTI") and Pulidos et
Terminados Finos s.a. de c.v. (P&TF).
WHEREAS, CTI and P&TF have entered into that certain Agreement dated
September 8, 1995 ("Agreement");
WHEREAS, the parties desire to amend the Agreement as provided herein.
NOW, THEREFORE, in consideration of the premises and of the terms
herein provided, the parties hereto agree as follows:
1. Paragraph 8 of the Agreement is amended to provide that the term of
the Agreement shall be for a period of ten years from the date of the Agreement.
2. With regard to paragraph 5.9 of the Agreement relating to payment
for the Machines:
2.1 With respect to any invoice as to which a reduction in
payment would be provided for, P&TF shall have the option, for a period
of four years from the date of this Agreement, to defer the reduction
by so notifying CTI and CTI shall then pay the full amount of the
invoice, provided that from and after one year from the date of this
Agreement, CTI may deduct amounts from invoices during any year equal
to 20% of the total purchase price of the Machines;
2.2 The period of time within which deductions from invoices
to CTI shall be made to apply against the purchase price of the
Machines shall be extended and continue to the earlier of the date upon
which full payment of the purchase price shall have been made or four
years from the date hereof;
2.2 Any remaining balance of the purchase price for the
Machines shall be due and payable four years from the date of this
Agreement; provided that CTI and PT&F, jointly, may further extend such
payment date.
2. As amended hereby, the parties reaffirm the Agreement and the
Agreement shall remain in full force and effect for its term.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
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Agreement as of the day and year first above written.
PULIDOS & TERMINADOS FINOS
s.a. de c.v.
By/s/ Xxxxxxx Xxxx Xxxxxxx
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Xxxxxxx Xxxx Xxxxxxx
Director
WITNESS:
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CTI INDUSTRIES CORPORATION
By/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
President
WITNESS:
/s/ Xxxxxxx Xxxxxxx
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