Document:

Exhibit 10.3

 

Technical Development (Commission) Contract

 

Project
Name: Design and Implementation Project for the “Single Window” for Wuhan E-port •International
Trade

 

Commissioning
Party (Party A): Wuhan New Port Management Committee

 

Commissioned
Party (Party B): Zhuhai PowerBridge Technology Co., Ltd

 

Signature
Date: July, 2017 

 

Signature
Place: Wuhan, Zhuhai

 

Valid
Period: 5 years

 

 

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Commissioning Party
(Party A): Wuhan New Port Management Committee 

 

Address:
Floor 19, China Changjiang National Shipping Group, No. 69, Yanjiang Street, Wuhan 

 

Legal Representative:

 

Project Contact Person:
Mao Mingliang 

 

Contact information:
18971110636 

 

E-mail: 14224064@qq.com

 

Correspondence
Address: Floor 19, China Changjiang National Shipping Group, No. 69, Yanjiang Street, Wuhan 

 

Telephone: 027-85662393
 Fax: 027-85662393 

 

Commissioned Party
(Party B): Zhuhai PowerBridge Technology Co., Ltd

 

Address:
Floor 1, Zone D, Southern Software Park, No. 1, Software Park Road, Tangjiawan Town, Zhuhai, Guangzhou 

 

Legal Representative:
Ban Lor 

 

Project Contact Person:
Xu Xiangman 

 

Contact information:
18672194788 

 

Email:Luckxu@powerbridge.com

 

Correspondence
Address: Floor 1, Zone D, Southern Software Park, No. 1, Software Park Road, Tangjiawan Town, Zhuhai, Guangzhou

 

Telephone: 0756-3395666
 Fax: 0756-3395667 

 

Service Hot-line: 0756-3395666

 

Bank Name: Bank
of Communications Zhuhai Branch Xiangzhou Sub-branch 

 

Account Name: Zhuhai
PowerBridge Technology Co., Ltd 

 

Bank Account: 444000091018000745538

 

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Upon the
procurement bidding procedure of Wuhan Municipal Government, Party A accepts the bid of Party B for the Project and determines
Party B as the construction unit for the Design and Implementation Project for the “Single Window” for Wuhan E-port
•International Trade. In accordance with the Contract Law of the People's Republic of China, the Copyright
Law of the People's Republic of China and other relevant laws and rules, and on the basis of consensus reached through
full consultations in the principle of mutual understanding and equal cooperation, Party A and Party B come to agreement for relevant
affairs about the Project and hereby authorize their respective representatives to sign the Contract (hereinafter short for “the
Contract) with below terms and conditions.

 

		1	Procurement Scope and Content

 

		1.1	Procurement Name: Deliverables of Party B in the Design and Implementation Project for the
“Single Window” Platform for Wuhan E-port •International Trade (Refer to Project List for
detailed information about the deliverables). As for the detailed information about the final software and hardware list, Party
B shall investigate and analyze the demands of Party A according to the actual requirements of the Project after the kick-off of
the Project .Both parties shall work together to confirm the software functions, hardware facilities, hardware configuration and
service items and perform supplements and improvement for relevant schedules of the Contract like technical specification. Party
A and Party B shall then sign to confirm the final version of Project List and Software Function Confirmation
Letter to guarantee that the platform could reach the requirements described in the bid documents. In the event that actual
demands of Party A and various joint inspection units have any difference with those in the bid documents, the actual demands confirmed
by Party A and various joint inspection units shall prevail.

 

		1.2	In the event that the procurement quantity determined in the Project List and Software
Confirmation Letter is not consistent with the actual quantity used, Party A will negotiate with Party B to sign a supplementary
contract without making any changes to other terms and conditions of the Contract.

 

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		2	Contract Price

 

	No.	 	Item Contents	 	Price (Yuan)	 
	1	 	Project planning and design fee	 	 	590,000.00	 
	2.	 	Rent for the lease of fundamental support facilities for five years	 	 	15,586,000.00	 
	3	 	Software development and technical service fee	 	 	15,670,000.00	 
	Total Contract Amount: RMB Thirty-one Million Eight Hundred and Forty-six Thousand Yuan in Total	 	 	31,846,000.00	 

 

		3	Delivery Requirements

 

3.1       Delivery
Schedule: 1. Party B shall submit the Design Proposal for “Single Window” Platform for Wuhan E-port •International
Trade within 30 days upon the signature of the Contract.

 

2. Party B shall complete
the implementation, pilot-run and official on-line operation of the Project within 18 months upon the signature of the Contract.

 

3.2       Place
of Delivery: Designated Place of Party A 

 

3.3       Delivery
Method: Site construction and training

 

		4	Quality Guarantee Deposit for the Project

 

		4.1	After the acceptance of the Project, the
amount equivalent with 5% of the contract amount for software development and technical service fee will be used as the quality
guarantee deposit, which is ¥783,500.00.
Upon the maturity of the warranty period, Party A shall refund the corresponding amount to Party B within seven working days according
to terms and conditions of the Contract.

