Exhibit 10.3
Date: 12th day of April 2011
Supply Agreement
between
STEVIA VENTURES INTERNATIONAL LTD. as Customer
and
STEVIA VENTURES CORPORATION As Supplier
relating to
Supply of Stevia Leaves
THIS AGREEMENT is dated the 12th day of April 2011 ("Effective Date") and made
BETWEEN:
(1) STEVIA VENTURES INTERNATIONAL LTD. Company No 1642627 (the "CUSTOMER"), a
limited liability company incorporated in the British Virgin Islands whose
registered office is at Walkers Xxxxxxxx, 000 Xxxx Xxxxxx, Xxxx Xxxx,
Xxxxxxx XX0000, British Virgin Islands.
Represented by: XXXXXX X XXXXXXXXXXXX XX
Title: President
Address head office: 0000 XX 00 X, Xxxxxxxxxxxx, XX 00000 XXX
Tel number: x(0) 000-000-0000
Fax number: x(0) 000-000-0000
(2) STEVIA VENTURES CORPORATION Company No 010338747 (the "CUSTOMER"), whose
registered office is at No 602, CC2A, Xxxxx Xx `s building, Xxx Xxxx Xxx,
Xxxxx Xxx xxxxxxxx, Xxxxx, Xxxxxxx.
Represented by: XXXXXX XXX XXXXX
Title: Director
Address head office: No 602, CC2A, Xxxxx Xx `s building, Xxx Xxxx Xxx,
Xxxxx Xxx xxxxxxxx, Xxxxx, Xxxxxxx
Fax/Tel number: x(00) 0 00000000 / x(00) 0 00000000
Bank name: Vietnam Bank for Agricutures and rural development -
Xxxx Xxxxx branch.
Account in US$: _________________
Account name: Stevia Ventures Corporation
WHEREAS:
(A) The Supplier carries on the business of engaging in agriculture and related
ancillary businesses and Supplier has competent techniques, capacity and
qualifications for, and intends to engage and invest in the growing of
Stevia.
(B) The Customer, based on representation by Supplier in recital (A) above, is
desirous to entrust Supplier to produce Products (as defined herein) and
purchase the Products from the Supplier.
(C) The Supplier is desirous to plant the Stevia Seedlings and supply the
Products only to the Customer to the exclusion of other customers and the
Customer is desirous to purchase the same, on the terms and conditions as
set out in this Agreement.
(D) Both parties desire to establish a Vietnam Stevia Cooperative ("Co-op")
that will engage Vietnam Stevia growers on a large scale with a goal to
participate in a Stevia Primary Extraction plant in partnership with
PureCircle Ltd ("PureCircle").
NOW IT IS HEREBY AGREED AS FOLLOWS:
1. INTERPRETATION
1.1 DEFINITIONS
In this Agreement, unless the context otherwise requires:
"Business Day" means a day, other than a Saturday or Sunday, on which banks are
open for ordinary banking business in Singapore.
"Companies Act" means the Singapore Companies Act.
"Parties" means, collectively, the Supplier and the Customer, and the term
"Party" shall refer to either of them as the context may require.
"Products" means the products set out in Schedule 1.
"Specification" means the specification of the Products set out in Schedule 2 or
any other specification of the Products agreed in writing between the Supplier
and the Customer from time to time.
"Price" means the price of the Products set out in Schedule 3 or any other price
of the Products agreed in writing between the Supplier and the Customer from
time to time.
"Stevia Seedlings" means suitable stevia planting materials (ie cutting/roots).
"Year" means any reference to a "year" is to that year in accordance with the
Gregorian calendar.
"US$" means the United States dollar
In this Agreement where the context admits:
(A) "subsidiary" and "holding company" shall have the same respective meanings
as in the Companies Act and "Subsidiary" shall mean a subsidiary of the
Company ;
(B) references to, or to any provision of, any treaty, statute, directive,
regulation, decision, order, instrument, by-law, or any other law of, or
having effect in, any jurisdiction ("Laws") shall be construed also as
references to all other Laws made under the Law referred to, and to all
such Laws as for the time being amended, re-enacted (with or without
amendment), consolidated or replaced or as their application is modified by
other Laws from time to time;
(C) references to clauses and schedules are references to the clauses of and
schedules to this Agreement and references to this Agreement include the
schedules and the Agreed Form documents;
(D) references to the singular shall include the plural and vice versa and
references to the masculine, the feminine and the neuter shall include each
other such gender;
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(E) "person" includes any individual, partnership, body corporate, corporation
sole or aggregate, state or agency of a state, and any unincorporated
association or organisation, in each case whether or not having separate
legal personality; and
(F) "company" includes any body corporate.
