Document:

exhibit102.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

	Emission Reduction Purchase Agreement  	           Page 1 of 10  

Exhibit 10.2

EMISSION REDUCTION PURCHASE AGREEMENT

(ERPA)

between

(the "Purchaser")

UNITED BEST TECHNOLOGY LIMITED

Suite 1001-4A,Champion Building

287-291 Des Voeux Road, Central Hong Kong

Tel : 852-2405 6999 Fax: 852-2492 3777

Email: trivutruong2004@yahoo.ca

President-General Director : Dr. Tri Vu Truong

and

(the " DakRong 4 Hydro Power-CDM Project Proponent")., henceforth 

“VIETNAM PROJECT PROPONENT”

Sponsor: THUONG HAI JOINT STOCK COMPANY

Address: 162 Tran Hung Dao Street, Dong Ha Town, Quang Tri Province 

Mobile phone:+84 903506645 

Telephone: +84 53 857 621 

Fax: +84 53 855 316

General Director: Mr. Nguyen Quang Chuoc

 

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7:

 

	Emission Reduction Purchase Agreement  	Page 2 of 10  
	   
	   
	Interpretation and Definitions
	In this Agreement, unless otherwise required by the context, all capitalized terms shall have the  
	meaning set forth in the definitions below.
	   
	Additional  	Means any Certified Emission Reduction (CER) generated by the Project  
	Emission  	that is in excess of [50,000] Certified Emission Reductions (CERs) per  
	Reduction:  	annum.
	    
	Agreement:  	Means this Emission Reduction Purchase Agreement.
	   
	Annex B Countries:  	Means the countries listed in Annex B to the Kyoto Protocol having  
	  	committed themselves to reduce or limit their GHG emissions.  
	   
	Annex I Countries:  	Means the parties to the UNFCCC listed in Annex I thereto (Annex I  
	  	consists of industrial countries and countries in transition).  
	   
	Anticipated  	Means up to [50,000] Certified Emission Reductions (CERs) per annum  
	Emission  	during the Crediting Period, anticipated to be generated by the Project  
	Reduction:  	and calculated in accordance with the Kyoto Rules.
	   
	Baseline:  	Means the scenario that reasonably represents the anthropogenic  
	  	emissions of GHG that would occur in the Host Country in the absence of  
	  	the Project, determined in accordance with the Kyoto Rules.  
	  
	Business Day:  	Means a day on which banks are open for general business in Vietnam.  
	  
	Carbon Dioxide  	Means a metric measure used to compare the emissions of various GHG  
	Equivalent:  	based upon their global warming potential.
	  
	Certification:  	Means the written confirmation by an Operational Entity of an Emission  
	  	Reduction resulting from a CDM project and having passed the  
		Verification procedure according to the Kyoto Rules.
	   
	Certified Emission  	Means a unit of Emission Reduction issued pursuant to Article 12 of the  
	Reduction (CER):  	Kyoto Protocol and the requirements of the Kyoto Rules (including  
	  	Certification), equal to one metric ton of Carbon Dioxide Equivalent  
	  	resulting from a CDM project.
	   
	Clean Development  	Means the flexible mechanism established by Article 12 of the Kyoto  
	Mechanism (CDM) :  	Protocol providing for Annex I Countries to implement projects that reduce  
	  	emissions in non-Annex I Countries in return for CERs and assist the non-  
	  	Annex I Countries in achieving sustainable development and contributing  
	  	to the ultimate objective of the UNFCCC.
	   
	Crediting Period:  	Means, until December 31, 2026.
	   
	Emission  	Means reduction in emission of GHG achieved, calculated in accordance  
	Reduction:  	with the Kyoto Rules.
	   
	Executive Board:  	Means the international authority elected by the representatives of the  
	  	parties to the Kyoto Protocol responsible for monitoring the CDM process.  
	   
	First Commitment  	Means October 25, 2007 until December 31, 2026.
	Period:  	
	   
	Force Majeure:  	Means any circumstance or condition beyond the control of either party to  
	  	this Agreement affecting the performance of its obligations under this  
	  	Agreement including in particular wars, insurrection, natural disaster or  
	  	equivalent circumstances.

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7:

 

	Emission Reduction Purchase Agreement  	Page 3 of 10  
	  
	  
	Greenhouse Gases  	Means the six gases listed in Annex A to the Kyoto Protocol.  
	(GHG):  	
	  
	Host Country:  	Vietnam
	  
	Kyoto Protocol:  	Means the protocol to the UNFCCC adopted at the third conference of the  
	  	parties to the UNFCCC in Kyoto, Japan, on December 11, 1997.  
	  
	Kyoto Rules:  	Means the UNFCCC, Kyoto Protocol, the Bonn agreement, the  
	  	Marrakesh Accords, any relevant decisions, guidelines, modalities and  
	  	procedures made pursuant to them and/or any succeeding international  
	  	agreements as amended and/or supplemented from time to time and  
	  	which include those rules specifically required to be met for the issuing  
	  	and transfer of CERs.
	  
	Letter of Approval  	Means a binding approval of the Project by the Host Country together with  
	(LOA):  	an approval of the transfer of CERs.
	  
	Monitoring Report:  	Means an annual report to be provided by Owner setting out the total  
	  	number of Emission Reductions generated by the Project during the  
	  	previous year according to the Kyoto Rules, international Monitoring rules  
	  	and the PDD.
	  
	Monitoring:  	Means the collection and record of data allowing the assessment of  
	  	reductions in GHG emissions resulting from the Project conducted in  
	  	accordance with the Kyoto Rules.
	  
	Operational Entity:  	Means an independent entity accredited by the Executive Board being the  
	  	executive body for CDM and inter alias responsible for determining  
	  	whether a project and the resulting Emission Reductions meet the  
	  	requirements of Article 12 of the Kyoto Protocol.
	  
	Project Design  	Means a detailed description of the Project to be submitted for Validation  
	Document (PDD):  	prepared in accordance with the Kyoto Rules, the UFG and the Directive  
	  	and attached as Annex III. The Purchaser will be responsible for providing  
		PDD development for Registration of the Project.
	 