 

		5	Performance Bond

 

Party B shall,
within 20 working days upon the signature of the Contract, submit a bank guarantee at the amount equivalent with 2% of the total
contract amount to Party A as the performance bond. Party A shall return the original copy of the bank guarantee to Party A within
10 working days after the successful acceptance of the Project.

 

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		6	Quality Assurance and After-sales Services

 

		6.1	Warranty Period:

 

The rental service period for
the fundamental support facilities is five years, commencing from the signature and effectiveness date of the Contract;

 

The warranty period for application software is 1 year, commencing from the overall acceptance date of the system.

 

		6.2	In the warranty period, Party B shall assume quality assurance liabilities for all software and
hardware supplied by it, without any additional charge to Party A.

 

		6.3	Party B shall provide 7*24-hour response services in the warranty period. In the event that any
software and hardware supplied by Party B has any quality problems in the using process, Party B shall provide response to Party
A within two hours upon the receiving of the fault notice. In case of necessity in the belief of Party A, Party B shall come to
the site to resolve such quality issues.

 

		6.4	In the warranty period, Party B is responsible for repairing errors in the software system, through
software patch.

 

		6.5	In purchasing any components, Party B shall require the supplier to provide and same warranty period
and supply spare parts and professional repair services at favorable prices. In case of any fault of the system due to quality
defects of system hardware, Party B shall take charge of the maintenance, repair and technical supports. If required, Party B shall
contact the manufacturer to repair or replace the corresponding parts. Non-intentional damages and damage arising in the normal
using scope should be repaired for free. No separate expense should be charged for such services.

 

		6.6	Party B shall provide patrol inspection services on quarterly basis to Party A in the warranty
period. The contents of the patrol inspection shall cover running environment check of the system, running status check for the
system modules and etc. Patrol inspection records should be prepared and submitted to Party A.

 

		6.7	In the warranty period, Party B shall provide Party A with a free quarterly security scanning service
and issue relevant security test reports.

 

		6.8	Within the scope of the bidding documents, if Party A believes that the hardware purchased by Party
B does not meet the technical requirements of Party A, both parties shall negotiate with each other according to the actual situations
and handle according to below methods:

 

		(1)	Replace: Party B shall bear all expenses incurred;

 

		(2)	Reject the products: if the quality of the hardware still fails to reach the requirements of Party
A after the efforts of Party B and its suppliers, Party A shall provide a written notice and describe the reasons if it would like
to reject the product. Upon the agreement of Party B, Party A could require Party B to refund the corresponding amount. In such
cases, Party A could also require Party B to undertake all relevant direct expenses (transportation expenses, insurance expense,
inspection expenses, interest of the contract price, banking service charges and so forth).

 

		6.9	Party B’s failure in fulfilling the above obligations in the warranty period would be deemed
as breach of contract. In such cases, Party A shall also have the right to investigate Party B's relevant responsibilities.

 

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		7	Payment Stages

 

	No.	Payment Basis and Date	Amount (Yuan)
	1	Project planning and design	Party B shall submit the project planning and design proposal within 30 days commencing from the signature of the Contract. The amount for the proposal would be paid on one-off basis within seven working days after the proposal has passed the review of Party A and relevant experts.	590,000.00
	2.	Lease of the Fundamental Support Facilities	After the equipment arrives and enters into the normal operation status, Party A shall pay 20% of the rent of the fundamental support facilities specified in the Contract. Take the date when the equipment arrives at the site and runs normally as the fixed payment date for the rent of the fundamental support facilities. The payment amount is 20% of the rent of the fundamental support facilities specified in the Contract.	15,586,000.00 (3,117,200 Yuan/year, paid off in five years)
	3	Software development and technical service	Party A shall pay 30% of the software development and technical service fee specified in the Contract within seven working days upon the signature of the Contract.	4,701,000.00
	On the basis of the implementation progress of the Project, and phased deployment of various sub-systems and in accordance with requirements for various sub-systems in the breakdown list of the application software, Party A shall pay 30% of the amount corresponding with sub-system with deployment completed.	
        4,701,000.00

        (The amount is determined according
        to the actual deployment of various sub-systems)

	On the basis of the implementation progress of the Project, Party B shall arrange corresponding linked commissioning, on-line operation and training for deployed sub-systems. Party A would arrange independent acceptance check according to requirements for various sub-systems in the breakdown list of the application software, and would pay 30% of the amount corresponding with various sub-systems passing the independent acceptance check.	
        4,701,000.00

        (The amount is determined according
        to the sub-systems passing the acceptance check)

	Pay 5% of the total amount of the software development and technical service fee (Within 7 working days after the completion of the project, the contract software development and technical services total 5% (Guarantee Deposit) within seven working days after the successful overall acceptance check of the Project	783,500.00
	Pay 5% of the total amount of the software development and technical service fee specified in the Contract within seven working days upon the maturity of the warranty period of the Project	783,500.00
	Total	In Capital: RMB Thirty-one Million Eight Hundred and Forty-six Thousand Yuan in Total	31,846,000.00

 

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		8	Responsibilities and Obligations of Party B

 

8.1       Work
contents to be jointly undertaken by Party A and Party B:

 

		(1)	The Project shall be completed under the cooperation of both parties. Both parties shall constitute
a project management team. Party A and Party B shall designate their respective project responsible person to participate in the
whole process of the platform construction and assume the corresponding responsibilities associated with the Project.

