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上市公司章程指引2006英文

上市公司章程指引2006英文
上市公司章程指引2006英文

The First Complete English Version of the 2006 CSRC Guidelines for Articles of

Association of Chinese Listed Companies - Part I: General Provisions

by

K L Alex Lau, PhD, Hong Kong Baptist University

Abstract

This is the first attempt to translate the latest version of the Guidelines into English. All Chinese Listed companies must comply with them. This paper contains approximately the first one third of the Guidelines. It will appear in Volume 19 Issue 3 of the International Company and Commercial Law Review in the spring of 2008. The rest will appear in Volume 19 Issues 4 and 5 of the ICCLR.

2006年中國証監會?上市公司章程指引?的首次英文翻譯本──

第一部份:總則

劉冠倫

香港浸會大學

摘要

本文為首次以英文記載上述<指引>的全文,所有中國上市公司必須遵守<指引>所有內容。本文包含<指引>的首三份之一部份,並將於2008年春季的英國學刋International Company and Commercial Law Revion/ volume 19 Issue 3 中刊出,其餘兩部份將於ICCLR volume 19 Issue 4 & 5刊出。

The First Complete English Version of the 2006 CSRC Guidelines for Articles of

Association of Chinese Listed Companies - Part I: General Provisions1

On 16 March 2006 the China Securities Regulatory Commission (CSRC) announced a new set of Guidelines for the Articles of Association of Listed Companies (the Guidelines). The CSRC is the Chinese (PRC) equivalent of the United Kingdom Listing Authorities. The Guidelines is an amendment of the original 1997 version. Although they are called Guidelines, their contents are actually compulsory. Every PRC listed company must comply with all its requirements before they can qualify for and maintain their listed status. Since its promulgation, the writer of this paper was not able to locate an English version of the Guidelines, at leading law book vendors in all the major PRC cities.2 This paper represents the first effort to translate the whole Guidelines into English. They are preceded by the writer’s brief comments. The translated Guidelines appear in the Appendix section. Because of space limitations, this paper will cover approximately the first one third of the Guidelines. This includes Chapters One, Two and Three, comprising the general provisions, operational objectives, scopes and shares, plus the first part of Chapter Four on shareholders’ meetings. It will appear in the International Company and Commercial Law Review [2008] Issue 3 at pages 97 to 105. The other two thirds will appear in the next two issues of this journal. The English translation uses a

‘straightforward method’. The writer has not made any grammatical changes so as to

1 by K L Alex Lau, PhD, Associate Professor, Hong Kong Baptist University (alexlau@https://www.wendangku.net/doc/3a3068642.html,.hk)

2 in Beijing, Shanghai, Nanjing, Guangzhou and Shenzhen

show some of the anomalies in the wording. The Chinese version of the Guidelines can be found at https://www.wendangku.net/doc/3a3068642.html,.

Comments

The first problem can be found in the Notice to Issue the Guidelines. Paragraph 4 talks about the ‘compulsory’ provisions in the articles of association. But there are no such provisions specified as such in the Guidelines. So what is CSRC referring to? Second, the legal representative can either be the chairman of the board of directors or the manager.3 But the Company Law4 provides that these two posts, as well as the executive director, can be the legal representative. In other words, in PRC listed companies, the choice of the legal representative is narrower. Why? A legal representative is a person who can single-handedly represent his company. Common law companies have no such person. Third, object clauses must still be registered5 (at the State Administration of Industry of Commerce-the PRC equivalent of the Companies Registry). The ultra vires rule still applies in the PRC.

Fourth, shareholders can inspect decisions of board of directors.6 Shareholders are much more powerful than directors in PRC companies. However, there is no built-in safety features to ensure that shareholders will not leak out sensitive decisions of the board to outsiders. Fifth, a 1% shareholder has the right to start litigation if a senior officer breaks

3 Article 8

4 Article 13. The Company Law is the main Chinese national statute on limited companies.

5 Article 13

6 Article 32

the law and no one is doing anything.7 The key words are ‘in an emergency such that the

company will suffer an irreparable loss if litigation is not started at once.’ Is this a sound

way to draft? Is it very difficult to prove? Does it create more problems than trying to do

justice? Finally, a legal opinion is required to certify the legality of the procedure and

contents every shareholders’ meeting.8 Such meetings could therefore be quite expensive.

The first one third of the Guidelines is presented below.