	Project:  	Means the proposed CDM project described in the PDD and other  
	  	documents describing the implementation and economics of the Project  
	  	attached in Annex IV.
	  
	Registration:  	Means the official registration of a CDM project by the Executive Board  
	  	according to the Kyoto Rules.
	  
	UNFCCC:  	Means the United Nations Framework Convention on Climate Change  
	  	adopted in New York on May 9, 1992.
	  
	Unit Price:  	Means the price payable by Purchaser to Project Proponent per Certified  
	  	Emission Reduction (CER) which is equal to:
	  
	  	United Best Technology will purchase certified CER generated by this  
	  	project for the year 2007 to 2012 with options of extension for another 7  
	  	years plus 7 years under same terms and conditions. The Project  
	  	Proponent will be paid (85)% of net revenue from sale of certified CER  
	  	generated as received by Viet nam Project Proponent from this project  
	  	after initial one time $(75,000)USD of first revenue payment to United  
	  	Best Technology for the funding the CDM process. The purchase price by  
	  	United Best Technology is fixed as (10)$US/CER minus tax and sale  
	  	commission.

 

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7:

 

	Emission Reduction Purchase Agreement  	Page 4 of 10  
	  
	  
	Validation:  	Means the assessment of the PDD, including the Baseline, by an  
	  	Operational Entity, determining its compliance with the Kyoto Rules.  
	  
	Verification:  	Means the periodic independent review and ex post determination of the  
	  	monitored reductions in GHG emissions that the Project has achieved  
	  	during a specified period of time by an Operational Entity in accordance  
	  	with the Kyoto Rules. The project's owner will be Responsible for  
	  	providing periodical monitoring.  	  

Unless otherwise specified, references to clauses are to clauses of this Agreement, references to legal provisions 

are references to such provisions as in effect from time to time, use of a gender includes any gender and use of the 

plural includes the singular and vice versa where the context requires.

All headings and titles are inserted for convenience only and shall not be deemed part of this Agreement or taken 

into consideration in its interpretation.

1. Preamble

The Project is located on the territory of the Host Country.

	2. 	  	Contractual Obligations  
	  
	2.1. 		Anticipated Emission Reductions  
	  
	2.1.1. 	  	Upon Registration of the Project, Purchaser shall endeavor to implement the Project in  
	  	  	accordance with the PDD and other documents describing the implementation and  
	  	  	economics of the project attached in Annex IV at its own risk and expense. It is hereby  
	  	  	acknowledged and agreed between the parties hereto that Purchaser does not warrant  
	  	  	the generation of, and is not obliged to generate, any CERs, whether by the Project or  
	  	  	otherwise.  
	  
	2.1.2. 	  	 If the Project generates CERs, Project Proponent shall, to the extent it is legally possible  
	  	  	and permissible, transfer or cause to be transferred to Purchaser all rights (and, to the  
	  	  	extent legally possible and permissible, legal title) which Project Proponent may have in  
	  	  	the Anticipated Emission Reductions generated during the Crediting Period to Purchaser.  
	  
	2.1.3. 	  	Purchaser shall pay to Project Proponent the Unit Price for each Anticipated Emission  
	  	  	Reduction generated by the Project and in which the Project Proponent's rights are  
	  	  	transferred to Purchaser in accordance with clause 3 below.  
	  
	2.2. 	 	Additional Emission Reductions  
	  
	2.2.1. 	 	If Additional Emission Reductions are generated by the Project during the Crediting  
	  	  	Period, Project Proponent shall offer any Additional Emission Reductions to Purchaser  
	  	  	subject to the terms and conditions of this Agreement and at a price per Additional  
	  	  	Emission Reduction equal to the Unit Price. If Purchaser does not wishes to exercise the  
	  	  	purchase option then Project Proponent may deal with the Additional Emission  
	  	  	Reductions as it wishes.  
	  
	2.2.2. 	 	Additional Emission Reductions offer by the Purchaser shall be made as soon as  

 

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	Emission Reduction Purchase Agreement  	Page 5 of 10  
	  
	  
	  	  	possible after such Additional Emission Reductions have been generated, but no later  
	  	  	than December 31 of the year subsequent to the calendar year in which such Additional  
	  	  	Emission Reductions have been generated.
	  
	2.2.3. 	  	Purchaser shall be entitled to accept such offer as a whole or in part and shall notify to  
	  	  	Project Proponent within one month after receipt of such offer, whether and to what  
	  	  	extent it accepts the offer. If Purchaser does not respond within this deadline the offer  
	  	  	shall be deemed to be rejected by Purchaser.
	  
	2.2.4. 	 	To the extent Purchaser accepts the offer, Project Proponent shall, to the extent it is  
	  	  	legally possible and permissible, transfer or cause to be transferred to Purchaser all  
	  	  	rights (and, to the extent legally possible and permissible, legal title) which Project  
	  	  	Proponent may have in those Additional Emission Reductions in respect of which  
	  	  	Purchaser has accepted such offer, within two months after acceptance of such offer by  
	  	  	Purchaser.
	  
	2.2.5. 	  	To the extent Purchaser rejects such offer of Additional Emission Reductions or such offer  
	  	  	is deemed rejected by Purchaser, Project Proponent shall be free to enter into contracts  
	  	  	with other parties for the sale of such Additional Emission Reductions or to otherwise  
	  	  	deal with such Additional Emission Reductions as Project Proponent wishes.  
	  
	2.2.6. 		Purchaser shall pay to Project Proponent a price equal to the Unit Price for each  
	  	  	Additional Emission Reduction in respect of which Purchaser has accepted such offer.  
	  
	2.3. 	  	Emission Reductions generated after the Crediting Period
	  
	  	  	If the Project generates any Certified Emission Reductions after the Crediting Period,  
	  	  	Purchaser shall enter into negotiations with Project Proponent with a view to concluding  
	  	  	an agreement on the purchase of such Certified Emission Reductions based on the  
	  	  	principles of this Agreement but amended in order to reflect the international and/or  
	  	  	national rules then applicable.
	   