 

		(2)	Complete the investigation and analysis for the project demands and the overall planning and design
of the Project, and confirm the Project List, Software Function Confirmation Letter and Development and Implementation
Plan for Sub-systems.

 

		(3)	All critical items of the Project should be communicated between both parties in written. All amendments
and supplement about the Project should be confirmed by both parties in written.

 

		(4)	Complete the preparation of working plan and objectives for various stages, confirmation for the
completed tasks, and the acceptance check and final confirmation of software and hardware.

 

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8.2       Work
contents to be undertaken by Party A:

 

		(1)	Party A shall designate responsible person for the Project to take charge of coordinating resources
of party A and relevant third parties (including users of the platform) to cooperate with Party B in implementing relevant project
work, providing the basic environment and required conditions for the implementation of the Project, and performing confirmation
and making timely decisions for specific events of the Project on behalf of Party A. Party B will take the information and decision-making
opinions provided by project manager of Party A as the basis for the implementation of the Platform. Party A shall be liable for
the data, information materials and decision-making opinions of its project manager, and assume the relevant responsibilities and
consequence of its decisions.

 

		(2)	Take charge of the management of the platform project, organize personnel of relevant departments
in participating in the project, and maintain the relationship with the governmental authorities and relevant supervision departments.

 

		(3)	Take charge of checking, supervising and accepting the delivery of software and hardware in various
stages, and completing the acceptance check of the platform.

 

8.3       Work
contents to be undertaken by Party B:

 

		(1)	Perform Party B's duties and responsibilities in accordance with the project plan and project objectives.

 

		(2)	Conduct a detailed investigation for the platform demands of Party A, provide implementation proposal
for the construction of the platform, which shall be taken as the guiding document of the project construction after final confirmation
of both parties.

 

		(3)	Provide hardware facilities and equipment required by the platform, set up the network system and
guarantee the application and sound operation of the platform.

 

		(4)	Take charge of the technological research and development of the platform and development of corresponding
applications, arrange tests, provide startup services, on-line operation services, system initialization services and technical
supports, and arrange training programs to personnel of Party A and final users of the platform, and provide professional implementation
and services.

 

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		9	Property Rights

 

		9.1	Party B guarantees that the software and hardware provided will not infringe the patent, trademark
or copyright of any third party.

 

		9.2	The intellectual property rights in final results of the customized software commissioned by Party
A to Party B in this contract shall be jointly owned by Party A and Party B, and Party A shall have the permanent use right of
the Project. Source codes developed from the Project should be jointly owned by both parties. The application rights for any patents,
copyrights and other non-patented technologies associated with the achievements of the project developed according to requirements
of party A under the Contract shall also be owned by both parties jointly. If patent application is required, both parties shall
negotiate relevant issues separately. “Hongqiao Single Window Management Software” and relevant bottom platform, technical
achievements, source codes and other intellectual property rights already owned by Party B before undertaking the Project are exceptional
to the above provisions.

 

		9.3	Without the written consent of both parties, neither party shall disclose any information in the
Project to any third party through any approach.

 

		10	Technical Materials

 

10.1       Within
the scope of the Contract, Party A will provide Party B with the relevant technical requirements about the goods to be purchased.

 

10.2       Party
B shall provide Party A with relevant technical materials for the use of the goods within the time specified in the procurement
documents.

 

		10.3	Without the prior written consent of both parties, neither party may provide clauses, specification,
plan, drawings, samples or materials of the Contract or in connection with the Contract provided by the other party to any person
irrelevant with the performance of the Contract. In the event of disclosure made to personnel in connection with the performance
of the Contract, the disclosing party shall still fulfill the confidentiality and limit such disclosure within the necessity for
the performance of the Contract. The confidentiality period is permanent.

 

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		11	Collaboration Matters at Various Stages of the Project

 

11.1       Methods
for Equipment Delivery, Installation and Commissioning, System Deployment and Project Acceptance Check

 

		1)	Equipment Delivery

 

		2	Party B shall, before shipment of the
goods, request the supplier to provide packages that could meet the requirements about the transportation, moisture resistance,
shock resistance, rust prevention and damage prevention in loading and unloading and so forth for the goods to ensure the goods
could be delivered to the designated place of Party A in a intact and safe manner.