Appendix

The China Securities Regulatory Commission

https://www.wendangku.net/doc/3a3068642.html,

Notice Concerning the Issuance of the Guidelines of Articles of Association for

Listed Companies (2006 Amendments)

CSRC [2006] No. 38

To all listed companies:

In order to improve the regulation and operation of listed companies, in accordance with

the Company Law and Securities Law of the People’s Republic of China, the China

Securities Regulatory Commission prepared the Guidelines of Articles of Association for

7 Article 35, paragraph 2

8 Article 45

Listed Companies (2006 Amendments)(hereinafter called the Guidelines), which is issued herewith. Please comply and execute.

The contents of the Guidelines are made up of the regular provisions and interpretation provisions. Within the regular provisions, companies can insert provisions according to actual circumstances into the brackets provided.

A listed company may issue only domestic capital shares (A shares), domestic listed foreign capital shares (

B shares), or both. Such company should refer to the explanation in the interpretation provisions of the Guidelines, as well as the regulations and requirements in the regular provisions, and provide in its articles of association the contents of the Guidelines.

The Guidelines set down the basic contents of the articles of association of a listed company. A listed company can, according to practical circumstances, increase the contents of its articles of association to include provisions outside the Guidelines to suit its actual requirements, so long as the law and regulation is not contravened. It can also modify or change the wording and order of contents in the Guidelines. If a listed company increases or changes the compulsory Guidelines provisions, according to its needs, it should make a special note in the public announcement by the board of directors of the resolution to amend its articles of association.

The Guidelines will take effect on the day of its issuance. At the same time, the Notice Concerning the Issuance of the Guidelines of Articles of Association for Listed Companies, issued by CSRC in 1997 (CSRC [1997] No. 16), is hereby repealed. A listed company should make relevant amendments to its articles of association in its first shareholders’ meeting after the issuance of this Notice.

A company which issues its shares publicly for the first time has to submit application materials to the CSRC. Its draft or finalised articles of association should be drafted or amended according to the requirements in the Guidelines and this Notice.

A listed company which issues foreign listed shares, or issues both domestic shares and foreign listed shares, should continue to enforce the requirements in the Compulsory Provisions in Articles of Association for Overseas Listed Companies. At the same time, it should amend its articles of association in accordance with the Guidelines.

16 March 2006 Guidelines to Articles of Association of Listed Companies

(2006 Amendments)

Contents

Chapter 1 General Provisions

Chapter 2 Operational Objectives and Scope

Chapter 3 Shares

Section 1 – Issuing of Shares

Section 2 – Increase, Decrease and Buy-back of shares

Section 3 – Transfer of Shares

Chapter 4 Shareholders and Shareholders’ Meeting

Section 1 – Shareholders

Section 2 – Usual Regulations of Shareholders’ Meeting

Section 3 – Convening of Shareholders’ Meeting

Section 4 – Proposing Resolutions and Notices of Shareholders’ Meeting Section 5 – Holding of Shareholders’ Meeting

Section 6 – Voting and Resolutions at Shareholders’ Meeting

Chapter 5 Board of Directors

Section 1 – Directors

Section 2 – Board of Directors

Chapter 6 Managers and Other Senior Management Personnel

Chapter 7 Supervisory Board

Section 1 – Supervisors

Section 2 – Supervisory Board

Chapter 8 Financial Accounting System, Distribution of Profits and Auditing

Section 1 – Financial Accounting System

Section 2 – Internal Audit

Section 3 – Hiring of Accounting Firms

Chapter 9 Notices and Public Announcements

Section 1 – Notices

Section 2 – Public Announcements

Chapter 10 Merger, Division, Increase of Capital, Decrease of Capital, Winding Up and Liquidation

Section 1 – Merger, Division, Increase and Decrease of Capital

Section 2 – Winding Up and Liquidation

Chapter 11 Amendment of Articles of Association

Chapter 12 Supplementary Provisions

Chapter 1 – General Provisions

Article 1

In order to protect the legal rights of companies, shareholders and creditors, regulate the organisation and behaviour of companies, this Article of Association is established according to the Company Law of the People’s Republic of China (PRC), PRC Securities Law and other relevant regulations.

Article 2

A company is a joint stock company (JSC) established according to (name of regulation) and other relevant regulations (hereinafter called ‘the company’).