	   
	   
	3. 		Transfer
	  
	  	  	Transfer to Purchaser of all the rights (and, to the extent legally possible and permissible,  
	  	  	legal title) which Project Proponent may have in a Certified Emission Reduction shall  
	  	  	have occurred upon the transfer of a CER from the register of the Executive Board to a  
	  	  	register in favor of Purchaser or such other account or register Purchaser has notified to  
	  	  	Project Proponent in writing.
	   
	   
	   
	4. 	  	Payment
	  
	4.1. 		Payment for Certified Emission Reductions
	  
	4.1.1. 		Payment by Purchaser to Project Proponent for the Certified Emission Reductions (the  
	  	  	rights in which are transferred pursuant to clause 3) shall be made on the last Business  
	  	  	Day of the month in which a 40 Business Day period, starting at the day on which  
	  	  	Purchaser has received satisfactory evidence of the transfer as provided for in Clause 3,  
	  	  	has elapsed.
	  
	4.1.2. 		All payments shall be made to the accounts specified in Annex [I] hereto or such other  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7:

 

	Emission Reduction Purchase Agreement  	Page 6 of 10  
	   
	    
	  	  	account as may from time to time be notified to the other party in writing.  
	   
	4.1.3. 	 	All payments shall be made in US Dollars.
	  
	4.1.4. 	  	Subject to clause 4.1.5 below, all taxes, fees, costs or other expenses in connection with  
	  	  	the generation of CERs by the Project and their Registration and transfer (including VAT  
	  	  	in any jurisdiction Purchaser duly notifies Project Proponent to transfer CERs as in  
	  	  	Clause 3, if applicable) shall be borne by Project Proponent and purchaser.  
	  
	4.1.5. 		The share of the proceeds from CERs generated by the Project to be used to cover  
	  	  	administrative expenses according to the Kyoto Rules shall be borne by Project  
	  	  	Proponent and Purchaser in equal shares .
	  
	  	  	The share of the proceeds from CERs generated by the Project to be used to assist  
	  	  	developing countries that are particularly vulnerable to the adverse effects of climate  
	  	  	change to meet the costs of adaptation according to the Kyoto Rules shall be borne by  
	  	  	Project Proponent and Purchaser in equal shares.
	  
	  
	5. 	  	Termination and Remedies
	  
	5.1. 		
	  	  	Either party (the "Non-defaulting Party") shall be entitled to terminate this Agreement by  
	  	  	written notice to the other party with immediate effect if any of the following events  
	  	  	occurs:
	  
	5.1.1. 	 	the other party commits a breach of any of its obligations under this Agreement and, in the  
	  	  	case of a breach capable of being remedied, such breach remains unremedied for more  
	  	  	than 30 Business Days after it has been requested in writing by the Non-defaulting Party  
	  	  	to remedy the breach; or
	  
	5.1.2. 	  	the other party goes into liquidation (whether voluntary or otherwise), is unable to pay its  
	  	  	debts as they fall due, is wound up, makes any compromise, composition or other  
	  	  	arrangement with its creditors generally, or becomes subject to any administration order.  
	  
	5.2. 		Force Majeure
	  
	  	  	Should either party be impeded wholly or in part from fulfilling any of its obligations under  
	  	  	the Agreement for reasons of Force Majeure, such obligation shall be suspended to the  
	  	  	extent and for as long as such obligation is affected by Force Majeure and the impeded  
	  	  	party shall be entitled to such extension of time as may be reasonably necessary.  
	  
	  	  	Either party shall notify the other party of the existence and date of beginning of an event  
	  	  	of Force Majeure that is likely to impede its performance under the Agreement within 5  
	  	  	Business Days after having obtained knowledge of any such event. Either party shall  
	  	  	likewise advise the other of the date when such event ended and shall also specify the  
	  	  	re-determined time by which the performance of its obligations hereunder is to be  
	  	  	completed.
	  
	  	  	Project Proponent and Purchaser shall consult with each other with a view of determining  
	  	  	any further appropriate action if a condition of Force Majeure is to continue after 20  
	  	  	Business Days from the date of giving notice thereof.
	  
	  	  	Neither party shall be liable for damages or have the right to terminate this Agreement for  
	  	  	any delay in performing hereunder if such delay is caused by Force Majeure; provided,  

 

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	Emission Reduction Purchase Agreement  	Page 7 of 10  
	  
	  
	  	  	however, that the non-impeded party shall be entitled to terminate such part of the  
	  	  	Agreement that remains unfulfilled, if the condition of Force Majeure is to continue after 6  
	  	  	months from the date of giving notice thereof.
	  
	  
	6. 	  	Change in Circumstances
	  
	  	  	If any change in circumstances (i.e. a change of scientific basics or applicable standards  
	  	  	relating to the Baseline methodology and/or the applicable criteria for Verification and  
	  	  	Certification of the resulting Emission Reductions) occurs which substantially affects the  
	  	  	Project, the parties to this Agreement shall enter into negotiations with a view to adapt  
	  	  	the Project and its implementation or any relevant provision of this Agreement, as may  
	  	  	be necessary or useful. A change in circumstances shall in no event be considered  
	  	  	substantially affecting the Project if at least 50% of the Anticipated Emission Reductions  
	  	  	can be generated.
	  
	  	  	The parties to this Agreement shall cooperate and make their best efforts to enable the  
	  	  	continuation of the Project in accordance with the new circumstances and to achieve the  
	  	  	generation and transfer of the Anticipated Emission Reductions.
	  
	  	  	If any of the documents related to the Project and submitted at any time during the term  
	  	  	of this Agreement fails to be approved by such authority whose approval is required  
	  	  	under the Kyoto Rules or otherwise appears to be non-compliant with any relevant  
	  	  	standards or conditions of the Kyoto Rules, Project Proponent and Purchaser shall  
	  	  	discuss whether or not the relevant documents are to be revised and resubmitted.  
	  
	  
	7. 	  	Conditions Precedent
	  
	  	  	This Agreement shall enter into force upon satisfaction of the following conditions  
	  	  	precedent:
	  
	  	  	            1. Conclusion of a binding agreement with the Host Country.
	  
	  
	  
	8. 		Miscellaneous
	  
	8.1. 	  	Assignment and subcontracting
	  	  	Neither party shall, without the written consent of the other party, assign or transfer the  
	  	  	Agreement or the benefits or obligations thereof or any part thereof to any other person.  
	  
