Examples of Procurement Agreement in a sentence
None of the Directors has a material interest in the 2021-2023 Gu Jia Procurement Agreement and the transactions contemplated thereunder and none of them is required to abstain from voting on the resolutions of the Board to approve the 2021-2023 Gu Jia Procurement Agreement and the transactions contemplated thereunder.
Term : From 1 January 2021 to 31 December 2023 Subject : Pursuant to the 2021-2023 Gu Jia Procurement Agreement, Gu Jia Household (for itself and on behalf of its subsidiaries) has agreed to purchase from the Group polyurethane foams for its production of, inter alia, sofas, mattresses and dining chairs by issuing purchase orders (the “Purchase Orders”) to the Group from time to time.
Reference is made to the announcement of the Company dated 19 December 2017 in relation to the 2018-2020 Gu Jia Procurement Agreement.
In view of the prospective expiry of the 2018-2020 Gu Jia Procurement Agreement on 31 December 2020, on 18 December 2020 (after trading hours), the Company (for itself and on behalf of its subsidiaries) (as supplier) entered into the 2021-2023 Gu Jia Procurement Agreement with Gu Jia Household (for itself and on behalf of its subsidiaries) (as purchaser) for the sale and purchase of polyurethane foams for the three years commencing from 1 January 2021 and ending on 31 December 2023.
The Company expects that the aggregate amounts in respect of the transactions under the 2018- 2020 Gu Jia Procurement Agreement for the year ending 31 December 2020 will not exceed the 2020 Annual Cap.