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Exhibit 10.5
CONSULTING CONTRACT OF THE CULTURAL CITY OF CHINESE BUDDHISM
PARTY A: Hing Sun Group Hainan Development Co.
REGISTERED ADDRESS: Hainan, PRC
PARTY B: Xxxx Xxxx Investment & Development Ltd.
REGISTERED ADDRESS: Room 1008-9 Shun Tak Centre West
No. 000-000 Xxxxxxxxx Xxxx Xxxxxx
XXXXX X: Malee Consultants
LEGAL ADDRESS: X.X. Xxx 00, Carigmar Xxxxxxxx, Road Town,
Tortola, British Virgin Islands
CORRESPONDING ADDRESS: Room 1008-0 Shun Tak Centre West
No 168-200 Connaught Road Centre
Both Party A & B signed the consultancy service contract about "The Cultural
City of Chinese Buddhism on 28th December, 1994. Party B has many years of
experience on establishing and investment in China, it also has broad social
network and business connections within and outside China. Part A has prepared
some preparation work for Party B.
With the consents from Part A and Party C, Part B recommend Party C to take over
the consulting contract from Party B. It is mutually agreed among Part A, B and
C that Part C will take over the consulting work as stipulated in the consulting
contract ("Original Contract") previously signed between Party A and Party B.
The Original Contract will become void from the date of this agreement and Part
C shall complete all the outstanding work of the Original Contract and be
responsible for any expenses incurred by Party B during the initial stage of the
project.
A. Summary of the consulting services plan:
1. 1997
- responsible for the invitation of monks to Xx Xxx Temple,
- organise ceremony for the celebration of the Buddhism's Day,
- invite the director of Hyundai Group in South Korea to visit
the Xx Xxx Temple,
- plan and organise the Buddhism seminars to be held in Xian,
- organise worship tours to Xx Xxx Temple for the celebration of
the handover of Hong Kong,
- organise Buddhism ceremonies in Xx Xxx Temple for the
disasters in Hong Kong and Taiwan,
- organise worship tours to Xx Xxx Temple from South East Asia
- other related consultancy work as requested by Party A
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2. 1998
- recommend outsiders to establish and register a joint venture
- prepare to establish the fund for "The Cultural City of
Chinese Buddhism Famen Temple Shannxi"
- establish the relationship with the Buddhism in Hong Kong,
Macau and Taiwan
- search, plan and design the item of "Chinese Buddhism City"
- recommend the Investment fund to invest
- other related consultancy work as requested by Party A
3. 1999
- promote the "Chinese Buddhism City", fund raising and ask for
donation for "Chinese Buddhism City"
- other related consultancy work as requested by Party A
B. Period of the consultancy service
Since January 1997, Party C provide consulting service to Party A for
the investment of "The Cultural City of Chinese Buddhism"
Party C will provide the service for 3 years. Both parties A and C will
sign the extension of the agreement 3 months before the termination of
this agreement. If Party A terminate the agreement due to the
dissatisfaction of the services provided by Party C, Party A (client
missed nothing).
C. Consultancy Service Fee
Party A pay the consultancy fee to Party C as follow:
1. RMB 9,000,000 in 1997
2. RMB 4,200,000 in 1998
3. RMB 4,200,000 in 1999
D. Breach of the contract
The responsibility of Party A to breach the agreement
If Party A doesn't pay the consultancy fee in accordance with Clause 3,
Party C should pay 3% on consultancy service fee to Party B for each
month overdue.
The responsibility of Party C to breach the agreement
If Party C doesn't execute the term of agreement, Party B should refund
the consulting service fee and at the same time Party B should pay 3%
of consultancy service fee to Party A.
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E. Agreement on argument
In case of the argument arised, Party A and B should agree with each
other. If the argument doesn't solve, the argument should pass to China
International Economic Trade Committee to solve.
F. Other
If Party C recruit international well-known consultancy company to
complete the other service. Party C should notify Party A and agreed by
Party A.
This contract will have 6 copies, each of the above party receive 2
copies.
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Party A : Hing Sun Group Hainan Development Co.
Party B : Xxxx Xxxx Investment & Development Ltd.
Party C : Malee Consultants Limited
May 13, 1998
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