exv10w24






10.24 Corn Kernels Purchase Agreement, dated May 6, 2011, between Shandong

Xiangrui and Zhongjiao Grain and Oil Storage Center, Qingdao Tariff-free Area.




Supplier: Zhongjiao Grain and Oil Storage Center, Qingdao Tariff-free Area


Purchaser: Shandong Xiangrui Pharmacy Co., Ltd. 



Execution Site: Dongping, Shandong;

Execution Date: May 6, 2011



1. the type, class, weight, price and delivery of the grain




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Unit	 
	 	 	 	 	 	 	 	 	 	 	Storage	 	 	 	 	 	 	Delivery	 	 	Price(RMB	 
	 	 	Weight	 	 	Place of	 	 	Amount	 	 	 	 	 	 	Amount	 	 	for each	 
	Type	 	(ton)	 	 	Production	 	 	(ton)	 	 	Delivery Time	 	 	(ton)	 	 	ton)	 
	Corn
	 	 	7236.442	 	 	Liangshan	 	 	1000	 	 	 	2011.5.1-2011.6.30	 	 	 	1883.1	 	 	 	2230	 
	 
	 	 	 	 	 	Wenshang	 	 	883.1	 	 	 	2011.7.1-2011.7.31	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	Wenshang	 	 	5353.342	 	 	 	2011.8.1-2011.8.31	 	 	 	3000	 	 	 	2250	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2353.342	 	 	 	2270	 






The purchaser shall deliver the corn stored at Liangshan first, then that stored at Wenshang.
The purchaser shall deliver the corn according to the timetable herein, if the purchaser fails to
do so, the purchaser shall be regarded as he is willing to deliver the remaining tons in next month
according to the new unit price. If the weight of the delivery by the purchaser exceeds the weight
herein, the unit price for exceeding weight shall not adjust.



2. Standard of quality



The standard of quality shall follow the quality of the corn stored at No. 4, 6, 7 warehouses in
Liangshan.



The standard of quality shall follow the quality of the corn stored at No. 14 warehouse in
Yangdian, Wenshang.



The standard of quality shall follow the quality of the corn stored at No.1,2,3,4,5,6,7,15,21
warehouses in Baishi, Wenshang.



3. Packing



The corn shall be packed in bulk. And packing fees shall be responsible by the purchaser.



4. Loss



The loss shall be responsible by the purchaser after the delivery of corn is accepted by the
purchaser.



5. The standard for weight inspection



The weight of the scale appointed by the supplier shall be the standard for weight inspection.


 


 









 





6. Delivery



If the purchaser delivers the corn by itself, the purchaser shall deliver the corn by August 31,
2011. If the purchaser fails to do so by August 31, 2011, the purchaser shall compensate the
supplier all economic loss resulting from the purchaser’s failure, including but not limited to
custody fees as 1% of the value of the remaining corn, and storage fee as RMB 0.2 for each ton each
day. And quality problem resulted from the purchaser’s failure shall be responsible by the
purchaser.



7. Transportation and fee



The purchaser shall offer transportation vehicles and be responsible the transportation fees.



8. Guarantee and payment



1. The purchaser shall pay RMB 1,400,000 as guarantee to the supplier within 5 working days after
the execution of the Agreement. If the purchaser fails to deliver all the corns by July 20, 2011,
the purchaser shall pay RMB 360, 000 to the supplier. If the purchaser doesn’t breached the
agreement, the guarantee shall be taken as part of the consideration of the corn.



2. The purchaser shall make the payment as of consideration timely, the supplier shall notice the
purchaser to deliver the corn after receiving the payment.



3. The purchaser shall notice the supplier the change of its delivery plan.



4. The supplier shall offer invoice to the purchaser after the performance of this Agreement.



9. Risk



1. The risk of loss of the corn shall be responsible by the purchaser when the supplier delivers
the corn to the purchaser or the carrier appointed by the purchaser at the deliver site.



2. If the purchaser fails to deliver the corn according to the timetable of the Agreement and
postpone to deliver the corn, then the risk of loss shall be responsible by the purchaser after 12
o’clock at midnight of the delivery date in the Agreement



10. Alteration of the Agreement



The agreement could be supplemented and altered by both parties. If one party intends to alter the
Agreement, he should notice the other party, with the consent from the other party, both party
shall sign alteration documents. Such documents shall be part of the Agreement.



11. The ownership of the corn



The ownership of the corn shall belong to the supplier before the purchaser makes full payment.



12. Force majeure



If one party is stopped, prevented or delayed to perform certain obligation under the Agreement by
force majeure, the party shall inform the other party the occurrence of the force majeure.


 


 









 





13. Breach of the Agreement



1. The supplier shall pay 5% of the price of the corn as damages if the supplier fails to deliver
the corns, and the Agreement terminates.



2. The purchaser fails to deliver the corn according to the Agreement, the supplier has the right
to terminate the Agreement, and collect 5% of the price as damages, the confiscate the guarantee
paid by the purchaser.



3. If the supplier has other loss, it still has the right to ask other compensation.



14. Dispute resolution



Both parties shall resolve the dispute friendly, or the court of the supplier shall have
jurisdiction over the dispute.



15. Miscellaneous



The Agreement shall take effect after that both parties execute this Agreement and the purchaser
pays the guarantee.



Execution:


Supplier: Zhongjiao Grain and Oil Storage Center, Qingdao Tariff-free Area

Purchaser: Shandong Xiangrui Pharmacy Co., Ltd.