1.2 HEADINGS
The headings and sub-headings are inserted for convenience only and shall not
affect the construction of this Agreement.
1.3 SCHEDULES
Each of the schedules shall have effect as if set out herein.
2. ORDERING AND SALE OF THE PRODUCTS
2.1 During the continuance of this Agreement, the Supplier shall sell and the
Customer shall purchase all Products produced by the Supplier in any one
Year, subject to the terms and conditions of this Agreement.
2.2 In addition to producing Products for Customer, the Supplier will also
produce Stevia Seedlings for the purposes of producing the Products for
Customer.
2.3 The Supplier shall sell the Products only to the Customer to the exclusion
of other customers on the terms and conditions as set out in this
Agreement. Customer is obliged to purchase all product produced, up to 130%
of the volumes as described in Schedule 4. If Supplier produces volumes in
excess of 130% of those described in Schedule 4, then customer shall have
the right of first refusal to purchase said volumes based on the terms of
this agreement. Customer shall, in good faith, endeavour to purchase such
volumes, but is not obliged to do so. For all volumes for which Customer
does not purchase, Supplier may sell to another party.
3. SPECIFICATION AND QUANTITY OF THE PRODUCTS
3.1 All Products sold by the Supplier to the Customer pursuant to this
Agreement shall conform in all respects to the Specification.
3.2 Subject to clause 8.1, the Supplier and the Customer shall review and agree
on or before 30th September of each Year on any subsequent revisions to the
Specification of the Products applicable for the forthcoming Year.
3.3 The Supplier will permit the Customer or the Customer's representative at
all reasonable times to enter the Supplier's premises and growing sites for
the purpose of inspecting the Products and Stevia Seedlings and the
processing, packaging and storage operation (whether or not owned by the
Supplier) relating to the Products and Stevia Seedlings, and will as
reasonably requested by the Customer, supply without cost random samples of
the Products and Stevia Seedlings for testing by the Customer or its
representatives, to ensure that the growing conditions of the Stevia
Seedlings and Products conform with the Customer's requirements and that
the Products and Stevia Seedlings will meet with the Specifications.
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3.4 The Supplier may consult with the Customer from time to time during the
continuance of this Agreement in order to ensure that the Specification of
the Products to be sold by the Supplier to the Customer is acceptable to
the Customer. Any amendments to the Specification shall be agreed in
writing by both Parties.
3.5 The Supplier shall supply the Customer with quantities of Product as set
out in Schedule 4. The Supplier shall provide the Customer with prior
notice at any time if it has reason to believe that it would be
substantially over or under produced to fulfil the forecast volumes under
this clause.
3.6 Subject to clause 8.1, the Supplier and the Customer shall review and agree
on or before 30th September of each Year on the quantity of the Products to
be supplied by the Supplier to the Customer in the forthcoming Year and the
Supplier shall provide the Customer with prior written notice at any time
during the year following the revision if it has reason to believe that it
would be unable to fulfil its forecast volumes under this clause.
4. MANUFACTURE AND DELIVERY OF THE PRODUCTS
4.1 Delivery of the Products shall be at terms FOB Hai xxxxx port in Vietnam.
The supplier shall deliver, at their costs, to the port out of Vietnam. The
Supplier shall provide all necessary export documents, in advance, to
facilitate the timely shipping of the product.
4.2 The Supplier shall ensure that the Products are thoroughly inspected and
meet the Specifications prior to the delivery of the Products as described
in clause 4.1.
4.3 The Supplier shall take all reasonable steps including but not limited to
propagation activities to continue to improve the quality of the Products.
4.4 The Customer shall be responsible for the delivery of Products to
PureCircle. Upon receiving Products at PureCircle's warehouse PureCircle
shall inspect the Products within fourteen (14) Business Days of such
delivery and notify the Customer upon inspection of any defect by reason of
which PureCircle alleges that the Products delivered are not in accordance
with the Specification and which should be apparent on reasonable
inspection. Upon receiving such notification from PureCircle, Customer
shall notify Supplier of the same within forty-eight (48) hours.