	8.2. 	  	Confidentiality and Disclosure
	  	  	The parties shall treat as confidential all information obtained as a result of entering into  
	  	  	or performing this Agreement which relates to the provisions of this Agreement, the  
	  	  	negotiations relating to this Agreement and the subject matter of this Agreement.  
	  
	  	  	No party shall disclose any such confidential information to any third party, except in  
	  	  	those circumstances where disclosure is required in order to comply with any laws or  
	  	  	regulations, including without limitations the Kyoto Rules.
	  
	8.3. 	  	Notices
	  
	  	  	Any communications to be made under or in connection with this Agreement shall be  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7: 

	Emission Reduction Purchase Agreement  	  Page 8 of 10  
	  
	  
	  	  	made in writing (including by facsimile) to the address or facsimile number, from time to  
	  	  	time designated by the party to whom the communication is to be made to the other party  
	  	  	for that purpose. The address and facsimile number so designated are set out in Annex  
	  	  	[I] hereto. A  
	  
	  	  	Communication will only be effected, if sent by mail, when delivered to or rejected by the  
	  	  	recipient, if sent by facsimile, when a transmission report shows that the facsimile has  
	  	  	been sent.
	  
	8.4. 	  	Entire Agreement
	  
	  	  	This Agreement embodies the whole and only agreement of the parties with respect to  
	  	  	the subject matter hereof, and no prior or contemporaneous oral or written agreement or  
	  	  	understanding shall be deemed to constitute a part of this Agreement, unless expressly  
	  	  	referred to herein, or attached hereto, or specifically incorporated by reference herein.  
	  	  	The Annexes and schedules to this Agreement constitute integral parts of this Agreement  
	  	  	and shall therefore be deemed part of this Agreement.
	  
	8.. 	  	Amendments
	  
	  	  	This Agreement may only be amended with the written consent of the parties hereto.  
	  
	8.6. 	  	Costs and Expenses
	  
	  	  	Each party shall bear its own costs and expenses in relation to the negotiation,  
	  	  	preparation, execution and carrying into effect of this Agreement.
	  
	8.7. 	  	Severability
	  
	  	  	If any part or provision of the Agreement is or becomes illegal, void or unenforceable in  
	  	  	any respect, the remaining parts or provisions shall not be affected or impaired. Any  
	  	  	deficiency in the Agreement resulting there from shall be amended by way of  
	  	  	interpretation of the Agreement having due regard to the parties intent.
	  
	8.8. 	  	Governing law
	  
	  	  	This Agreement shall be governed and construed in accordance with English law  
	  	  	excluding its rules on conflicts of laws.
	  
	8.9. 	  	Jurisdiction
	  
	  	  	The parties irrevocably submit to the exclusive jurisdiction of the courts having jurisdiction  
	  	  	in commercial matters for England with regard to all disputes arising out of or in  
	  	  	connection with this Agreement, its violation, termination or nullity.
	  
	8.10. 	  	Counterparts
	  
	  	  	This Agreement shall be executed in two counterparts with one copy for Project  
	  	  	Proponent and one for Purchaser. If there are any discrepancies between the English  
	  	  	and the Vietnamese version, the English version will prevail .

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7:

 

Emission Reduction Purchase Agreement                                                                                        Page 9 of 10

 

PARTIES TO THE AGREEMENT

WHEREOF the parties have agreed to the terms and conditions of this agreement as outlined 

above, this 25 th day of October, 2007, in the presence of:

	Purchaser:
	    
	  
	  
	   	  
		DR. TRI VU TRUONG 
		President-General Director : Dr. Tri Vu Truong
	   
	  
	  
	Project Proponent:  	  
	   
	                                                        
	   
		NGUYEN QUANG CHUOC 
		General Director: Mr. Nguyen Quang Chuoc  
	 	 
	 	 
	Witness No 1  	Witness No 2  
	   
	   
	BUI THI LAN HUONG  	LE QUOC HUNG  
	Msc. Bui Thi Lan Huong  	Msc. Le Quoc Hung  
	CERtech Environment inc-Canada  	Engineer Viet nam  

 

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	Emission Reduction Purchase Agreement  			Page 10 of 10
	  
	ANNEX I:  	  	  	  
	1. The salient features of DakRong4 Hydro Power Projet at DakRong4 District, Quang Tri 
	Province, Vietnam.  	  	  	  
	  
	No  	Parameters  	Symbols  	Units 	Value 
	1  	Catchment area  	F  	km2 	717.00 
	2  	Long-term average annual rainfall  	Xo  	mm 	2600 
	3  	Average flow  	Q  	m3/s 	42 
	4	Total amount of average annual flow    	W0  	  106  m3	    
	5  	Specific runoff  	M0  	l/s.km2 	     
	6  	Normal water level  	MNDBT  	m 	140 
	7  	Dead water level  	MNC  	m 	135 
	8  	Surface area with normal water level  	F  	km2 	0.7 
	9  	Designed head  	Htt  	m 	30 
	10  	Designed discharge  	QTK  	m3 /s 	70 
	11  	Installation capacity  	Nlm  	MW 	17 
	12  	Firm capacity P=85%  	Ndb  	MW 	3 
	13  	Number of unit  	z  	     	03 
	14  	Estimated Annual Electricity Generation  	Eo  	106 kWH	70.13 
	15  	Estimated Annual Operation Hours  	hsd  	h 	4.125 
	16	Annual estimation of the emission

reduction, tCO2 eq  	CERs	tCO2 eq	39.971

	17  	Resettlement  	   	person 	16 
	18	Compensation (land, tree, farm, property,

etc...)  	 	106 USD	  1.2

	19  	It is run off river hydropower plant  	   	   	No 
	20	New hydropower project with reservoirs

having power densities (installed capacity

devided by the surface area at full reservoir

level) greater than 4 W/m2 .  	 	 	24.29

	4.      	
Project time schedule.

	  
	 	
	

	
Year of 2007: Feasibility study is planned to be completed by the 4th quarter of 2007.

	 	
	

	
Year of 2008: Technical design is planned to be completed by 2nd quarter.

