Document:

fs1a2ex10xxxi_keyuan.htm

Exhibit 10.31

 

Sale and Purchase contract

(English Translation)

The Buyer:  Ningbo Keyuan Plastics Co., Ltd.

The Seller:  Dalian West Pacific Petrochemicals Co., Ltd.

Validity of the contract: ______________

 

 

 

 

 

 

 

 

 

  

  

  

 

The Buyer:                      Ningbo Keyuan Plastics Co., Ltd.

The Seller:                      Dalian West Pacific Petrochemicals Co., Ltd.

According to the Contract Law of the PR China and relative laws and regulations, on the basis of equality and mutual benefits and compensation of equal value, both parties agree with the items listed below.

	
1.  

	
Name of subject matter:  ___________

	
2.  

	
Quality and inspection specifications: __________

	
3.  

	
Quantity: _____________

	
4.  

	
Price of goods:  ________________

	
5.  

	
Other taxes

The buyer is responsible for providing a blank A Certificate of Naphtha Utilizing to the seller prior to the issue of an invoice, with the certificate being filled in alongside with the issue of the invoice by the seller and given to the buyer in time. Upon receiving the certificate and the invoice the buyer is responsible to have issued a timely tax exempt certificate for the lot of naphtha.

	
6.  

	
Payment:

	
6.1

	
The buyer should pay an advance in whole by T/T into the designated account of the seller prior to the delivery of the subject matter. Since the price reference month has not come, a temporary factory price from the seller will be taken in for the payment. The buyer will clear the remaining payment by the 5th day of the month after the month scheduled for ship loading according to the actual price coming from the reference month.

	
6.2

	
Remaining payment for goods

	
 

	In case a payment is due on a Saturday or a national holiday for banks which is not a Monday, the the payment due refers to the previous workday for the bank. In case the payment is due on a Sunday or a national holiday for banks on a Monday, then the payment due should be the following workday of the bank. As to national long weekends of 7 days including a Saturday and a Sunday accordingly, if the payment is due within the first 4 days, then the actual payment should be due on the previous workday while if within the last 3 days, it should be the next workday of the bank.

	
6.3

	
In case the buyer violates Item 6.2 to delay the payment, for each day delayed, the buyer should pay a delay fine of % of the payment due.

	
7.

	
Delivery:

	
7.1

	
___________

	
7.2

	
Once the contract comes into effect, the seller will prepare the goods according to the buyer’s requirements and give a timely notice to the buyer so that a transportation means can be arranged by the buyer to arrive at __________ for loading goods.

	
7.3

	
The buyer is responsible to provide 2 days’ shipping forecast 5 days prior to the ship loading, with an error of ± 24 hours; and a one day’s shipping forecast 3 days prior to the loading.

	
7.4

	
The buyer is responsible for the cargo fee, insurance fee and port miscellaneous fee etc for the goods at the pier where Dalian Port Oil Products wharf Company is.

	
7.5

	
Loading will be done according to the quantity specified on the factory measurement sheet by the seller and once the loading is completed, if a dissent arises, the buyer should keep the subject matter in good keeping and lodge a claim in writing to the seller for a double checking. Otherwise, the subject matter delivered by the seller is considered fully in accordance with the contract.

 

 

  

  

  

 

 

	
7.6

	
Risks bearing: taking the outside of flange end of the loading pipe line as a border, the seller takes the risks inside the flange while the buyer the outside.

	
8.

	
Contract alteration and termination:

	
8.1

	
with an agreement in writing by both parties, the contract can be altered or terminated.

	
8.2

	
with an occurrence listed below, the contract can be terminated by either party:

	
  

	
8.2.1

	
Due to force majeure and the contract cannot be carried on.

	
  

	
8.2.2

	
without a consent in writing from the other party, one party transfers part or whole responsibility and liabilities to a third party.

	
8.3

	
After the termination, the items in the contract referring to payment, clearance and dispute settlement are still valid.

	
8.4

	
The party to terminate the contract should notify the other party on termination.

	
9.