 

		2	Party B shall require its suppliers to
deliver the user manual, quality certificate, warranty documents, accompanied parts and tools and list of the goods together with
the goods. Party B shall submit equipment delivery list and relevant documents to Party A.

 

		2	Party B shall inform Party A 24 hours
before the arrival of the goods at designated place of Party A to ensure Party A has sufficient time to arrange the acceptance
of the equipment. Party B shall also inform the arrival of the goods to Party A. Party B shall be liable for the risks arising
before the goods are delivered to Party A.

 

		2	Party A shall, within seven working days,
carry out arrival inspection, confirmation and receipt signature for the equipment delivered by Party B according to relevant regulations.
In the event that the appearance and specification of the goods fails to conform to relevant requirements or Party A has any objections
to quality of the goods, Party A shall issue a written notice to Party B within seven working days upon the arrival of the goods.
In such cases, Party B shall handle and feedback to Party A in time. No refusal and delay are permitted. The absence of written
objection notice would be deemed as completion of the equipment delivery.

 

		2)	Installation and Commissioning of Equipment:

 

		2	Within the scope of the terms and conditions
of this contract, Party B shall arrange installation and commissioning for the equipment according to designated requirements of
Party A, and submit equipment delivery list and relevant documents to Party A.

 

		2	Party A shall make fundamental environment
and required conditions for the installation of the equipment in time.

 

		2	Party A shall confirm the equipment deployed
by Party B within seven working days. In case of any objections to equipment deployed by Party A, Party A shall, within seven working
days, issue a written notice to Party B. In such cases, party B shall arrange amendment and improvement for the installation and
deployment of the equipment. No delay or refusal of Party B would be accepted. The absence of written objection notice would be
deemed as completion of the equipment installation and commissioning.

 

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		3)	System Deployment:

 

		2	In accordance with the terms and conditions
of this contract, Party B shall arrange installation and deployment of the system according to designated requirements of Party
A, and submit equipment delivery list and relevant documents to Party A.

 

		2	Party A shall confirm the software functions
deployed by Party B within seven working days. In case Party A has any objections to the software system installed and deployed
by Party B, Party A shall, within seven working days, issue a written notice to Party B. In such cases, Party A could require Party
B to arrange amendment and improvement for the software functions. No delay or refusal of Party B would be accepted. The absence
of written objection notice from party A would be deemed as completion of the deployment for the system.

 

		4)	Acceptance Check for Sub-systems of the Project

 

		2	On the basis of the scope and commitments
about sub-systems described in the tender and bid documents of the Project, and the specification documents, technical indicators,
quality indicators and other Project information in the Project List and Software Function Confirmation Letter
confirmed by both parties, Party B shall prepare relevant acceptance check documents for the Project according to technical requirements
of Party A and regulations in applicable national standard or industry standard. These acceptance check documents should be submitted
to Party A, who would take them as the basis for the acceptance check of the Project.

 

		2	At the time of acceptance check for sub-systems,
both Party A and Party B should present at the site. Acceptance check result report should be issued upon the completion of the
acceptance check, which shall be confirmed by signatures and seals of both parties.

 

		2	Party B shall arrange professional training
for Party A. Party A shall arrange and organize its personnel to participate in professional training programs arranged by Party
B. The training contents shall cover the application, maintenance and operation of the system.

 

		2	After the input of typical data of users,
the software system shall run normally and the output data should be correct.

 

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		5)	Overall Acceptance Check of the Project

 

		2	As the final stage of project construction,
project acceptance will be initiated after Party B completes equipment delivery, equipment installation and commissioning, software
system deployment and trial operation. Party A organizes relevant personnel to perform acceptance check for the overall operation
status of the Project.

 

		2	On the basis of the scope and commitments
described in the tender and bid documents of the Project, and the specification documents, technical indicators, quality indicators
and other Project information in the Project List and Software Function Confirmation Letter confirmed
by both parties, Party B shall prepare relevant acceptance check documents for the Project according to technical requirements
of Party A and regulations in applicable national standard or industry standard. These acceptance check documents should be submitted
to Party A, who would take them as the basis for the acceptance check of the Project.

 

		2	At the time of acceptance check, both
Party A and Party B should present at the site. Acceptance check result report should be issued upon the completion of the acceptance
check, which shall be confirmed by signatures and seals of both parties.

 

		2	Party B shall arrange professional training
for Party A. Party A shall arrange and organize its personnel to participate in professional training programs arranged by Party
B. The training contents shall cover the application, maintenance and operation of the system.

 

		2	After the input of typical data of users,
the software system shall run normally and the output data should be correct.