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-7:exhibit103.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Emission Reduction Purchase Agreement                                                                                                                                                Page 1 of 11

Exhibit 10.3

EMISSION REDUCTION PURCHASE AGREEMENT

(ERPA)

between

(the "Purchaser")

UNITED BEST TECHNOLOGY LIMITED

Suite 1001-4A, Champion Building

287-291 Des Voeux Road, Central Hong Kong

Tel : 852-2405 6999

Fax: 852-2492 3777

Email: trivutruong2004@yahoo.ca

President-General Director: Dr. Tri Vu Truong

and

(the " Khe Bo, Nghe An province, Vietnam Hydro Power-CDM Project 

Proponent")., henceforth “Vietnam Project Proponent”

Sponsor: VIETNAM POWER DEVELOPMENT JOINT STOCK COMPANY

Address:  Floor 11 Building Cienco1 

                  623 La Thanh. Str-Hanoi – Vietnam 

                  844 2131576, 0913212864

Vice General Director: Mr. NGUYEN DUY TAM

 

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	Emission Reduction Purchase Agreement                                                                                   Page 2 of 11
	   
	   
	Interpretation and Definitions
	In this Agreement, unless otherwise required by the context, all capitalized terms shall have the  
	meaning set forth in the definitions below.
	   
	Additional  	Means any Certified Emission Reduction (CER) generated by the Project  
	Emission  	that is in excess of [50,000] Certified Emission Reductions (CERs) per  
	Reduction:  	annum.
	   
	Agreement:  	Means this Emission Reduction Purchase Agreement.
	   
	Annex B Countries:  	Means the countries listed in Annex B to the Kyoto Protocol having  
	  	committed themselves to reduce or limit their GHG emissions.  
	   
	Annex I Countries:  	Means the parties to the UNFCCC listed in Annex I thereto (Annex I  
	  	consists of industrial countries and countries in transition).
	   
	Anticipated  	Means up to [50,000] Certified Emission Reductions (CERs) per annum  
	Emission  	during the Crediting Period, anticipated to be generated by the Project  
	Reduction:  	and calculated in accordance with the Kyoto Rules.
	   
	Baseline:  	Means the scenario that reasonably represents the anthropogenic  
	  	emissions of GHG that would occur in the Host Country in the absence of  
	  	the Project, determined in accordance with the Kyoto Rules.  
	   
	Business Day:  	Means a day on which banks are open for general business in Vietnam.  
	   
	Carbon Dioxide  	Means a metric measure used to compare the emissions of various GHG  
	Equivalent:  	based upon their global warming potential.
	   
	Certification:  	Means the written confirmation by an Operational Entity of an Emission  
	  	Reduction resulting from a CDM project and having passed the  
		Verification procedure according to the Kyoto Rules. 
	 
	   
	Certified Emission  	Means a unit of Emission Reduction issued pursuant to Article 12 of the  
	Reduction (CER):  	Kyoto Protocol and the requirements of the Kyoto Rules (including  
	  	Certification), equal to one metric ton of Carbon Dioxide Equivalent  
	  	resulting from a CDM project.
	   
	Clean Development  	Means the flexible mechanism established by Article 12 of the Kyoto  
	Mechanism (CDM) :  	Protocol providing for Annex I Countries to implement projects that reduce  
	  	emissions in non-Annex I Countries in return for CERs and assist the non-  
	  	Annex I Countries in achieving sustainable development and contributing  
	  	to the ultimate objective of the UNFCCC.
	   
	Crediting Period:  	Means, until December 31, 2026.
	   
	Emission  	Means reduction in emission of GHG achieved, calculated in accordance  
	Reduction:  	with the Kyoto Rules.
	    
	Executive Board:  	Means the international authority elected by the representatives of the  
	  	parties to the Kyoto Protocol responsible for monitoring the CDM process.  
	   
	First Commitment  	Means November 8, 2007 until December 31, 2026.
	Period:  	
	   
	Force Majeure:  	Means any circumstance or condition beyond the control of either party to  
	  	this Agreement affecting the performance of its obligations under this  
	  	Agreement including in particular wars, insurrection, natural disaster or  
	  	equivalent circumstances.

 

Initial VN Hydro Power CDM Project Proponent: ______ Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                                             Page 3 of 11  
	  
	  
	Greenhouse Gases  	Means the six gases listed in Annex A to the Kyoto Protocol.  
	(GHG):  	  
	   
	Host Country:  	Vietnam  
	   
	Kyoto Protocol:  	Means the protocol to the UNFCCC adopted at the third conference of the  
	  	parties to the UNFCCC in Kyoto, Japan, on December 11, 1997.  
	   
	Kyoto Rules:  	Means the UNFCCC, Kyoto Protocol, the Bonn agreement, the  
	  	Marrakesh Accords, any relevant decisions, guidelines, modalities and  
	  	procedures made pursuant to them and/or any succeeding international  
	  	agreements as amended and/or supplemented from time to time and  
	  	which include those rules specifically required to be met for the issuing  
	  	and transfer of CERs.  
	   
	Letter of Approval  	Means a binding approval of the Project by the Host Country together with  
	(LOA):  	an approval of the transfer of CERs.  
	   
	Monitoring Report:  	Means an annual report to be provided by Owner setting out the total  
	  	number of Emission Reductions generated by the Project during the  
	  	previous year according to the Kyoto Rules, international Monitoring rules  
	  	and the PDD.  
	   
	Monitoring:  	Means the collection and record of data allowing the assessment of  
	  	reductions in GHG emissions resulting from the Project conducted in  
	  	accordance with the Kyoto Rules.  
	    
	Operational Entity:  	Means an independent entity accredited by the Executive Board being the  
	  	executive body for CDM and inter alias responsible for determining  
	  	whether a project and the resulting Emission Reductions meet the  
	  	requirements of Article 12 of the Kyoto Protocol.  
	   
	Project Design  	Means a detailed description of the Project to be submitted for Validation  
	Document (PDD):  	prepared in accordance with the Kyoto Rules, the UFG and the Directive  
	  	and attached as Annex III. The Purchaser will be responsible for providing  
		PDD development for Registration of the Project. 
	 