4.5 If the Customer fails to give any notice as described in clause 4.4 then,
except in respect of any defect which is not one which should be apparent
on reasonable inspection, the Products shall be conclusively presumed to be
in all respects in accordance with the Specification, and accordingly the
Customer shall be deemed to have accepted the delivery of the Products in
question and the Supplier shall have no liability to the Customer with
respect to that delivery.
4.6 If the Customer rejects any delivery of the Products which are not in
conformity with the Specification ("Defective Products"), the Customer may
still proceed to buy the Defective Products from the Supplier at such price
to be mutually agreed between the Customer and the Supplier. In the event
the Customer does not purchase the Defective Products because their quality
is below acceptable standards or because the Parties cannot mutually agree
on a price, then the following shall occur:
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a) The Supplier shall pay the Customer all the monies paid by the
Customer for the respective Products supplied by the Customer to
Supplier, and
b) Supplier may sell the same to third parties and shall then utilize the
proceeds of such sale to first pay the Customer all the monies paid by
the Customer for the respective products and then all remaining
proceeds, if any, will be paid to the Supplier.
4.7 Subject to Clause 4.4 and 4.6, all other risk in and responsibility for the
Products shall pass to the Customer once the Products are received at the
Port of Hai Xxxxx (or other acceptable port as mutually agreed in writing).
Property and title in the Products shall not pass to the Customer until the
Supplier has received full payment for the Products in accordance with
clause 5.
4.8 The delivery of the Products by the Supplier to the Customer shall be in
packing sizes and material acceptable to Customer. The Customer shall be
entitled under this Agreement to net off the packaging material weight. The
cost for the packaging shall be paid by the Supplier.
5. PRICE OF THE PRODUCTS AND STEVIA SEEDLINGS AND PAYMENT
5.1 The initial price to be charged by the Supplier to the Customer in respect
of the Products for the first (1) year is as set out in Schedule 3.
5.2 Pursuant to clause 8.1, the Supplier and the Customer shall review and
agree on or before 30th September of each Year on any subsequent revisions
to the Price and price adjustment mechanisms set out in Schedule 3
applicable for the forthcoming Year provided that the pricing mechanism of
the Products for the forthcoming year shall not exceed 20% of the agreed
price of that material year net of an annual inflation adjustment of the
country in which the purchase price currency is based and/or net of an
annual inflation adjustment of the producing country further adjusted for
by the currency conversion of the purchase price currency. The Supplier and
the Customer shall act in good faith to negotiate the terms of the pricing
mechanism of the Products for the forthcoming year. The Supplier and
Customer shall not act unreasonably to frustrate or terminate the
negotiations of the pricing mechanism of the Products for the forthcoming
year.
5.3 The Supplier shall be entitled to reasonably increase the price for the
Products to cover any extra expenditure incurred as a result of the
Customer's instructions.
5.4 METHOD OF PAYMENT:
Payment shall be by irrevocable L/C or other method as mutually agreed in
writing. All bank charges and fees connected with issuing the Letter of
Credit shall be for Customer's account. Supplier's Bank Confirmation
charges are for Supplier's account. Bank charges for extension of the
Letter of Credit shall be borne by the party in default. Customer shall
open the L/C upon receipt of the notification from Supplier about the
quantity and delivery date.
5.5 Supplier is liable for any and all taxes assessed on the products by the
Tax Authority of Vietnam.
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6. CONFIDENTIALITY
6.1 Subject to the provisions of clauses 6.2 and 6.3, each party:
(A) shall treat as strictly confidential and use solely for the purposes
contemplated by this Agreement all information, whether technical or
commercial, obtained or received by it as a result of entering into or
performing its obligations under this Agreement and relating to the
negotiations relating to, or the provisions or subject matter of, this
Agreement or any other party to it ("confidential information");
(B) shall not, except with the prior written consent of the party from
whom the confidential information was obtained publish or otherwise
disclose to any person any confidential information except for the
purposes contemplated by this Agreement; and
(C) where any of the confidential information is also privileged, the
waiver of such privilege is limited to the purposes of this agreement
and does not and is not intended to result in any wider waiver of the
privilege and each party shall take all reasonable steps to protect
the privilege of the other party in its respective confidential
information and shall advice the other party promptly in writing if
any step is taken by any other person to obtain any privileged
confidential information of the other party.