 

		12	Liabilities for Breach of Contract

 

		12.1	Within the scope of the Contract, Party B shall supply goods in accordance with the Project List
and Software Function Confirmation Letter. Party A’s rejection of goods without any just cause and written rejection notice
would be deemed as Party A’s breach of contract. In such cases, Party A shall pay liquidated damage at the amount of 5% of
the value of the goods rejected.

 

		12.2	After completing any staged work specified in the Contract, Party B shall send an official notice
to Party A. If Party A fails to pay any contract price to Party B without any reasonable cause, Party A shall pay the liquidated
damage at the amount equivalent with 0.05% of the overdue amount for each day delayed. In case the overdue period is more than
20 working days, Party A would be deemed as breach of contract. In case of breach of contract of Party A, Party A shall pay Party
B a liquidated damage at the amount of 5% of the total contract value. If Party B's loss exceeds the liquidated damages, Party
A shall continue undertaking the compensation liability.

 

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		12.3	In the event that Party A fails to provide the basic facilities and required conditions for the
installation of the equipment and system, or fails to settle the contract payment in time and in full amount according to terms
and conditions of the Contract, Party A shall be liable for relevant liabilities and consequences, including loss of Party B arising
from delay in the project progress caused by such failure of Party A.

 

		12.4	In the event that Party B fails to deliver goods on time for reasons other than fault of Party
A, Party B shall pay liquidated damage at the amount of 0.05% of the amount of the delayed goods. Party B would be deemed as breach
of contract if it fails to deliver the goods for more than 20 working days after the due date specified in the Contract. In case
Party B has such behaviors in breach of contract, Party B shall pay Party A a liquidated damage at the amount of 5% of the total
contract amount.

 

		12.5	If the variety, model, specification, technical parameters and quality of goods delivered by Party
B fail to conform to provisions of the Contract and standards specified in the Goods Demand List of the tender document, Party
A has the right to reject the goods. If Party B agrees to replace the goods but delays in the delivery, Party A would handle according
to provisions about delay in delivery. In case Party B refuses replacing goods, Party A has the right to terminate the Contract
without the consent of Party A. Written notices should be used in such process as basis.

 

		13	Handling of Force Majeure Events

 

		13.1	In the term of the Contract, the performance period could be postponed if either party fails to
perform the Contract due to the occurrence of any force majeure event. The period postponed should be same with the influencing
period of the force majeure event.

 

		13.2	After the occurrence of such event, the affecting party shall inform the other party immediately,
and send certificate issued by relevant authorities.

 

		13.3	If the force majeure event continues for more than 120 days, both parties shall make decision about
whether to continue performing the Contract through friendly negotiation.

 

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		14	Supplementary Rules

 

		14.1	Any dispute in connection with the Contract or relevant affairs should be first settled through
friendly negotiation. In case no consensus could be reached through negotiation, the dispute should be submitted to the arbitration
agency or People’s Court at the place of Party A for arbitration or judgment.

 

14.2       Without
the consent of Party B, Party A shall transfer any rights and obligations under the Contract to any third party.

 

14.3       Modifications
and changes to the Contract: Both parties can only amend the Contract through written document signed by both parties.

 

14.4       The
Contract shall become effective after the signature of the legal representatives or authorized representatives and official seals
of both parties.

 

14.5       Any
unmentioned affairs of the Contract should be implemented according relevant clauses in the Contract Law of the People’s
Republic of China.

 

14.6       The
Contract should be made out in six copies, each party shall keep three copies, all of which shall have same legal force.

 

		15	2. Schedule of the Contract

 

Schedules: Project
List, Description for the Functions of Application Software

 

	
        Party A: Wuhan New Port Management Committee

        (Seal)

         

        Signature:

         

        Signature Date: July 18,2017 
	 
	 	 
	
        Party B: Zhuhai PowerBridge Technology
        Co., Ltd 

        (Seal)

         

        Signature:

         

        Signature Date: July 21,2017
	 

 

    	 	14 / 14Exhibit 10.4

  

Contract
for the Public Tender Procurement Project for the Information Platform of Comprehensive Bonded Logistics Industry Construction
Management Office of Wuhan Airport Economic Development Zone

 

Project
Name: Public Tender Procurement Project for the Information Platform of Comprehensive Bonded Logistics Industry Construction
Management Office of Wuhan Airport Economic Development Zone

 

Contract
No.: __________________

 

Project
No.: DXHZC-2016-150A (1236)

 

Purchaser
(Party A): Comprehensive Bonded Logistics Industry Construction Management Office of Wuhan Airport Economic Development Zone

 

Winning
Supplier (Party B): Zhuhai PowerBridge Technology Co., Ltd

 

Signature
Date: December, 2016

 

Signature
Address:   Wuhan    

  

    1

     

    

 

Commissioning
Party (Party A): Comprehensive Bonded Logistics Industry Construction Management Office of Wuhan Airport Economic Development
Zone

 

Address:
Bonded Logistics Center, Gexin Street, Gaoqiao Second Road, Dongxihu District, Wuhan 