	Project:  	Means the proposed CDM project described in the PDD and other  
	  	documents describing the implementation and economics of the Project  
	  	attached in Annex IV.  
	   
	Registration:  	Means the official registration of a CDM project by the Executive Board  
	  	according to the Kyoto Rules.  
	   
	UNFCCC:  	Means the United Nations Framework Convention on Climate Change  
	  	adopted in New York on May 9, 1992.  
	   
	Unit Price:  	Means the price payable by Purchaser to Project Proponent per Certified  
	  	Emission Reduction (CER) which is equal to:  
	   
	  	United Best Technology Limited will purchase certified CER generated by  
	  	this project for the year 2010 to 2020 with options of extension for another  
	  	7 years plus 7 years under same terms and conditions. The Project  
	  	Proponent will be paid (85)% of net revenue from sale of certified CER  
	  	generated as received by Viet nam Project Proponent from this project  
	  	after initial one time $(75,000) USD of first revenue payment to United  
	  	Best Technology Limited for the funding the CDM process. The purchase  
	  	price by United Best Technology Limited is fixed as (10)$US/CER minus  
	  	tax and sale commission.  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                                   Page 4 of 11  
	  
	  
	Validation:  	Means the assessment of the PDD, including the Baseline, by an  
		Operational Entity, determining its compliance with the Kyoto Rules.  
	  
	Verification:  	Means the periodic independent review and ex post determination of the  
		monitored reductions in GHG emissions that the Project has achieved  
		during a specified period of time by an Operational Entity in accordance  
		with the Kyoto Rules. The project's owner will be Responsible for  
		providing periodical monitoring.
	   
	   
	Unless otherwise specified, references to clauses are to clauses of this Agreement, references to  
	legal provisions are references to such provisions as in effect from time to time, use of a gender  
	includes any gender and use of the plural includes the singular and vice versa where the context  
	requires.  	  
	  
	All headings and titles are inserted for convenience only and shall not be deemed part of this  
	Agreement or taken into consideration in its interpretation.  
	   
	   
	1. 	 	Preamble  	  
	  
	  	  	The Project is located on the territory of the Host Country.  
	  
	  
	2. 		Contractual Obligations  
	  
	2.1. 	 	Anticipated Emission Reductions  
	  
	2.1.1. 		Upon Registration of the Project, Purchaser shall endeavor to implement the Project in  
	  	  	accordance with the PDD and other documents describing the implementation and  
	  	  	economics of the project attached in Annex IV at its own risk and expense. It is hereby  
	  	  	acknowledged and agreed between the parties hereto that Purchaser does not warrant  
	  	  	the generation of, and is not obliged to generate, any CERs, whether by the Project or  
	  	  	otherwise.
	  
	2.1.2. 	  	If the Project generates CERs, during the crediting period Project Proponent shall, to the  
	  	  	extent it is legally possible and permissible, transfer or cause to be transferred to  
	  	  	Purchaser all rights (and, to the extent legally possible and permissible, legal title) which  
	  	  	Project Proponent may have in the Anticipated Emission Reductions generated during  
	  	  	the Crediting Period to Purchaser.  
	  
	2.1.3. 	  	Purchaser shall pay to Project Proponent the Unit Price for each Anticipated Emission  
	  	  	Reduction generated by the Project and in which the Project Proponent's rights are  
	  	  	transferred to Purchaser in accordance with clause 3 below.  
	  
	2.2. 		Additional Emission Reductions  
	  
	2.2.1. 	 	If Additional Emission Reductions are generated by the Project during the Crediting  
	  	  	Period, Project Proponent shall offer any Additional Emission Reductions to Purchaser  
	  	  	subject to the terms and conditions of this Agreement and at a price per Additional  
	  	  	Emission Reduction equal to the Unit Price. If Purchaser does not wishes to exercise the  
	  	  	purchase option then Project Proponent may deal with the Additional Emission  
	  	  	Reductions as it wishes.  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                                        Page 5 of 11  
	   
	   
	2.2.2. 	 	Additional Emission Reductions offer by the Purchaser shall be made as soon as  
	  	  	possible after such Additional Emission Reductions have been generated, but no later  
	  	  	than December 31 of the year subsequent to the calendar year in which such Additional  
	  	  	Emission Reductions have been generated.  
	   
	2.2.3. 		Purchaser shall be entitled to accept such offer as a whole or in part and shall notify to  
	  	  	Project Proponent within one month after receipt of such offer, whether and to what  
	  	  	extent it accepts the offer. If Purchaser does not respond within this deadline the offer  
	  	  	shall be deemed to be rejected by Purchaser.  
	   
	2.2.4. 		To the extent Purchaser accepts the offer, Project Proponent shall, to the extent it is  
	  	  	legally possible and permissible, transfer or cause to be transferred to Purchaser all  
	  	  	rights (and, to the extent legally possible and permissible, legal title) which Project  
	  	  	Proponent may have in those Additional Emission Reductions in respect of which  
	  	  	Purchaser has accepted such offer, within two months after acceptance of such offer by  
	  	  	Purchaser.  
	   
	2.2.5. 		To the extent Purchaser rejects such offer of Additional Emission Reductions or such offer  
	  	  	is deemed rejected by Purchaser, Project Proponent shall be free to enter into contracts  
	  	  	with other parties for the sale of such Additional Emission Reductions or to otherwise  
	  	  	deal with such Additional Emission Reductions as Project Proponent wishes.  
	   
	2.2.6. 		Purchaser shall pay to Project Proponent a price equal to the Unit Price for each  
	  	  	Additional Emission Reduction in respect of which Purchaser has accepted such offer.  
	   
	2.3. 		Emission Reductions generated after the Crediting Period  
	   
	  	  	If the Project generates any Certified Emission Reductions after the Crediting Period,  
	  	  	Purchaser shall enter into negotiations with Project Proponent with a view to concluding  
	  	  	an agreement on the purchase of such Certified Emission Reductions based on the  
	  	  	principles of this Agreement but amended in order to reflect the international and/or  
	  	  	national rules then applicable.  
	   
