Exhibit 10.7
SALES CONTRACT OF INDUSTRIAL PRODUCTS
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NO.: 02602
SIGNED AT: Tai'an
DATE: December 20, 2002
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: Grease Tank
UNIT: PIECE
QUANTITY: One
UNIT PRICE: RMB 352,795.21 yuan
TOTAL AMOUNT: RMB 352,795.21 (Three hundred and fifty-two thousand, seven
hundred and ninety-five point two one) yuan
DATE OF DELIVERY: February 20, 2003
Article 2: QUALITY STANDARD
Be subject to: 1. The Drawing Sheet provided by the Buyer; 2.The National Trade
Standard.
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: 50% shall be paid after this
contract becomes effective. 20% shall be paid after the object has been made;
20% shall be paid after the 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/ Xxxx Xxx
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AUTHORISED SIGNATURE AUTHORISED SIGNATURE
