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solarmax_ex1037.htm

EXHIBIT 10.37
 
	Contract No.: SMX-JSZH-2019-029

 
Agreement for Offsetting Mutual Debt among Cooperated Projects 
(Xingyi Project, Pu'an Project and Ningxia Project)
 
Party A: Changzhou Almaden Co.,Ltd.
 
Party B: Solarmax Technology (Jiangsu) Co., Ltd.
 
Party C: Zhongzhao Technology Development (Shanghai) Ltd.
 
Upon friendly negotiation, Party A, Party B and Party C have made the following agreement in respect of offsetting mutual debt among the three project of Xingyi Qingshuihe (58MWp) PV Power Station in Guizhou (contract No.: SMX-06-contract-1603-008; hereinafter referred to as “Xingyi Project”), Pu'an Louxia ( 55601675Wp) PV Power Plant (engineering contract No.: SMX-06-contract-1603-010; equipment contract No.: SMX-SHZZ-2017-007; “Four Party EPC Agreement” signed on June 20, 2018; herein after referred to as “Pu'an Project”) and Ningxia MCC Meili Cloud (50MWp) PV Power Plant (module contract No.: CZYMDZZYL18071; hereinafter referred to as “Ningxia Project”):
 
	1.	The three parties have unanimously agreed to offset the quality assurance deposit of RMB 1,671,314.29 yuan under the Xingyi Project payable by Party A to Party B (the warranty period expired on September 25, 2018) against the equal amount of module payment under the Ningxia Project payable by Party C to Party A in a lump sum. Party A shall issue a VAT invoice of the same amount to Party C for the Ningxia Project (tax rate: 16%).
	 
	 

	2.	The three parties have unanimously agreed to offset the sum (RMB23,711,447.50) of the project payment of RMB 18,389,856.25 under the Pu'an Project payable by Party A to Party B and the equipment payment of RMB 5,321,591.25 under the Pu'an Project payable by Party A to Party C (the warranty period expired on November 30, 2018) against the equal amount of module payment under the Ningxia Project payable by Party C to Party A in a lump sum. Party A shall issue a VAT invoice of the same amount to Party C for the Ningxia Project (tax rate: 16%). Party B shall issue a VAT invoice of RMB 24,193,956.25 to Party A for the Pu'an Project (tax rate: 11%).
	 
	 

	3.	Party B shall complete the defect elimination in accordance with the requirements of the relevant contracts of the Xingyi Project and the Pu'an Project and the technical agreement.
	 
	 

	4.	This Agreement only pertains to the offsetting of relevant debts under the cooperated project. Other matters of the cooperated project shall still be performed in accordance with the relevant contracts signed by the parties.
	 
	 

	5.	This agreement shall be made in six copies, with each party holding two copies, and shall take effect upon signature of the three parties.

 
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	Contract No.: SMX-JSZH-2019-029

 
Signature page:
 
Signature page:
 
Party A: Changzhou Almaden Co.,Ltd. (seal)
 
 
 
Signing representative:
 
Seal of Lin Jinxi 
 
Special seal for contract of Changzhou Almaden Co.,Ltd.
 
Date of signing: June , 2019
 
Party B: Solarmax Technology (Jiangsu) Co., Ltd. (seal)
 
 
 
 
Signing representative:
 
Seal of Xu Aojun
 
Special seal for contract of Solarmax Technology (Jiangsu) Co., Ltd.
 
Date of signing: June , 2019
 
Party C: Zhongzhao Technology Development (Shanghai) Ltd. (seal)
 
Signing representative:
 
  
 
Date of signing: June , 2019
 
Rui Yun
 
Special seal for contract of Zhongzhao Technology Development (Shanghai) Ltd.
 
	 
	2/2solarmax_ex1038.htm

EXHIBIT 10.38
 
	Contract No.: SMX-JSZH-2019-030

 
Agreement for Offsetting Mutual Debt among Cooperated Projects 
(Qingshuihe 10 MW Project)
 
Party A: Changzhou Almaden Co.,Ltd.
 
Party B: Solarmax Technology (Jiangsu) Co., Ltd.
 