	   
	   
	3. 	 	Transfer  
	   
	  	  	Transfer to Purchaser of all the rights (and, to the extent legally possible and permissible,  
	  	  	legal title) which Project Proponent may have in a Certified Emission Reduction shall  
	  	  	have occurred upon the transfer of a CER from the register of the Executive Board to a  
	  	  	register in favor of Purchaser or such other account or register Purchaser has notified to  
	  	  	Project Proponent in writing.  
	   
	   
	   
	4. 	 	Payment  
	   
	4.1. 		Payment for Certified Emission Reductions  
	   
	4.1.1. 	 	Payment by Purchaser to Project Proponent for the Certified Emission Reductions (the  
	  	  	rights in which are transferred pursuant to clause 3) shall be made on the last Business  
	  	  	Day of the month in which a 40 Business Day period, starting at the day on which  
	  	  	Purchaser has received satisfactory evidence of the transfer as provided for in Clause 3,  
	  	  	has elapsed.  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                                      Page 6 of 11  
	   
	   
	4.1.2. 	  	All payments shall be made to the accounts specified in Annex [I] hereto or such other  
	  	  	account as may from time to time be notified to the other party in writing.  
	   
	4.1.3. 	  	All payments shall be made in US Dollars.  
	   
	4.1.4. 	  	Subject to clause 4.1.5 below, all taxes, fees, costs or other expenses in connection with  
	  	  	the generation of CERs by the Project and their Registration and transfer (including VAT  
	  	  	in any jurisdiction Purchaser duly notifies Project Proponent to transfer CERs as in  
	  	  	Clause 3, if applicable) shall be borne by Project Proponent and purchaser.  
	   
	4.1.5. 	  	The share of the proceeds from CERs generated by the Project to be used to cover  
	  	  	administrative expenses according to the Kyoto Rules shall be borne by Project  
	  	  	Proponent and Purchaser in equal shares.  
	  
	  	  	The share of the proceeds from CERs generated by the Project to be used to assist  
	  	  	developing countries that are particularly vulnerable to the adverse effects of climate  
	  	  	change to meet the costs of adaptation according to the Kyoto Rules shall be borne by  
	  	  	Project Proponent and Purchaser in equal shares.  
	  
	  
	5. 	  	Termination and Remedies  
	  
	5.1. 	  	Either party (the "Non-defaulting Party") shall be entitled to terminate this Agreement by  
	  	  	written notice to the other party with immediate effect if any of the following events  
	  	  	occurs:  
	  
	5.1.1. 	 	the other party commits a breach of any of its obligations under this Agreement and, in  
	  	  	the case of a breach capable of being remedied, such breach remains more than 30  
	  	  	Business Days after it has been requested in writing by the Non-defaulting Party to  
	  	  	remedy the breach; or  
	  
	5.1.2. 	  	the other party goes into liquidation (whether voluntary or otherwise), is unable to pay its  
	  	  	debts as they fall due, is wound up, makes any compromise, composition or other  
	  	  	arrangement with its creditors generally, or becomes subject to any administration order.  
	  
	5.2. 	 	Force Majeure  
	  
	  	  	Should either party be impeded wholly or in part from fulfilling any of its obligations under  
	  	  	the Agreement for reasons of Force Majeure, such obligation shall be suspended to the  
	  	  	extent and for as long as such obligation is affected by Force Majeure and the impeded  
	  	  	party shall be entitled to such extension of time as may be reasonably necessary.  
	  
	  	  	Either party shall notify the other party of the existence and date of beginning of an event  
	  	  	of Force Majeure that is likely to impede its performance under the Agreement within 5  
	  	  	Business Days after having obtained knowledge of any such event. Either party shall  
	  	  	likewise advise the other of the date when such event ended and shall also specify the  
	  	  	re-determined time by which the performance of its obligations hereunder is to be  
	  	  	completed.  
	  
	  	  	Project Proponent and Purchaser shall consult with each other with a view of determining  
	  	  	any further appropriate action if a condition of Force Majeure is to continue after 20  
	  	  	Business Days from the date of giving notice thereof.  
	  
	  	  	Neither party shall be liable for damages or have the right to terminate this Agreement for  
	  	  	any delay in performing hereunder if such delay is caused by Force Majeure; provided,  

 
Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                            Page 7 of 11  
	   
	    
	  	  	however, that the non-impeded party shall be entitled to terminate such part of the  
	  	  	Agreement that remains unfulfilled, if the condition of Force Majeure is to continue after 6  
	  	  	months from the date of giving notice thereof.  
	    
	    
	6. 	  	Change in Circumstances  
	    
	  	  	If any change in circumstances (i.e. a change of scientific basics or applicable standards  
	  	  	relating to the Baseline methodology and/or the applicable criteria for Verification and  
	  	  	Certification of the resulting Emission Reductions) occurs which substantially affects the  
	  	  	Project, the parties to this Agreement shall enter into negotiations with a view to adapt  
	  	  	the Project and its implementation or any relevant provision of this Agreement, as may  
	  	  	be necessary or useful. A change in circumstances shall in no event be considered  
	  	  	substantially affecting the Project if at least 50% of the Anticipated Emission Reductions  
	  	  	can be generated.  
	   
	  	  	The parties to this Agreement shall cooperate and make their best efforts to enable the  
	  	  	continuation of the Project in accordance with the new circumstances and to achieve the  
	  	  	generation and transfer of the Anticipated Emission Reductions.  
	   
	  	  	If any of the documents related to the Project and submitted at any time during the term  
	  	  	of this Agreement fails to be approved by such authority whose approval is required  
	  	  	under the Kyoto Rules or otherwise appears to be non-compliant with any relevant  
	  	  	standards or conditions of the Kyoto Rules, Project Proponent and Purchaser shall  
	  	  	discuss whether or not the relevant documents are to be revised and resubmitted.  
	   
	   
	7. 	 	Conditions Precedent  
	   
	  	  	This Agreement shall enter into force upon satisfaction of the following conditions  
	  	  	precedent:  
	   
	  	  	             1. Conclusion of a binding agreement with the Host Country.  
	    
	    
	    
	8. 	  	Miscellaneous  
	   
	8.1. 	  	Assignment and subcontracting  
	  	  	Neither party shall, without the written consent of the other party, assign or transfer the  
	  	  	Agreement or the benefits or obligations thereof or any part thereof to any other person.  
	   