The company was established according to (method of Association), registered at the (location of company registration organisation) of the State Administration of Industry and Commerce, and obtained its Business Licence (number).

Note: according to legal requirements, an incorporated company should specify the approval organisation and document.

Article 3

The company was approved by (name of organisation) on (date), first issued publicly (number of) ordinary shares of RMB (amount), and was listed on (name of stock exchange) on (date).

Note: companies which do not issue (or plan to issue) domestic foreign capital listed shares, need not explain the contents of domestic foreign capital listed shares. The same applies below

Article 4

Registered name of the company is: (full name in Chinese) (full name in English)

Article 5

Residence of the company is at (full address and post code)

Article 6

Registered capital RMB (amount)

Note: if the company increases or decreases its registered capital, resulting in a change in its total registered capital, the company can, after passing a resolution to increase or decrease its registered capital at a shareholders’ meeting, pass a resolution to amend the company’s articles of association, and explain the registration procedure to amend the registered capital by authorising its board of directors to handle the logistics.

Article 7

The operational period of the company shall be (number of years) or the company shall be a perpetual JSC.

Article 8

(The chairman of the board of directors or the manager) shall be the company’s legal representative.

Article 9

All the company’s assets are divided into equal shares. Each shareholder is responsible to the company up to his subscribed shares. The company is responsible for its debts up to its total assets.

Article 10

From the effective date, this Articles of Association shall become the legally binding document which regulates the company’s organisation and behaviour, the rights and liabilities between the company and shareholders, and amongst the shareholders. According to these Articles, shareholders can sue other shareholders, shareholders can sue the company directors, supervisors, managers, and other senior management personnel. Shareholders can sue the company. The company can sue the shareholders, directors, supervisors, managers, and other senior management personnel.

Article 11

In these Articles, the senior management personnel means the assistant manager, the secretary to the board of directors, and the financial controller of the company.

Note: the company can, according to actual circumstances, specify the senior management personnel of the company in the articles.

Chapter 2 – Operational Objectives and Scope

Article 12

The operational objectives of the companies are ( ).

Article 13

Having been legally registered, the scope of operation of the company is ( ).

Note: those operational scopes of the company which require approval, according to law and administrative regulations, should be approved accordingly.

Chapter 3 – Shares

Section 1 – Issuing of Shares

Article 14

The company shares shall be in the form of share certificates.

Article 15

Issuing of company shares shall adopt an open, fair, and just principle. Shares of the same type shall have equal rights.

During the issuance of the same type of shares, each share shall have the same conditions of issuance and price. Any such share subscribed by any unit or individual should charge the same price.

Article 16

Shares certificates issued by the company are denominated in RMB.

Article 17

Shares issued by the company are centrally stored at (name of securities registration organisation).

Article 18

The sponsors of the company are (names of sponsors). Their respectively subscribed shares are (serial numbers). Their method and time of subscription are (actual method and time).

Note: a company established for one year or more, in which a sponsor has already transferred his shares, need not complete the serial number of shares held by that sponsor.

Article 19

The total number of shares of the company is (number). The share structure of the company is: ordinary shares (total number), and other types of shares (total number).

Note: if the company issues other types of shares, this should be explained.

Article 20

The company or its subsidiary (including the company’s subsidiary enterprises) cannot use methods such as giving, paying for, guaranteeing , compensating or lending, in order to provide any assistance to anyone subscribing or intending to subscribe the company’s shares.

Section 2 – Increase, Decrease and Buy-back of Shares

Article 21

According to operational and development needs, the company can, according to law and regulations and having been resolved at shareholders’ meetings, adopt the following methods to increase its capital:

(1)Publicly issue shares

(2)Non-publicly issue shares

(3)Give bonus shares to existing shareholders

(4)Use central reserve

(5)Other methods prescribed by law and regulations or approved by the CSRC.

Note: A company which issues convertible bonds should also set out detailed requirements in the articles of association concerning the issuance, transfer and other arrangements of convertible bonds and changes to the company shares resulting from such transfer.

Article 22

The company can decrease its capital. If the company wishes to decrease its capital, it should proceed according to the requirements of the Company Law, other related regulations and these Articles.

Article 23

In the following circumstances, the company can buy back shares of the company according to the law, administrative regulations, departmental regulations and these Articles:

(1)To decrease the company’s registered capital,

(2)To merge with another company which hold shares of the company,

(3)As a token of reward, to give shares to staff of the company,

(4)Because a shareholder opposes the company’s merger or division during the

shareholders’ meeting, he requests the company to buy back his shares.