6.2 PERMITTED DISCLOSURES
Each party may disclose confidential information which would otherwise be
subject to clause 6.1 if, and only to the extent that it can demonstrate that:
(A) such disclosure is required by law or by any securities exchange or
regulatory or governmental body having jurisdiction over it, wherever
situated, and whether or not the requirement has the force of law;
(B) the confidential information was lawfully in its possession prior to
its disclosure by the other party (as evidenced by written records)
and had not been obtained from the other party;
(C) the confidential information has come into the public domain other
than through its fault or the fault of any person to whom the
confidential information has been disclosed in accordance with clause
6.1;
provided that any such disclosure shall not be made without prior consultation
with the party from whom the confidential information was obtained.
6.3 DISCLOSURES TO CERTAIN PARTIES
Each party may for the purposes contemplated by this Agreement disclose
confidential information to the following persons or any of them, [provided that
a written confidentiality undertaking in a form equivalent to clause 6.1 has
been obtained from such person:
(A) its professional advisers, auditors, bankers and insurers, acting as
such; and
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(B) its directors, officers, senior employees and sub-contractors.
Further to the above, the Customer shall prepare a Contract Verification Letter
for this agreement for general disclosure by the Supplier for verification of
this agreement.
6.4 SURVIVAL OF RESTRICTIONS
The restrictions contained in this clause shall survive the termination of this
Agreement and shall continue for two years from the date of termination.
7. WARRANTIES
The Supplier hereby separately represents warrants and undertakes for itself to
and with the Customers and its successors in title as follows:
A) The Supplier has full legal right, power and authority to execute,
deliver and perform their obligations under this Agreement; and
B) There is no provision of any existing contract, agreement or
instrument binding the Supplier which has been or would be contravened
by the execution and delivery of this Agreement or by the performance
or observance by the Supplier of any of the terms hereof.
The Customer hereby separately represents warrants and undertakes for itself to
and with the Supplier and its successors in title as follows:
A) The Customer has full legal right, power and authority to execute,
deliver and perform their obligations under this Agreement; and
B) There is no provision of any existing contract, agreement or
instrument binding the Customer which has been or would be contravened
by the execution and delivery of this Agreement or by the performance
or observance by the Customer of any of the terms hereof.
8. TERM AND TERMINATION
8.1 This Agreement shall come into force on the Effective Date and, subject to
earlier termination pursuant to clauses 12.4, 8.2, 8.3 or 8.4 below, shall
continue in force for a period of three (3) years ("Term") and thereafter
automatically renew on its anniversary each year for an additional period
of one (1) year ("Extended Term").
8.2 Either party may terminate this Agreement forthwith by giving written
notice to the other in any of the following events:
(A) if the other party commits any material breach of any of the terms and
conditions of this Agreement and fails to remedy that breach (if
capable of remedy) within one month after notice from the other party
requiring it to be remedied and giving full particulars of the breach;
or
(B) if the other party has a winding up petition presented against it or
enters into liquidation whether compulsory or voluntary (except for
the purposes of bona fide reconstruction or amalgamation with the
prior approval of the other party), or compounds with or makes any
arrangement with its creditors or makes a general assignment for the
benefit of its creditors, or if it has a receiver, manager,
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administrative receiver or administrator appointed over the whole or
substantially the whole of its undertaking or assets, or if it has an
administration petition presented or administration application made
against it or a notice of intention to appoint an administrator has
been given to any person or if it ceases or threatens to cease to
carry on its business, or makes any material change in its business,
or if it suffers any analogous process under any foreign law.
8.3 Either Party is at liberty to terminate the Agreement without any liability
whatsoever to the other Party if the review of the Specifications (as
ascribed in clause 3.2 hereto); or the Pricing (as ascribed in clause 5.2
hereto) is not agreed between the Supplier and the Customer in writing at
least 65 days prior to the end of each calendar Year.
8.4 CONSEQUENCES OF TERMINATION
Upon termination in accordance with this clause 8 or clause 12.4:
(A) the rights and obligations of the parties under this Agreement shall
terminate and be of no future effect, except that clauses 1, 6 and 11
shall remain in full force and effect;
(B) any rights or obligations to which any of the parties to this
Agreement may be entitled or be subject before such termination shall
remain in full force and effect;
(C) termination shall not affect or prejudice any right to damages or
other remedy which the terminating party may have in respect of the
event which gave rise to the termination or any other right to damages
or other remedy which any party may have in respect of any breach of
this Agreement which existed at or before the date of termination.