	8.2. 	  	Confidentiality and Disclosure  
	  	  	The parties shall treat as confidential all information obtained as a result of entering into  
	  	  	or performing this Agreement which relates to the provisions of this Agreement, the  
	  	  	negotiations relating to this Agreement and the subject matter of this Agreement.  
	   
	  	  	No party shall disclose any such confidential information to any third party, except in  
	  	  	those circumstances where disclosure is required in order to comply with any laws or  
	  	  	regulations, including without limitations the Kyoto Rules.  
	   
	8.3. 	  	Notices  
	   
	  	  	Any communications to be made under or in connection with this Agreement shall be  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                             Page 8 of 11  
	  
	  
	  	  	made in writing (including by facsimile) to the address or facsimile number, from time to  
	  	  	time designated by the party to whom the communication is to be made to the other party  
	  	  	for that purpose. The address and facsimile number so designated are set out in Annex  
	  	  	[I] hereto. A  
	  
	  	  	Communication will only be effected, if sent by mail, when delivered to or rejected by the  
	  	  	recipient, if sent by facsimile, when a transmission report shows that the facsimile has  
	  	  	been sent.
	  
	8.4. 	  	Entire Agreement
	  
	  	  	This Agreement embodies the whole and only agreement of the parties with respect to  
	  	  	the subject matter hereof, and no prior or contemporaneous oral or written agreement or  
	  	  	understanding shall be deemed to constitute a part of this Agreement, unless expressly  
	  	  	referred to herein, or attached hereto, or specifically incorporated by reference herein.  
	  	  	The Annexes and schedules to this Agreement constitute integral parts of this Agreement  
	  	  	and shall therefore be deemed part of this Agreement.  
	  
	8.5. 	  	Amendments
	  
	  	  	This Agreement may only be amended with the written consent of the parties hereto.  
	  
	8.6. 	  	Costs and Expenses
	  
	  	  	Each party shall bear its own costs and expenses in relation to the negotiation,  
	  	  	preparation, execution and carrying into effect of this Agreement.  
	  
	8.7. 	  	Severability
	  
	  	  	If any part or provision of the Agreement is or becomes illegal, void or unenforceable in  
	  	  	any respect, the remaining parts or provisions shall not be affected or impaired. Any  
	  	  	deficiency in the Agreement resulting there from shall be amended by way of  
	  	  	interpretation of the Agreement having due regard to the parties intent.  
	  
	8.8. 	  	Governing law
	  
	  	  	This Agreement shall be governed and construed in accordance with English law  
	  	  	excluding its rules on conflicts of laws.  
	  
	8.9. 	  	Jurisdiction
	  
	  	  	The parties irrevocably submit to the exclusive jurisdiction of the courts having jurisdiction  
	  	  	in commercial matters for England with regard to all disputes arising out of or in  
	  	  	connection with this Agreement, its violation, termination or nullity.  
	  
	8.10. 	  	Counterparts
	  
	  	  	This Agreement shall be executed in two counterparts with one copy for Project  
	  	  	Proponent and one for Purchaser. If there are any discrepancies between the English  
	  	  	and the Vietnamese version, the English version will prevail.  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

Emission Reduction Purchase Agreement                                                                                  Page 9 of 11

PARTIES TO THE AGREEMENT

WHEREOF the parties have agreed to the terms and conditions of this agreement as outlined 

above, this 8th day of November 2007, in the presence of:

	Purchaser:
	   
	    
	  
	
	                                                         	DR. TRI VU TRUONG  
	                                                         	President-General Director : Dr. Tri Vu Truong 
	Project Proponent:  	  
	   
	 
	 
	   
	                                                         	NGUYEN DUY TAM  
		General Director: Mr. Nguyen Duy Tam
	                                                          
	   
	Witness No 1  	Witness No 2  
	   
	   
	BUI THI LAN HUONG  	NGO KIM CHI  
	MSc. Bui Thi Lan Huong  	Dr. Ngo Kim Chi  
	CERtech Environment inc-Canada  	Viet nam  

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

	Emission Reduction Purchase Agreement                                                                                         Page 10 of 11
	   
	   
	ANNEX I:
	1. The salient features of Khe Bo hydropower project at Nghe An province, Vietnam 
	  
	No  	Parameters  	Symbols  	Units 	Value 
	1  	[Chinese translation]	F  	km2 	14300 
	2  	[Chinese translation]	Xo  	mm 	1440 
	3  	[Chinese translation] 	Qo  	m3 /s	254.3 
	4  	[Chinese translation]	Wo  	106 m3	8011 
	5  	[Chinese translation]  	Mo  	l/s.km2 	       
	6  	[Chinese translation]	MNDBT  	m 	65 
	7  	[Chinese translation]	MNC  	m 	63 
	8  	[Chinese translation] 	F  	ha 	956.8 
	9  	[Chinese translation]	Htt  	m 	22.5 
	10  	[Chinese translation]  	QTK  	M3 /s	498.4 
	11  	[Chinese translation]	Nlm  	MW 	100 
	12  	[Chinese translation]	Ndb  	MW 	26.4 
	13  	[Chinese translation]  	z  	      	2 
	14  	[Chinese translation] 	Eo  	106  kWh	442.8 
	15  	[Chinese translation]  	hsd  	h 	      
	16	[Chinese translation]	CERs	TCO2 eq	160.000

	17  	[Chinese translation]	  	hô 	600 
	18  	[Chinese translation]	    	    	    
	19  	[Chinese translation]	   	   	Yes 
	20  	[Chinese translation]	   	   	   
	21  	[Chinese translation] 	   	   	[Chinese translation]
	22  	[Chinese translation] 	   	   	[Chinese translation]
	23	[Chinese translation]	 	 	[Chinese translation]

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

 

Emission Reduction Purchase Agreement                                                                                           Page 11 of 11

2. Project time schedule: 2007 Finishing the investment formalities, 2008-2009: construction starting. 

2010: construction finalizing and operation

 

 

Initial VN Hydro Power CDM Project Proponent:______Initial United Best Technology Limited-II:

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