	
Responsibility for breach the contract

	
9.1

	
If the quality of oil handed by the seller before ship loading is not in accordance with the contract, the seller is responsible to give a timely replacement for qualified oil to the buyer. In case the buyer fails to pay as scheduled, the seller has the right to dispose of the subject matter.

	
9.2

	
In case of other breaches happen, the violating party should compensate the other party for the loss it causes. In case both parties are in error, each should take its own responsibility.

	
9.3

	
Due to the seller’s action or inaction, including delayed delivery of goods in good quality and quantity to the buyer, direct losses are caused by the seller – excluding accidents related shutdown etc as force majeure – the seller is responsible to compensate the buyer.

	
9.4

	
Due to the buyer’s action or inaction, delayed picking-up of goods causes direct losses to the seller and the buyer should compensate the seller.

	
10.

	
Force majeure

	
10.1

	
Due to force majeure, in case of natural disasters like fires, earthquakes, typhoons, floods etc, or other unforeseeable and inevitable and insurmountable events, which make the contract cease partly or totally, the party or parties that have been affected by the force majeure will not be responsible for the breaches, but should notify the other party within 48 hours upon the occurrence of the force majeure, and provide a valid document of proof to the other party afterwards.

	
10.2

	
The party or parties influenced by force majeure should do his/their upmost to minimize the damage to implementing the contract.

	
11.

	
 Dispute settlement:

 

In case a dispute occurs over the contract, both parties will discuss and negotiate. When a solution fails, the case will be referred to Dalian Arbitration Committee and then valid arbitration rules will be followed for a ruling. The arbitrary ruling will be final with abiding power to both parties. The arbitration fee will be borne by the party who loses the case unless the arbitration court rules otherwise.

	
12.

	
Validity and others

	
12.1

	
This contract comes into effect upon the signatures and chopping via fax.

	
12.2

	
The contract is valid as of its coming into effect and till ________

	
12.3

	
For any issues yet to cover, both parties will sign a supplementary agreement.

 

 

  

  

  

 

 

	
12.4

	
The attachment and the supplementary agreement are part of the contract with equal legal power as the contract itself. In case an attachment differs from the contract, the attachment will be subject to the contract. While a supplementary agreement differs from the contract, the contract is subject to the supplementary agreement.

	
The Buyer:

	  	
The seller:

	
Ningbo Keyuan Plastics Co., Ltd.

	  	
Dalian West Pacific Petroleum Co., Ltd.

	  	  	  
	
Legal person or authorized person:

	  	
Legal person or authorized person:fs1a2ex10xxxii_keyuan.htm

Exhibit 10.32

 

 

Qingdao Lidong Chemical Co., Ltd.

(English Translation)

 

 

	The Seller:  Qingdao Lidong Chemical Co., Ltd.  	 	Contract No.: _________
	The Buyer:  Ningbo Keyuan Plastics Co., Ltd.	 	Date: _________
	 	 	Place of signing: _________

 

 

Sales and Purchase Contract

The Seller and The Buyer, after discussions, have both agreed with the items listed below.

 

 

	1.	Name of commodity:  ___________
	2.	Unit price (in RMB), quantity, total sum (in RMB) :
	 	Unit price: _______________
	 	Quantity: _________________
	 	Total sum: RMB (unit price x actual quantity of loading)
	3.	Delivery terms, time and place of delivery:
	 	Delivery Terms:  ________________
	 	Delivery Time: __________
	 	Place of delivery: ______________
	4.	Quality specifications
	 	The seller provides the buyer with Inspection Results one day prior to ship loading.
	5.	Packaging requirements: In bulk.
	6.	Payment:
	 	Within 2 days after the signing of the contract the buyer telegraphic transfers one million of deposit to the seller. Two days prior to the ship loading, the buyer telegraphic transfers the whole amount of payment for goods according to the contract to the seller. The balances will be paid to either party as the actual quantity of ship loading may be.
	7. 	Insurance: The buyer should insure the goods according to the contract price per ship stipulated in Item 2 and pay the insurance premium.
	8.	Transfer of property in goods: As the goods pass over the ship’s rail at the port of loading the transfer of property in goods occurs in effect.
	9.	Inspection: The seller needs to appoint an independent inspector with an approval of the buyer. At the port of loading the inspector should inspect the shore tank for the quantity and quality of the goods. An inspection report is abiding to both parties to prevent errors or fraud. The seller should pay the commodity inspection fee at the port of loading. The buyer should pay the inspection fee at the port of unloading. Meanwhile the seller invites a third party of inspection organization to measure the actual loading capacity of the ship. In case an error of 0.3% and above occurred between shore tank quantity and ship inspection quantity, the buyer or other agents should immediately ask for a double check, with the buyer ordering the ship to get off shore at once and with both parties discussion for a solution.