 

Legal
Representative:              Zhai Yufeng         

 

Project
Contact Person:            Hu Wenbin        

 

Contact
information:               027- 83264011          

 

E-mail:

 

Correspondence
Address: Bonded Logistics Center, Gexin Street, Gaoqiao Second Road, Dongxihu District, Wuhan 

 

Telephone:
027-83264011  Fax: 027-83264099 

 

Commissioned
Party (Party B): Zhuhai PowerBridge Technology Co., Ltd 

 

Address:
Floor D-1, Southern Software Park, No. 1, Software Park Road, Tangjiawan, Zhuhai

 

Legal
Representative: BAN LOR 

 

Project
Contact Person: Xu Xiangman 

 

Contact
information: 18672194788 

 

E-mail:
Luckyxu@powerbridge.com 

 

Correspondence
Address: Floor D-1, Southern Software Park, No. 1, Software Park Road, Tangjiawan, Zhuhai

 

Phone:
0756-3395666 Fax: 0756-3395667 

 

Service
Hotline: 400-885-4114 

 

Bank
Name: Bank of Communications Zhuhai Branch Xiangzhou Sub-branch 

 

Account
Name: Zhuhai PowerBridge Technology Co., Ltd 

 

Account
No.: 444000091018000745538

  

    2

     

    

 

In accordance with the procurement result of the Public Tender Procurement Project for the Information
Platform of Comprehensive Bonded Logistics Industry Construction Management Office of Wuhan Airport Economic Development Zone on
November 17, 2016, Party A accepts the bid of Party B for the Project and both parties agree to enter into the Contract
with below terms and conditions (hereinafter short for “the Contract”).

 

1. Content of the Bid Awarded

 

1.1 Name of Goods: (refer
to the tender document, drawings, bid document and schedule for detailed information)

 

1.2 Quantity: (refer
to the tender document, drawings, bid document and schedule for detailed information)

 

1.3 Technical parameters:
(refer to the tender document, drawings, bid document and schedule for detailed information)

 

2. Contract Amount

 

	No.	 	Item Contents	 	Price (Yuan)	 
	1	 	Equipment procurement	 	 	15,787,600	 
	 	 	Software development and technical service fee	 	 	7,900,000	 
	 	 	Total Contract Amount: RMB Twenty-three Million Six Hundred and Eighty-seven Thousand Six Hundred Yuan in Total	 	 	23,687,600	 

 

 

3. Payment Terms

 

3.1 Party A shall
pay 20% of the total contract amount (¥4,737,520) within 10 working days upon the signature of the Contract; pay 30% of the
total contract amount (¥7,106,280) within 10 working days after the delivery of hardware equipment; pay 30% of the total contract
amount (¥7,106,280) within 10 working days after the completion of the installation and commissioning of equipment and software;
pay the amount to reach 95% of the audited amount after the Project has passed the national acceptance and settlement audit; The
left 5% of the total contract amount will be used as quality guarantee deposit for the project. In the absence of any quality issues,
Party A shall refund the quality guarantee deposit (without interest) to Party B within 10 working days upon the maturity of the
warranty period.

  

    3

     

    

 

3.2 Party A shall
refund the performance bond with the amount of 500,000 Yuan (without interest) to Party B within 10 working days after the acceptance
of the Project.

 

3.3 In making any
payment for the Contract, Party A shall submit complete and qualified payment application materials to the Finance Bureau of Dongxihu
District of Wuhan according to provisions of the Contract. The Finance Bureau of Dongxihu District of Wuhan would directly transfer
the corresponding amount from the fiscal treasury to the account of Party B according to the payment procedure.

 

3.4 In the event that
the purchased quantity is not in consistent with the actual quantity used, Party A could, upon the examination and approval of
the Finance Bureau of Dongxihu District of Wuhan, negotiate with Party B to sign a supplementary contract to pay relevant amount
to Party B without changing the terms and conditions of this contract. However, the purchasing amount in all supplementary contract
should be no more than 10% of the original contract amount. Party B shall supply goods according to the actual use quantity. Both
parties shall calculate the final settlement amount according to the actual use quantity multiplied by the transaction unit price.

  

4. Performance Requirements

 

4.1 Project Completion
Time: Within 30 calendar days upon the signature of the Contract. 

 

4.2 Place of Delivery:
A place designated by Dongxihu Bonded Logistics Center Park 

 

4.3 Delivery Method:
Party A would only provide storage place for goods and would not assume any management and protection obligation for the goods.
Party B shall take charge of the safety and protection of goods and construction.

 

4.4 Party B shall
provide brand new, complete and unused goods to Party A according to the technical parameters, performance requirements, quality
standard and so forth promised in the tender and bid documents.

  

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4.5 Party B shall
pay performance bond with the amount of RMB 500,000 Yuan within 5 working days upon the signature of the Contract. In case of failure
in paying the performance bond within the specified time, Party A has the right to terminate the Contract.