9. LIMITATION OF LIABILITY
9.1 The provisions of this clause 9 set out the entire financial liability of
the Supplier (including any liability for the acts or omissions of its
employees, agents and subcontractors) to the Customer in respect of:
(A) any breach of this Agreement; and
(B) any representation, statement or tortious act or omission including
negligence arising under or in connection with this Agreement;
(C) Product liability, Product safety only as it pertains to any specific
act of negligence traceable to the supplier;
(D) voluntary or involuntary recall of the Products only as it pertains to
any specific act of negligence traceable to the supplier;
9.2 All warranties, conditions and other terms implied by statute or common law
are to the fullest extent permitted by law, excluded from the terms of this
Agreement.
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10. PROVISIONS RELATING TO THIS AGREEMENT
10.1 ASSIGNMENT & CO-OP & SERVICE COMPANIES
Either party may at any time, with the prior written consent of the other party,
(such consent not to be unreasonably withheld or delayed) assign all or any part
of its rights and benefits under this Agreement provided that no consent shall
be required for such an assignment to any Affiliate of either party so long as
the assignment does not result in a change to the conditions of the agreement in
any way.
It is understood by both Parties that there is an effort to establish a Co-op
and both parties agree that this Supply Agreement may be assigned to the Co-op
under mutually agreed terms. Both parties agree to work in cooperation to
establish the Co-op and both parties understand that the goal is to produce
sufficient Product in Vietnam to sustain a
Primary Extraction Plant which both Parties intend to participate in partnership
with PureCircle.
It is understood that Customer will enter into one or more Service Agreements
with companies ("Service Company") to administer specific activities and/or
represent Customer for specific activities within Vietnam. When such
appointments are made, Customer shall inform Supplier and Supplier shall respect
the appointed authority of the Service Company.
10.2 SUB-CONTRACTING
The Supplier shall be entitled to carry out its obligations under this Agreement
through any agents or sub-contractors appointed by it in its absolute discretion
for that purpose subject to the written consent of the Customer.
10.3 ENTIRE AGREEMENT
(A) This Agreement, together with any documents referred to in it,
constitutes the whole agreement between the parties relating to its
subject matter and supersedes and extinguishes any prior drafts,
agreements, undertakings, representations, warranties and arrangements
of any nature, whether in writing or oral, relating to such subject
matter, and can be amended only by written agreement amongst the
Parties.
(B) The Parties acknowledge that they have not been induced to enter into
this Agreement by any representation or warranty other than those
contained in this Agreement and, having negotiated and freely entered
into this Agreement, agree that they shall have no remedy in respect
of any other such representation or warranty except in the case of
fraud. The Parties acknowledge that their legal advisers have
explained to them the effect of this clause.
(C) No variation of this Agreement shall be effective unless made in
writing and signed by each of the parties.
10.4 RIGHTS ETC CUMULATIVE AND OTHER MATTERS
(A) The rights, powers, privileges and remedies provided in this Agreement
are cumulative and are not exclusive of any rights, powers, privileges
or remedies provided by law or otherwise.
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(B) No failure to exercise nor any delay in exercising by any party to
this Agreement of any right, power, privilege or remedy under this
Agreement shall impair or operate as a waiver thereof in whole or in
part.
(C) No single or partial exercise of any right, power privilege or remedy
under this Agreement shall prevent any further or other exercise
thereof or the exercise of any other right, powers, privilege or
remedy.
10.5 COSTS
Subject to any express provisions to the contrary each party to this Agreement
shall pay its own costs of and incidental to the negotiation, preparation,
execution and carrying into effect of this Agreement.
10.6 INVALIDITY
If any provision of this Agreement shall be held to be illegal, void, invalid or
unenforceable under the laws of any jurisdiction, the legality, validity and
enforceability of the remainder of this Agreement in that jurisdiction shall not
be affected, and the legality, validity and enforceability of the whole of this
Agreement in any other jurisdiction shall not be affected.
10.7 COUNTERPARTS
This Agreement may be executed in any number of counterparts, which shall
together constitute one Agreement. Any party may enter into this Agreement by
signing any such counterpart.