 

  

  

  

 

 

	10.	Obligations alongside: In case the buyer fails to find a suitable ship for loading during the stipulated period of time, the seller has the right to cancel the contract.
	11.	Responsibility for breach of the contract:
	 	After the signing of the contract, with agreement from both parties, the contract can be modified or terminated. But in case one party violates the contract, the party that made the violation should pay the other party 100% of the contract sum as contract breach fine. Furthermore, when one party violates the contract and causes damage to the other party, the violating party should compensate the other party including, but not limited to, loss of price differentials of commodities, lawsuit fee, arbitration fee, commission of survey, lawyer’s fee, travel fee and other actual expenses related to the damage.
	12.	Force majeure:
	 	During the contract period, in case of government control, war declared or not, embargo, law forbidding, civil chaos, riots, uprising, strikes, border closing as well as super natural events such as typhoon, floods, fire or the alike, or the seller being not able to import the material, or its material supply not being guaranteed, or it getting unscheduled stall or scheduled stall prolonged, neither party is responsible for the delay or incapability of carrying out the contract within stipulated period. Whereas both parties should do their upmost to minimize the damage to implementing the contract. In case the delay is of over three months, either party can terminate the contract in writing without any liability and responsibility.
	13.	Other supplemented agreements: (if no, fill in ‘None.’)
	 	(1) National stimulations on safety and environment protection should be met during transportation of the goods. The buyer confirms itself as a producer of ethylene and aromatic hydrocarbon products, knowing such products only suitable for directly producing ethylene and aromatic products, not for gasoline, diesel oil or other taxable consuming products or for trading sales, which are not allowed into finished oil products markets. In case other agreement to reach, both parties will discuss it and attach the agreement to the contract, while the attachment has the same legal effect as the contract.
	 	(2) The buyer prior to purchasing should show to the seller a certificate of utilizing and managing naphtha to ensure a smooth declaration of exempting tax on consuming naphtha. In case the seller fails to declare consuming tax exempt, the buyer should bear all the costs related to consuming tax paid by the seller.
	 	(3) In case the buyer fails to pick up the goods within the designated period of delivery, the seller has the right to cancel the quantity that has not been picked up.
	14. 	This contract comes into effect with the signatures and chopping of both parties via fax. The fax copies are effective.
	15.	In case a dissent arises during the contract period, both parties will negotiate friendly for a solution. In case a solution is failed to reach, either party can forward the dispute to Shanghai Arbitration Committee for ruling.
	 	Both parties confirm that they have reached agreement on all items of the contract on the basis of equal negotiations, which bears their true meanings, with both parties fully aware of the contents of each item of the contract and willing to abide by the contract. There’s no single item of the contract that has been forced upon one party by the other party using its superiority.

 

  

  

  

 

	The Seller: 	The Buyer:
	 	 
	Qingdao Lidong Chemical Co., Ltd.   	Ningbo Keyuan Plastics Co., Ltd.
	Tel: 0532-86910092   	Tel: 0574-86232942
	Fax: 0532-86910255  	Fax: 0574-86234706
	Add: 88 Liaohe Road, Qingdao economic and	Add: Qingshi Chemical Zone, Beilun District, Ningbo.
	technological development zone, 	 
	Qingdao, Shandong province.

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