Party C: Zhongzhao Technology Development (Shanghai) Ltd.
 
Upon friendly negotiation, Party A, Party B and Party C have made the following agreement in respect of offsetting mutual debt between the project under “Supplemental Agreement to EPC Contract for Xingyi Qingshuihe 70MW PV Power Generation Project in Guizhou” (Agreement No.: SMX-JSZH-2018-014, SMX-JSZH-2018-021; hereinafter referred to as "Supplemental Agreement") and the project of Ningxia MCC Meili Cloud (50MWp) PV Power Plant (module contract No.: CZYMDZZYL18071; hereinafter referred to as “Ningxia Project”):
 
	1.	The three parties have unanimously agreed to offset the second progress payment of RMB 8.55 million in the contract amount under the “Supplemental Agreement” payable by Party A to Party B (After the contractor completes the purchase of the main equipment (steel components, wire rope, etc.), the employer shall pay to the contractor 25% of the total price of the Agreement (excluding the modules)) against the equal amount of the module payment under the Ningxia Project payable by Party C to Party A in a lump sum. Party B shall issue to Party A an invoice of the same amount according to the provisions of the “Supplemental Agreement”, and Party A shall issue to Party C a VAT invoice of the same amount (tax rate: 16%) for Ningxia Project.
	 
	 

	2.	This Agreement only pertains to the offsetting of relevant debts under the cooperated project. Other matters of the cooperated project shall still be performed in accordance with the relevant contracts signed by the parties.
	 
	 

	3.	This agreement shall be made in six copies, with each party holding two copies, and shall take effect upon signature of the three parties.

 
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	Contract No.: SMX-JSZH-2019-030

 
Signature page:
 
Party A: Changzhou Almaden Co.,Ltd. (seal)
 
Signing representative:
 
 
 
Date of signing: June , 2019
 
Party B: Solarmax Technology (Jiangsu) Co., Ltd. (seal)
 
 
 
Signing representative:
 
Seal of Xu Aojun
 
Special seal for contract of Solarmax Technology (Jiangsu) Co., Ltd.
 
Date of signing: June , 2019
 
 Party C: Zhongzhao Technology Development (Shanghai) Ltd. (seal)
 
 

 
Signing representative:
 
Rui Yun
 
Special seal for contract of Zhongzhao Technology Development (Shanghai) Ltd.
 
Date of signing: June , 2019
 
	 
	2/2solarmax_ex1039.htm

EXHIBIT 10.39
 
	Contract No.: SMX-JSZH-2018-014

 
Supplemental Agreement to EPC Contract for Xingyi Qingshuihe 70MW PV Power 
Generation Project in Guizhou 
总承包合同补充协议
 
Employer: Changzhou Almaden Co.,Ltd.
 
Contractor: Solarmax Technology (Jiangsu) Co., Ltd.
 
In accordance with the "Contract Law of the People's Republic of China", "Construction Law of the People's Republic of China" and relevant laws and administrative regulations, on the principles of equality, voluntariness, fairness and good faith, the parties hereto, through friendly negotiation based on equality, voluntariness and unanimity, and according to the requirements and standards set out in the EPC Contract for Xingyi Qingshuihe 70MW PV Power Generation Project in Guizhou (contract No.: SMX-06-Contract-1603-008), the Employer and the Contractor have made the following agreement in respect of the design, procurement and installation (EPC) of 10MWp project (in the form of flexible brackets) in the Xingyi Qingshuihe 70MWp PV Power Station Project, which shall be binding upon both parties.
 
I. Project Scope
 
The design, procurement, installation and grid connection of the 10MWp PV project in the Xingyi Qingshuihe 70MWp PV Power Station Project include equipment procurement (including PV modules) of the entire project, and all engineering costs (excluding supervision) incurred related to the project during the construction period.
 
Other than the land rent, the Supplemental Agreement covers all one-time expenses such as project land compensation fees, clearance fees, young crop compensation fees, and adjustment fees.
 
