Exhibit 10.3


 


 


 


	 	Date: November 24, 2010
	 	 
	Company: Lion Lam Diamond Inc.,	 
	Address:  13007 Greenway Chase Court	 
	State/Zip: Houston, Texas 77072	 


 


RECUT SERVICE WARRANTY DISCLAIMER


The undersigned
acknowledges and certifies that the undersigned is executing this Disclaimer for the purpose of establishing or continuing a servicing
account with Schumacher Diamond Cutters, Inc., for the processing, recutting, and repolishing of the diamonds of the undersigned
by Schumacher Diamond Cutters, Inc.


The undersigned
further acknowledges and certifies that the identification of any and all items delivered to Schumacher Diamond Cutters, Inc. at
the time of tender of the subject item(s) by the undersigned is not the responsibility of Schumacher Diamond Cutters, Inc. or its
employees.


The undersigned
further acknowledges and certifies that the undersigned understands and appreciates that certain risks are involved in the processing,
re-cutting, and re-polishing of diamonds, due to the nature of the process involved and the inherent characteristics in diamonds
which may result in inadvertent damage to the diamonds. The undersigned further acknowledges and certifies that the undersigned
is fully aware of these risks and agrees that Schumacher Diamond Cutters, Inc. shall not be liable for any damage to such item(s),
except for those damages which are caused by the gross negligence of Schumacher Diamond Cutters, Inc. or its employees. The undersigned
further acknowledges and certifies that the undersigned assumes any and all risk of damage to such item(s) while in the possession
of Schumacher Diamond Cutters, Inc., except for such gross negligence. The undersigned also agrees that this document may be used
as an absolute defense by Schumacher Diamond Cutters, Inc, in any action brought against Schumacher Diamond Cutters, Inc. for damage
to such item(s), except for gross negligence.


The undersigned
further acknowledges and certifies that, in the case of any damage caused by the gross negligence of Schumacher Diamond Cutters,
Inc. or its employees, any recovery from Schumacher Diamond Cutters, Inc. shall be limited to the lesser of the "estimate
value" or repair or replacement cost of such item(s).


If any
legal action is brought against Schumacher Diamond Cutters, Inc. as a result of damage to any item(s) or as a result of this document,
all matters related thereto shall be deemed for all purposes to have taken place in the State of North Dakota and shall be governed
by and construed under and in accordance with the laws of the State of North Dakota. Any cause of action between the parties involved
arising fiom these matters shall be brought only in the District Court, Burleigh County, South Central Judicial District in the
State of North Dakota. The successful party shall be entitled to receive its costs and expenses incurred in bringing or defending
any action arising hereunder, such costs and expenses to include reasonable attorney's fees. It is hereby acknowledged by the undersigned
that this agreement for choice of law, jurisdiction, and venue of any legal action hereunder as contained herein is given by the
undersigned as contractual consideration in return for the substantial consideration given Schumacher Diamond Cutters, Inc. to
the undersigned in its ongoing relationship with the undersigned.


This
document contains the entire understanding of the parties, and no representation, inducements, promises, or agreements, oral
or otherwise, between the parties not embodied herein, shall be given any force and effect. The parties agree that no
representations or warranties, except those contained herein have been made.


 


	Date: Nov. 24, 2010	Signature:	/s/ David Lam
	 	 
	Return to: (701) 255-9400 or	Printed Name: David Lam, President 
	branth@schumacherdiamond.com