3. Delivery date: before May 1, 2023;
4. Party B fully understands the property rights division restrictions, investment requirements and capacity requirements of the project, and both parties agree to jointly facilitate the success of target property transfer.
VI. Appointments on appearance, structure and component of the target property:
The delivery standards should meet the requirements in accordance with “ Cooperation Development Agreement Of Innovative Industrial Land Project In Hangzhou Shuangqiao (Yungu) unit xh0205-22 Plot “ , and other unagreed matters shall be subject to the signed “Property Sales Contract”.
VII. Liability for contract breach
1. If Party B fails to make the payment as agreed herein without justified reasons, it shall pay Party A a penalty equal to 0.5% of the unpaid amount for each day delayed.
2. If Party A fails to deliver the property as agreed herein without justified reasons, it shall pay Party B a penalty equal to 0.5% of the amount paid by Party B for each day delayed.
3. The breaching party shall also bear all the non-breaching party’s expenses for realizing the obligatory right, including but not limited to counsel fee, legal fare, preservation fee, notary expense, transportation expense and accommodation expense.
VIII. Termination of the Contract
1. If Party B fails to make timely payment as agreed herein for more than 180 days without justifiable reasons, Party B shall bear the liability for breach of contract for such overdue payment, and Party A shall have the right to terminate this Agreement with the rights to sell the target property to the third party and require Party B to bear the liquidated damages of RMB 20million. Party A shall refund the remaining amount after deducting the liquidated damages to Party B within 10 days upon the termination of this Agreement.
2. If Party A fails to deliver the property according to the time limit agreed herein for more than 180 days without justifiable reasons, Party A shall bear the liability for breach of contract. Party B shall have the right to terminate this Agreement and require Party A to bear the liquidated damages of RMB 20million. If Party B terminates this Agreement, Party A shall return all the payment already made and pay full liquidated damages to Party B within 10 days upon receipt of the termination notice from Party B.
IX. Notification and contact:
1. Notify each party of this agreement at any time when a notice including but not limited to all written documents, the relevant legal documents ,which are required being delivered in the form of EMS express or email, should be sent to the following addresses as below:
2. Party A’s address is: Room 1005, Tianyi Building, No. 829 Gudun Road, Sandun Town, Xihu District, Hangzhou
Contact person: *****************
E-mail: *****************
3. Party B’s address is: Room 1201, NO.1 Building, Zheshang Wealth Center, Xihu District, Hangzhou
Contact person: *****************
E-mail: *****************
TEL: *****************