Except the above circumstances, the company cannot buy or sell its own shares.

Article 24

A company buying back its own shares can choose one of the following methods:

(1)Centralised price competition and trading at securities exchanges

(2)Offer

(3)Other recognised methods by the CSRC

Article 25

If the company, because of Article 23 (1) to (3), buys back company shares, this should be approved by the shareholder’s meeting. If the company buys back its shares according to Article 23 (1), it should cancel the shares within 10 days of buying back. Under Article 23 (2) or (4), the shares should be transferred or cancelled within 6 months.

If the company buys back its shares according Article 23 (3), the shares bought back shall not exceed 5% of the total issued shares of the company. The funds used for

the buy back should come from the company’s after-tax profits. Shares bought back should be transferred to the staff within one year.

Section 3 – Share Transfer

Article 26

The company’s shares can be legally transferred.

Article 27

The company shall not accept its shares as security.

Article 28

If a sponsor holds shares of the company, he cannot transfer those shares within one year of incorporation of the company.

The company directors, supervisors, and senior management personnel should declare to the company the shares held by them and any changes to those shares. When they are holding these posts, they cannot transfer more than 25% of the total shares held by them in the company per year. The shares held cannot be transferred within one year of the company securing listed status. After the above personnel leave their posts, they cannot transfer the shares held in the company within six months.

Note: if the company’s articles have other restrictions concerning the transfer of company shares held by directors, supervisors, or senior management personnel, this should be explained.

Article 29

If a company director, supervisor, senior management personnel, or shareholder holding 5% or more of shares in the company, sells shares in the company within 6 months of buying those shares, or buying those shares within 6 months of selling, all the resulting profits should belong to the company. Those profits shall be collected by the board of directors. But if a securities company undertakes unsold shares, thereby holding more than 5% of the shares, the sale of these shares shall not be subject to the said 6 month restriction.

If a board of directors does not comply with the foregoing paragraph, the shareholders can request the board to do so within 30 days. If the board does not comply within the said period, the shareholders are authorised to start litigation in the People’s Court in their own names for the interest of the company.

If a board of directors does not comply with the first paragraph, responsible directors are jointly and severally responsible.

Chapter 4 – Shareholders and Shareholders’ Meeting

Section 1 - shareholders

Article 30

The company should establish a register of shareholders in accordance with evidence from the securities registration organisation. The register of shareholders is conclusive evidence of shareholders holding company shares. Shareholders enjoy rights and have responsibilities according to the type of shares held. Holding the same type of shares enjoys the same rights and bears the same liabilities.

Note: the company should enter into a safe custody agreement with the securities registration organisation. It should periodically investigate the information and change in the shareholding of major shareholders (including the raising of capital), and update itself on the share structure of the company.

Article 31

When the company convenes a shareholder’s meeting, distribute dividends, commence liquidation or participate in other activities requiring the identification of shareholders, the convener of the board of directors’ or shareholders’ meeting should decide the day for confirming the shareholders. The shareholders who appear on the register of shareholders, after the closing of trading on the day of confirmation of shareholder, enjoy the relevant rights.

Article 32

The company’s shareholders enjoy the following rights:

(1)Receive dividends and other forms of distribution of benefits according to the

shares held,

(2)According to the law, request, convene, hold, participate or send proxy to attend

shareholders’ meeting and to exercise corresponding voting rights,

(3)To monitor, make suggestions or question the company’s operation,

(4)According to the law, administrative regulations and these articles transfer, give,

or provide securities using the shares held,

(5)Inspect these articles, the register of shareholders, company bond stubs, minutes

of shareholders’ meeting, board of directors’ decisions, supervisory boards’

decision and financial accounting reports,

(6)When the company terminates or liquidates, receive its share of remaining

company assets according to the shares held,

(7)If a shareholder opposes the merger or division of the company during a

shareholders’ meeting, he can request the company to buy back his shares,

(8)Other rights provided by the law, administrative regulations, departmental

regulations and these Articles.

Article 33

When a shareholder presents a request to inspect the information under the preceding Articles, he should present proof of the type and number of shareholding in writing. The company should comply with the shareholder’s request after verifying his identity.

Article 34

If a decision of the company’s meeting of shareholders or board of directors contravenes the law or administrative regulation, the shareholders can request the People’s Court to void the decision.