II. Construction Period
 
The Contractor shall ensure that the project implementation plan and drawings are submitted within one week after the signing of this Agreement, and the installation, commissioning and grid connection of the 10MWp PV modules in the area shall be completed within 80 days after the Employer confirms the project implementation plan and drawings in writing, unless the construction conditions cannot be met due to natural disasters and other force majeure events.
 
III. Project Requirements
 
In order to facilitate the post-operation maintenance and management of the entire project, the project modules shall use 340W double-glass frame PV modules produced by Changzhou Almaden Co.,Ltd., the inverter shall use the central inverter produced by TBEA Co., Ltd. according to the requirements of the first phase, and the box type substation shall use the transformer produced by Shandong Taikai KIOSK Co.,Ltd. The equipment technical agreement shall be approved by the Employer. The installation of flexible brackets and other equipment shall be carried out according to the approved construction drawings.
 
	 
	 
	
 
	 

 
	Contract No.: SMX-JSZH-2018-014

 
IV. EPC Contract Price
 
The EPC contract price of the 10MWp PV project (in the form of flexible bracket) in the Xingyi Qingshuihe 70MWp PV Pwer Station Project is 3.42 yuan per watt, and the total price of this Agreement is RMB 34.20 million. The specific total EPC price shall be settled and calculated according to the actually installed capacity after the completion of the project.
 
The module price is 3.88 yuan per watt, which shall be directly settled by the Employer and the project company (Xingyi Zhonghong New Energy Co., Ltd.), and has nothing to do with the total price of this Agreement and the Contractor.
 
V. Payment Method
 
	 
	1.	Advance payment: Within 5 days after the signing of the Supplemental Agreement, the Employer shall pay 10% of the total price of this Agreement (excluding modules) to the Contractor;
	 
	 
	 

	 
	2.	Progress payment: After the Contractor completes the purchase of the main equipment (steel components, wire ropes, etc.), the Employer shall pay the Contractor 25% of the total price of this Agreement (excluding modules);
	 
	 
	 

	 
	3.	Progress payment: After all the brackets are installed, the Employer shall pay the Contractor 25% of the total price of this Agreement (excluding modules);
	 
	 
	 

	 
	4.	Payment after the acceptance of grid connection: After the acceptance of grid connection, the Employer shall pay the Contractor 20% of the total price of this Agreement (excluding modules);
	 
	 
	 

	 
	5.	Payment after the handover of project: After settlement information is submitted to and reviewed by the Contractor, the price paid by the Employer to the Contractor shall reach 95% of the total price of this Agreement;
	 
	 
	 

	 
	6.	The quality assurance deposit is 5% of the total price of this Agreement, which shall be paid to the Contractor if there is no quality defect in the final acceptance or the defect has been eliminated one year after the grid connection of the project.

 
For each payment node, the Contractor shall issue special VAT invoices equal to the payment amount to the project company (Xingyi Zhonghong New Energy Co., Ltd.), of which the equipment-related VAT special invoices shall be no less than 33.8% of the total price of this Agreement.
 
This Agreement is a supplemental agreement to the original [EPC Contract for Xingyi Qingshuihe 70MW PV Power Generation Project in Guizhou], and has the same effect as the original EPC contract. Matters not covered in this Agreement shall be dealt with by reference to the original EPC contract for the project. If this Agreement conflicts with the original contract, this Agreement shall prevail. This Agreement shall be made in four copies, with each party holding two copies, which shall become effective from the date of signature by both parties and affixation of the official seal.
 
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	Contract No.: SMX-JSZH-2018-014

 
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(Signing page):
 
 
 
 
	Employer: Changzhou Almaden Co.,Ltd.
	Contractor: Solarmax Technology (Jiangsu) Co., Ltd.

	 
	 

	Legal representative:
	Legal representative:

	 
	 

	Special seal for contract of Changzhou Almaden Co.,Ltd.
	Special seal for contract of Solarmax Technology (Jiangsu) Co., Ltd.

	 
	 

	Post Code:
	Post Code:

	 
	 

	Tel.:
	Tel.:

	 
	 

	Fax:
	Fax:

	 
	 

	Email:
	Email:

	 
	 

	Account opening bank:
	Account opening bank:

	 
	 

	Account No.:
	Account No.:

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