 

5. Quality Assurance and After-sales
Services

 

5.1 The
warranty period is 1  year (commencing from the date of successful acceptance of the delivery).

 

5.2 In the event
that any goods supplied by Party B has any quality problems in the using process, Party B shall arrive at the site within 1 hour
to take care of the fault in time according to national standard and industry standard.

 

5.3 If goods supplied
by Party B have any fault due to quality defect in the warranty period, Party B shall replace them free of charge.

 

5.4 In the
warranty period, if maintenance and other products provided by Party B fail to reach the original designed technical requirements,
Party B shall take charge of the replacement.

 

5.5 Any
changes in equipment caused by any new technical requirements proposed by Customs, State Administration for Entry-Exit Inspection
and other relevant authorities in the warranty should be settled by both parties through negotiation.

 

5.6 In the
warranty period, Party B shall resolve all quality and safety problems of the goods and undertake all relevant expenses. Party
B shall provide free repair services for all damages incurred within the normal using scope caused by reasons other than malicious
damages. Faults incurred due to human factors are not within the scope of free warranty services. However, Party B shall also actively
help Party A to repair such fault and provide spare parts and services at favorable price.

 

5.7 For
goods exceeding the warranty period, Party B shall provide lifetime maintenance and repair services at cost.

 

5.8 Party B shall provide
spare parts from time to time at favorable price, and offer update and renovation services for the products at preferential prices.

  

    5

     

    

 

6.
Property Rights

 

Party B
guarantees that the goods and any part thereof provided will not infringe the patent, trademark or copyright of any third party.

 

6.2 Party
B guarantees that the ownership of the goods delivered is completely owned by Party B, which does not have any defects in property
rights like mortgage, guarantee or seizure. Any property right defects in the goods delivered by Party B would be deemed as breach
of contract of Party B. Such breaching behavior would be treatment according to provisions in Article 10.4 of the Contract. If
the defect in property rights is discovered after the total contract amount has been paid off, however, Party B shall be liable
for all losses of Party A arising from such defect (including but not limited to attorney fee, litigation fee, appraisal expense,
travel expenses and so forth), as well as the payment of the liquidated damage.

 

6.3 The
intellectual property rights in the final result of the customized software commissioned by Party A to Party B in this contract
shall be jointly owned by Party A and Party B. Technical achievements and intellectual property rights already owned by Party B
before undertaking the Project are exceptional to the above provisions. Party A shall have the permanent use right of the Project.

 

7. Technical Materials

 

7.1 Party A will provide
Party B with the relevant technical requirements about the goods to be purchased.

 

7.2 Party B shall
provide Party A with relevant technical materials for the use of the goods within the time specified in the procurement documents.

 

7.3 Without the prior
written consent of Party A, Party B shall not provide clauses, specification, plan, drawings, samples or materials of the Contract
or in connection with the Contract provided by Party A to any person irrelevant with the performance of the Contract. In the event
of disclosure made to personnel in connection the performance of the Contract, Party B shall still fulfill the confidentiality
obligation and limit such disclosure within the necessity for the performance of the Contract.

  

    6

     

    

 

8. Packaging, Dispatching and Transportation

 

8.1 Party B shall,
before shipment of the goods, pack the software with the package that could meet requirements about the transportation, moisture
resistance, shock resistance, rust prevention and damage prevention in loading and unloading and so forth to ensure the software
could be delivered to the construction site of the Project in an intact and safe manner.

 

8.2. Party B shall
deliver the user manual, quality certificate, warranty card, accompanied parts and tools and list together with the goods.

 

8.3. Delivery of the
goods to the designated place of Party A within the specified time would be deemed as the completion of the delivery of the goods.

 

8.4 During the construction
period, Party A is responsible for coordinating the storage place of the goods, and Party B is responsible for the preservation
and safety of the goods.

 

8.5 Before the overall
acceptance of the Project, Party B shall be liable for risks of the goods.

 

9. Commissioning and Acceptance Check

 

9.1 After the goods
are delivered to the designated place of delivery, Party A shall, within five working days, conduct on-site preliminary acceptance
of the goods in accordance with the requirements of the tender documents, the commitments in the bid documents and regulations
in applicable national standards or industry standards. If the appearance and user manual conform to requirements, Party A shall
sign for the receipt. In case the goods supplied fail to conform to requirements or have any quality defects, Party A would not
sign for the receipt of them and shall inform Party B to replace the goods. No delay or refusal of Party B would be accepted.

 

9.2 Before delivery,
Party B shall conduct a comprehensive inspection for the products, and sort the acceptance documents and make a list for deliverables,
which would be taken as the basis for the acceptance check and technical conditions for the use of Party A. The inspection results
should be submitted to Party A along with the goods.

