system: You are a contract-analysis assistant performing a span-extraction task. You are given an excerpt from a commercial contract and the name of a clause type to locate within it.

Return the exact text of the requested clause, copied verbatim from the excerpt — identical wording and punctuation, with no paraphrasing, summarising, explanation, or added commentary.

The excerpt is one window of a much longer contract and often will not contain the requested clause. If the requested clause does not appear in this excerpt, respond with exactly: Not found.

Output only the extracted clause text, or the exact string `Not found.` — nothing else.

user: Contract excerpt:
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EXHIBIT 10.3 JOINT VENTURE CONTRACT CHAPTER 1 GENERAL PROVISIONS In accordance with the Law of the People's Republic of China on Joint Ventures Using Chinese and Foreign Investment (the "Joint Venture Law") and other relevant Chinese laws and regulations, Fengfan Group Limited Liability Company and Valence Technology Inc., in accordance with the principle of equality and mutual benefit and through friendly consultations, agree to jointly invest to establish a joint venture enterprise in Baoding City, Hebei Province of the People's Republic of China. CHAPTER 2 PARTIES TO THIS CONTRACT Article 1 Parties to this Joint Venture Contract 1. Baoding Fengfan Group Limited Liability Company (hereinafter referred to as Party A), established and existing under the laws of the People's Republic of China ("PRC"), registered with the No. 1306001000338 Business License in China. Legal address: 8 Fuchang Road, Baoding City, Hebei Province, PRC Legal Representative of Party A: Name: Mengli Chen Position: CHAIRMAN AND GENERAL MANAGER Nationality: Chinese 2. Valence Technology, Inc., (hereinafter referred to as Party B), established and existing under the laws of the State of Delaware in the United States of America ("USA"). Registered address: 301 Conestoga Way, Henderson, Nevada 89015, USA Legal Representative of Party B: Name: Stephan B. Godevais Position: CHAIRMAN AND CEO Nationality: United States of America 3. Each of the Parties hereby represents and warrants to the other Party that, as of the date hereof and as of the Effective Date: Page 1 (1) such Party is duly organized, validly existing and in good standing under the laws of the place of its establishment or incorporation; (2) such Party has all requisite power and approval required to enter into this Contract and, upon the Effective Date, will have all requisite power and approval to perform fully each and every one of its obligations hereunder; (3) such Party has taken all internal and corporate actions necessary to authorize it to enter into this Contract and its representative whose signature is affixed hereto is fully authorized to sign this Contract and to bind such Party thereby; (4) upon the Effective Date, this Contract shall be legally binding on such Party; (5) neither the signature of this Contract nor the performance of its obligations hereunder will conflict with, or result in a breach of, or constitute a default under, any provision of the Articles of Association (in the case of Party A) or the Certificate of Incorporation or By-Laws (in the case of Party B) of such Party, or any law, regulation, rule, authorization or approval of any government agency or body, or of any contract or agreement, to which such Party is a party or subject; (6) no lawsuit, arbitration, other legal or administrative proceeding, or governmental investigation is pending, or to the best of such Party's knowledge threatened, against such Party that would affect in any way its ability to enter into or perform this Contract; and (7) all documents, statements and information of or derived from any governmental body of China in the possession of such Party relating to the transactions contemplated by this Contract which may have a material adverse effect on such Party's ability to fully perform its obligations hereunder, or which if disclosed to the other Party, would have a material effect on the other Party' willingness to enter into this Contract, have been disclosed to the other Party, and no document previously provided by such Party to the other Party contains any untrue statement of material fact or omits to state any material fact necessary in order to make the statements contained therein not misleading. CHAPTER 3 DEFINITIONS Unless otherwise provided herein, the following words and terms used in this Contract shall have the meanings set forth below: Article 2 "Affiliate" means, in relation to Party A, any enterprise or other entity which, directly or indirectly, controls, or is controlled by, Party A; the term "control" meaning ownership of fifty percent (50%) or more of the registered capital or voting stock or the power to appoint the general manager, factory chief or other principal person in charge of an enterprise or other entity. Page 2 "Affiliate" means, in relation to Party B, any company which, through ownership of voting stock or otherwise, directly or indirectly, is controlled by, under common control with, or in control of, Party B; the term "control" meaning ownership of fifty percent (50%) or more of the voting stock or the power to appoint or elect a majority of the directors or the power to direct
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Extract the exact clause related to "License Grant" from the excerpt above.