|English to Chinese: contract |
General field: Law/Patents
Detailed field: Law: Contract(s)
|Source text - English|
|Translation - Chinese|
In order to definite the two parties’ rights and obligations, the two parties hereby sign this contract with their consent.
1. Party A and Party B make an investment and operation jointly on Tingzi Old-age Nursing Home transferred by WU Xiaoyan. The location is in No.1, Tinghong Road, Jiangnan District, Nanning.
2. The total investment fund is RMB EIGHTY THOUSAND Yuan. The investment from Party A is RMB FIFTY THOUSAND Yuan and the investment from Party B is RMB THIRTY THOUSAND Yuan. The investment fund of RMB THIRTY THOUSAND Yuan from Party B was collected in cash in full by Party A on September 24, 2005.
3. Party A shall take responsibility for the daily management of Tingzi Old-age Nursing Home. If needed, Party A should go through the related certificates and pay the cost. Party B will make irregular inspections and inquires on the operation of the business. Party B should make a proper operation in order to guarantee that the business develops further. If Party B finds out some problems existing and makes the rationalization proposals, Party A should correct them in time.
4. Distribution of profits: Party A should pay to Party B RMB900 Yuan in cash as the profit of each month and the profits left shall be owned by Party A. If Party A doesn’t pay the said profit to Party B on time, Party A breaches the contract and should pay 20% of the amount of the due in the right month as breach fee.
5. If Party A doesn’t accept the rationalization proposals made by Party B, any loss made from it should be borne by Party A. If it causes any loss to Party B, Party B has the right to require Party A to compensate the loss.
6. The operation term: The operation term is temporarily five years from September 25, 2005 to September 24, 2010. If the national policy, laws and the legal behaviors of the government or other reasons that can’t be foreseen or can’t be treated make the partnership project not be run continuously, this agreement can be terminated in advance or be relieved. When this agreement is terminated or relieved, Party A should return Party B’s investment fund.
7. The distribution of profits and the amount of fund stipulated in Item Four should be discussed by both parties once two years according to the changes of the commodity prices.
8. Anything not covered in this agreement will be discussed by both parties in other ways.
9. This agreement is made in duplicate and the two parties shall retain one respectively. It shall come into effect from the day of signature.