  

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9.3 When Party A
performs commissioning for the goods supplied by Party B before using, Party B shall take charge of installing the software and
training operation personnel of Party A. Moreover, Party B shall assist Party A in the commissioning process. Party A would only
initiate the final acceptance check after the services and software have conformed to the technical requirements.

 

9.4 At the time of
acceptance check, Party B shall present at the site. Acceptance check result report should be prepared upon the completion of the
acceptance check.

 

9.5 For goods with
complicated technology, Party A shall engage a professional test agency recognized by the Country to participate in the acceptance
check. The test agency shall issue a test report after the acceptance check. Relevant expenses incurred should be undertaken by
Party A.

 

10. Liabilities for Breach of Contract

 

10.1 If
Party A refuses receiving the goods without any reasonable grounds, Party A shall pay a liquidated damage at the amount equivalent
with 5% of the total contract price.

 

10.2 If Party A delays
the payment of any contract price or delays the payment formalities without any reasonable cause, Party A shall pay the liquidated
damage at the amount equivalent with 0.05% of the overdue amount for each day delayed. However, delay caused by delay in the centralized
payment of the treasury or delay caused by fault of Party B should not be deemed as overdue payment of Party A.

 

10.3 If Party B fails
to pay the performance bond within specified time, Party A has the right to terminate the Contract.

 

10.4 In
the event that Party B fails to deliver goods on time, Party B shall pay liquidated damage at the amount of 0.05% of the total
amount of the delayed goods for each day delayed, which shall be deducted by Party A from the contract price. Party B would be
deemed as breach of contract if it fails to deliver the goods for more than 10 working days after the due date specified in the
Contract. In such cases, Party A has the right to terminate the Contract. If Party A terminates the Contract due to overdue delivery
or other breaching behaviors of Party B, Party B shall pay a liquidated damage at the amount of 5% of the total contract price
to Party A. In case the loss suffered by Party A is higher than the liquidated damage, Party B shall bear the compensation liabilities
for the insufficient part.

  

    8

     

    

 

10.5 If
the variety, model, specification, technical parameters and quality of goods delivered by Party B fail to conform to provisions
of the Contract and standards specified in the procurement documents, Party A has the right to reject the goods. If Party B agrees
to replace the goods but delays in the delivery, Party A would handle according to provisions about delay in delivery. In case
Party B refuses replacing goods, Party A has the right to terminate the Contract without the consent of Party A.

 

10.6 In
the warranty period after the overall acceptance of the Project, Party B shall provide after-sales services in time. Party B shall
arrive at the project site to resolve the problem within one hour after receiving a call from Party A. Party B shall solve the
hardware and software faults within the time specified by Party A. Otherwise, a fine of 5,000 Yuan would be imposed for each time,
which would be directly deducted from the quality guarantee deposit.

  

11. Handling of Force Majeure Events

 

11.1 In the term
of the Contract, the performance period could be postponed if either party fails to perform the Contract due to the occurrence
of any force majeure event. The period postponed should be same with the influencing period of the force majeure event.

 

11.2 After the occurrence
of such event, the affecting party shall inform the other party immediately, and send certificate issued by relevant authorities.

 

11.3 If the force
majeure event continues for more than 120 days, both parties shall make decision about whether to continue performing the Contract
through friendly negotiation.

 

12. Litigation

 

12.1 All disputes
arising from the performance of the Contract shall be settled through friendly negotiation. In case negotiation fails, either party
could submit the dispute to the People’s Court at the signature place of the Contract. The signature place of the Contract
is Dongxihu District, Wuhan, Hubei.

  

    9

     

    

 

13. Effectiveness of the Contract and
Miscellaneous

 

13.1 The Contract
shall become effective after the signature of the legal representatives or authorized representatives and official seals of both
parties.

 

13.2. In the
performance process of the Contract, all amendments or supplements involving with the procurement fund or procurement contents
should be submitted to the municipal finance authority for examination and approval. Moreover, both parties shall sign a supplementary
agreement in written and submit it to Wuhan Dongxihu District Government Procurement Supervision and Management Office and Wuhan
Dongxihu District Government Procurement Center for filing. After the completion of such procedure, the supplementary agreement
signed by both parties would become an integral part of the Contract.

 

13.4 Any unmentioned
affairs of the Contract should be implemented according relevant clauses in the Contract Law of the People’s Republic
of China.

 

13.5 The Contract
shall be made out in seven copies, all of which shall have same legal force. Party A and Party B shall keep three copies each,
and the tender/bid center shall keep one copy. Any unmentioned affairs should be settled by both parties through negotiation.

 

	Party A: 	 	Party B: Zhuhai PowerBridge Technology Co., Ltd	 
	 	 	 
	(Seal) 	(Seal)
	 	 
	Signature: 	Signature:
	 	 	 	 
	Date of Signature: December 13, 2016 	 	Date of Signature: December 13, 2016	 

  

    10

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