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    Contract

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    Contract

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    Contract

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    phamthaingan10032003

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    CONTRACT

    No: 04/19/VT-CH

    Date: January 18, 2011

    BETWEEN: BINH DIEN CO.

    Address: C12/21 Tan Kien, Binh Chanh District, Hochiminh city, Vietnam

    Tel: 84-8-3756011 Fax: 84-8-39560799

    Email: phanbon@binhdien.com Website: www.binhdien.com

    Presented by: Mr. LE QUOC PHONG, Director

    Hereinafter called “THE BUYER”.

    AND: KOLON INTERNATIONAL CORP.

    Address: KOLON TOWER. Annex 1-22, Byeolyang-Dong Kwacheon City Kyonggi-Do 427-
    040, Korea

    Tel: 822.3677.8114 Fax: 822.3677.7561

    Website: www.kolomintl.com

    Account: 052.30.000112 at KOREA FIRST BANK, Seoul

    Presented by: Mr. YOUNG HO RIM, President

    Hereinafter called “THE SELLER”.

    Both parties have agreed to sign this contract under the following terms and conditions:

    Article 1: Commodity and Specification

    1. Commodity: Urea Fertilizer

    2. Origin: Indonesia

    3. Specification: - Nitrogen: 46% min.

    - Moisture: 0,5% max.

    - Biuret: 1,0% max.

    - Color: White.

    - Free Flowing: Treated with anti-caking.

    4. Packing: - 50kg net in polypropylene woven bag with polyethylene inner liner.
    - 2% of total bag as empty spare bags to be supplied free of charges.

    Article 2: Unit price – Quantity and Total Amount

    1. Unit price : USD 360/MT C.I.F HCM Port, VN (Incoterms 2010)

    2. Quantity : 10.000 MTS (plus or minus 10% at seller’s option)

    3. Total Amount : USD 3,600,000 (±10% at seller’s option)

    (Say: US Dollars three million six hundred thousand only).

    Article 3: Shipment – Delivery

    1. Time of shipment : Not later than July 2011.

    2. Port of loading : Indonesia main Port.

    3. Destination port : New Port, Hochiminh city, Vietnam.

    4. Partial shipment : Not Allowed.

    5. Transhipment : Not Allowed.

    6. Notice of shipment: Within 2 days after the sailing date of carrying vessel to S.R. Vietnam, the
    Seller shall notify by cable to the Buyer the following information:

    - L/C number;

    - Amount of payment;

    - Name and nationally of the vessel;

    - Bill of Lading number/date;

    - Port of loading;

    - Date of shipment;

    - Expected date of arrival at discharging port.

    7. Shipping mark: UREA

    46% NITROGEN MINIMUM

    1% BIURET MAXIMUM

    0,5% MOISTURE MAXIMUM

    50 KGS NET
    USE NO HOOKS

    MADE IN INDONESIA

    One side printed in green color.

    8. Discharging:

    - When Notice of Readiness tendered before noon. Laytime shall be commenced from
    13:00 on the same date.

    - When Notice of Readiness tendered before afternoon. Laytime shall be commenced


    from 08:00 on next date.

    9. Discharging term : 1200 MTS/day WWDSHEX EIU

    : USD 2,000/Half

    Article 4: Payment

    1. By Irrevocable Letter of Credit at sight from B/L date for the full amount of the contract value.

    2.L/C beneficiary: KOLON INTERNATIONAL CORP.

    KOLON TOWER. Annex 1-22,

    Byeolyang-Dong Kwacheon City

    Kyonggi-Do 427-040, Korea

    3. L/C Advising Bank: KOREA FISRT BANK, Seoul City, Korea

    4. Bank of Opening L/C: VIETCOMBANK/EXIMBANK

    5. Time of Opening L/C: Within July 5, 2011

    6. Payment documents:

    Payment shall be made upon receipt of the following document:

    - 3/3 of clean on board Bill of Lading marked “FREIGHT PREPAID”.

    - Commercial invoice in triplicate.

    - Packing list in triplicate.

    - Certificate of origin issued by manufacturer.

    - SUCOFINDO’s Certificate on quality/weight.

    - One copy of sailing telex/shipping advice. Remark: third party’s shipping document
    acceptable.
    - 1/3 B/L and transport documents sent by DHL.

    Article 5: Insurance

    - Covered by the seller.

    - Covering: ALL RISKS; 110% of Invoice value.

    - Insurance policy/certificate showing claim payable at Hochiminh city, Vietnam by the Vietnam
    Insurance Company, Hochiminh city branch.

    Article 6: Force Majeure

    1. Should any circumstances arise preventing either party from full or partial carrying out
    its obligations under the contract (namely: acts of gods, acts of the elements, fire, war, military
    operations of any nature, blockade or prohibition of export, import), the period stipulated for
    performance of the contract shall be extended accordingly.

    2. In the event of these circumstances prevailing for more than fulfill its obligations under
    the contract, and in this case, neither party shall be entitled to indemnity of any looses it may
    sustain.

    3. The party unable to carry out its obligations under the contract shall advise the other
    party of the commencement and termination of the circumstances preventing performance of
    the contract within 5 days.

    4. A certificate issued by the Chamber of Commerce of the sellers’ or buyers’ country


    shall be sufficient proof of the operation and the duration of such circumstances.

    Article 7: Claim

    All claim by Buyer shall be made by telex or fax within 7 days after cargo arrived at destination
    port and shall be confirmed in written form sent to the Seller within 21 days after receipt of
    Survey Report of Vinacontrol Hochiminh city.
    Article 8: Arbitration

    1. In the execution course of this contract, all dispute not reaching at amicable
    agreement shall be settled by the Economic Arbitration Board of Hochiminh city under the rules
    of The International Chamber of Commerce whose awards shall be final and binding both
    parties.

    2. Arbitration fee and other related charges shall be borne by the loosing party, unless
    otherwise agreed.

    Article 9: Penalty

    1. To delay shipment/delay payment: In case delay shipment/delay payment happens,


    the penalty for delay interest will be based on annual rate 15 percent.

    2. To delay opening L/C: In case delay opening L/C happens, the Seller has the right to
    delay shipment.

    3. To cancellation of Contract: If Buyer or Seller wanted to cancel the contract, 5% of


    total contract value would be charged as penalty to that party.

    Article 10: General Condition

    1. By signing this Contract, previous correspondences and negotiations connected


    herewith shall be null and void.

    2. This contract comes into effect from signing date, any amendment and additional
    clause to these conditions shall be valid only if made in written form and duty confirmed by both
    sides.

    3. This contract is made in 6 English originals, each side keeps 3.

    FOR THE SELLER FOR THE BUYER

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