10.8 NOTICES
(A) Any notice (which term shall in this clause include any other
communication) required to be given under this Agreement or in
connection with the matters contemplated by it shall, except where
otherwise specifically provided, be in writing in the English
language.
(B) Any such notice shall be addressed as provided in clause 10.8(C) and
may be:
(1) personally delivered, in which case it shall be deemed to have
been given upon delivery at the relevant address if it is
delivered not later than 17.00 hours on a Business Day, or, if it
is delivered later than 17.00 hours on a Business Day or at any
time on a day which is not a Business Day, at 09.00 hours on the
next Business Day; or
(2) if within USA, sent by first class pre-paid post, in which case
it shall be deemed to have been given two Business Days after the
date of posting; or
(3) if from or to any place outside USA, sent by pre-paid airmail, or
by air courier in which case it shall be deemed to have been
given seven Business Days after the date of posting in the case
of airmail or two Business Days after delivery to the courier, in
the case of air courier;
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(4) sent by facsimile, in which case it shall be deemed to have been
given when despatched, subject to confirmation of uninterrupted
transmission by a transmission report provided that any notice
despatched by facsimile after 17.00 hours on any Business Day or
at any time on a day which is not a Business Day shall be deemed
to have been given at 09.00 on the next Business Day; or
(5) sent by electronic mail, in which case, it shall be deemed to be
given when received but subject to the same provisions regarding
receipt after 17.00 hours as apply to notices sent by facsimile;
(C) The addresses and other details of the parties referred to in clause
10.8(B) are, subject to clause 10.8(D):
Name: STEVIA VENTURES INTERNATIONAL LTD.
For the attention of: Xxxxxx X Xxxxxxxxxxxx Xx
Address: 0000 XX 00 X
Xxxxxxxxxxxx, XX 00000 XXX
Facsimile number: x(0) 000-000-0000
E-mail address: xxxxxxxxxxxx@xxxxx.xxx
Name: STEVIA VENTURES CORPORATION
For the attention of: Xxxxxx Xxx Xxxxx
Address: No 602, CC2A, Xxxxx Xx'x building, Xxx Xxxx Xxx, Xxxxx Xxx,
Xxxxx, Xxxxxxx
Facsimile number: x(00) 0 0000000
E-mail address: xxxxxxxxxxxxxx@xxxxx.xxx
(D) Any party to this Agreement may notify the other party of any change
to the address or any of the other details specified in clause
10.8(C), provided that such notification shall only be effective on
the date specified in such notice or five Business Days after the
notice is given, whichever is later.
10.9 RELATIONSHIP OF THE PARTIES
(A) Nothing in this Agreement shall constitute, or be deemed to constitute
a partnership between the parties, nor except as expressly provided,
shall it constitute, or be deemed to constitute, any party as the
agent of any other party for any purpose.
(B) Subject to any express provisions to the contrary in this Agreement,
neither Party shall have the right or authority to and shall not do
any act, enter into any contract, make any representation, give any
warranty, incur any liability, assume any obligation, whether express
or implied, of any kind on behalf of the other Party or bind the other
Party in any way.
11. LAW AND JURISDICTION
11.1 SINGAPORE LAW
This Agreement shall be governed by, and construed in accordance with, Singapore
law.
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11.2 The Supplier shall comply strictly with all applicable requirements
relating to occupational safety and health legislation or similar laws in
the country of operations in which the product is produced, and the
relevant rules and regulations thereunder. In addition, the Supplier shall
strive to incorporate higher international standards where applicable and
appropriate and not in conflict with local rules and regulations.
11.3 JURISDICTION
In relation to any legal action or proceedings arising out of or in connection
with this Agreement ("Proceedings"), each of the parties irrevocably submits to
the non-exclusive jurisdiction of the Singapore courts and waives any objection
to Proceedings in such courts on the grounds of venue or on the grounds that
Proceedings have been brought in an inappropriate forum.
All taxes and duties/fees applied inside of Socialist Republic of Vietnam and
the income tax of the Supplier in Vietnam in accordance to the Vietnam laws
shall be entirely at Supplier charge.
The Customer shall be responsible for all the import taxes and other duties (if
any) assessed by the country of import for the imported goods under this
agreement in accordance to the laws of the country of import.
11.4 ARBITRATION
(A) Any dispute or difference arising out of or in connection with this
Agreement, including any question regarding its existence, validity or
termination and regardless of the nature of such dispute or
difference, shall be referred to and finally resolved by arbitration
under the Singapore International Arbitration Centre which Rules are
deemed to be incorporated by reference into this Clause, and:
(1) the number of arbitrators shall be three, one of whom shall be
appointed by the party asserting a claim against the other party,
one of whom shall be appointed by the party against whom a claim
has been asserted, and the third of whom shall be selected by
mutual agreement, if possible, within thirty days of the
selection of the second arbitrator and failing which by the
administering authority. In the event the party against whom a
claim has been asserted fails to appoint the second arbitrator
within 15 days after the first arbitrator is appointed by the
Party asserting a claim, then the administering authority shall
select the second and third arbitrators after expiration of the
said 15 days;
(2) the seat of arbitration shall be Singapore; and
(3) the language to be used in the arbitral proceedings shall be
English. 12. FORCE MAJUERE
12.1 EFFECT OF FORCE MAJEURE
Neither party shall be deemed to be in breach of this Agreement or otherwise
liable to the other as a result of any delay or failure in the performance of
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its obligations under this Agreement if and to the extent that such delay or
failure is caused by force majeure (as defined in clause 12.2) and the time for
performance of the relevant obligation(s) shall be extended accordingly.
12.2 DEFINITION OF FORCE MAJEURE
For the purpose of this clause, "force majeure" means any circumstances not
within the reasonable control of the party concerned including, without
limitation:
(A) any strike, lockout or other industrial action, or any shortage of or
difficulty in obtaining labour, fuel, raw materials or components; any
destruction, permanent breakdown, malfunction or damage of or to any
premises, plant, equipment (including computer systems) or materials;
(B) any action taken by a governmental or public authority of any kind,
including, without limitation, not granting a consent, exemption,
approval or clearance or imposing an embargo, export or import
restriction, rationing, quota or other restriction or prohibition;
(C) any civil commotion or disorder, riot, invasion, war, threat of or
preparation for war;
(D) any accident, fire, or explosion, (other than in each case, one caused
by a breach of contract by or assistance of the party concerned)
storm, flood, earthquake, subsidence, epidemic or other natural
physical disaster.
12.3 OBLIGATIONS OF AFFECTED PARTY
A party whose performance of its obligations under this Agreement is delayed or
prevented by force majeure:
(A) shall immediately notify the other party of the nature, extent, effect
and likely duration of the circumstances constituting the force
majeure;
(B) shall use all reasonable endeavours to minimise the effect of the
force majeure on its performance of its obligations under this
Agreement including the making of any alternative arrangements for
resuming the performance of its obligations which may be practicable
without incurring material additional expense; and
(C) shall, subject to clause 12.4, immediately after the cessation of the
force majeure, notify the other party thereof and resume full
performance of its obligations under this Agreement.
12.4 TERMINATION FOR FORCE MAJEURE
If any force majeure delays or prevents the performance of the obligations of
either party for a continuous period in excess of six months, the party not so
affected shall then be entitled to give notice to the affected party to
terminate this Agreement, specifying the date (which shall not be less than 30
Business Days after the date on which the notice is given) on which termination
will take effect. Such a termination notice shall be irrevocable, except with
the consent of both parties, and upon termination the provisions of clause 8.4
shall apply
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13. FINAL PROVISIONS:
13.1 The Agreement shall be in English languages and all the documentation
related hereto shall be in English languages.
13.2 This Agreement is the completed and unique agreement between the parties.
Some matters arising during the performance of this Agreement may be
amended or supplemented or replaced by an Annex to this Agreement with the
consent of all parties and such addition shall become an integral part of
this Agreement.
13.3 This Agreement shall be made into 8 sets in English version. Each party
will keep 4 sets of each version.
THIS SECTION OF THE PAGE IS INTENTIONALLY LEFT BLANK
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IN WITNESS WHEREOF, each of the Parties has executed this Agreement in a manner
binding upon it as of the Effective Date set forth above.
SIGNED BY
FOR AND BEHALF OF
STEVIA VENTURES INTERNATIONAL LTD.
in the presence of:-
SIGNED BY
FOR AND BEHALF OF
STEVIA VENTURES CORPORATION
in the presence of:-
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