If the convening procedure or voting method of a shareholders’ meeting or board of director’s meeting contravenes the law, administrative regulation or these Articles, or

if the contents of the decision contravenes these Articles, the shareholders can request the People’s Court to cancel the decision, within 60 days of the decision.

Article 35

If a director or a senior management personnel contravenes the law, administrative regulation, or these Articles when carrying out his duties in the company, resulting in losses to the company, shareholders individually or together holding 1% or more of shares for 180 days continuously, can request the supervisory board in writing to start litigation in the People’s Court. If a supervisory board contravenes the law, administrative regulations or these Articles when carrying out its duties in the company, resulting in losses to the company, the shareholders can request the board of directors in writing to start litigation at the People’s Court.

If the supervisory board or board of directors refuses to start litigation after receiving the shareholder’s written request under the preceding paragraph, or does not start litigation within 30 days of receiving the request, or the situation is so urgent that without an immediate litigation will lead to irreparable losses suffered by the company, the shareholder under the previous paragraph can litigation directly at the People’s Court under his own name, for the interest of the company

If any person intervenes with the legal interests of the company, resulting in losses suffered by the company, a shareholder under the first paragraph can start litigation at the People’s Court in accordance with the two preceding paragraphs.

Article 36

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的定义见附录甲。 2. [合同操作及有关权利义务条款] A. 先决条件 [根据实际情况,列出合同生效或一方履行某项义务的先决条件] B. 陈述及担保 B.1 标准陈述及担保条款 双方分别向另一方陈述并担保,于本合同签订日[以及生效日]: (a) 根据其组建或成立地的法律,该方为独立法人、依法定程序设立、有效存在,且相 关手续完备; (b) 该方有全权订立本合同以及履行本合同项下义务; (c) 该方已授予其授权代表签署本合同的权力,从生效日开始,本合同的条款对其具有 法律约束力; (d) 该方签署本合同以及履行本合同项下义务:(i)不会违反其营业执照、成立协议、 章程或类似组织文件的任何规定;(ii)不会违反任何相关法律或任何政府授权或 批准;并且(iii)不会违反其作为当事人一方(或受之约束)的其他任何合同,也 不会导致其在该合同项下违约; (e) 不存在将影响该方履行本合同项下义务的能力的、已经发生且尚未了结的诉讼、仲 裁或其他司法或行政程序,而且据其所知无人威胁将采取上述行动;并且 (f) 该方已经向另一方披露任何政府机构颁发的可能对其全面履行其在本合同项下义务 的能力造成重大不利影响的所有文件,并且该方此前提供给另一方的文件中没有对 任何重要事实的不实陈述或者遗漏。 B.2 陈述及担保不实的后果 如果在本合同签订日[或生效日],一方上述陈述与担保的任何一项与实际情况有实质性不 符,则构成该方重大违约。 C. 合同期限 C.1 初始合同期限 本合同初始期限为[·]年,于生效日开始,但可根据第C.2 续展和第D.1(b)和(c)条终 止。 C.2 合同期限的续展 [ 从下面中选择一种] 选择(1):自动终止 [本合同于合同期满日自动终止,除非双方授权代表在合同期满日之前至少[六十(60)]天 签署书面协议续展本合同期限。]

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学术英语管理U n i t课 文翻译 HEN system office room 【HEN16H-HENS2AHENS8Q8-HENH1688】

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The Seller: _______________________ 地址:___________ ____________ Address: _____________________ 电话(Tel):_ _______________ 传真(Fax): ______________________ 电子邮箱(E-mail): ____________________________________________ 买卖双方同意按照下列条款签订本合同: The Seller and the Buyer agree to conclude this Contract subject to the terms and conditions stated below: 1. 货物名称、规格和质量( Name, Specifications and Quality of Commodity ) 2. 数量( Quantity ) 允许_______ 的溢短装( _______ % more or less allowed )

英语广告词大全

英语广告词大全 man always remember love because of romantic only!(marlboro)男人只记住浪漫的爱情!(万宝路) nothing can come of nothing .(莎士比亚) 物有其本,事有其源。 one world, one dream.(北京奥运会) 同一个世界,同一个梦想. take time to indulge.尽情享受吧!(雀巢) time is what you make of it.(swatch) 天长地久。(斯沃奇手表) make yourself heard.(ericsson) 理解就是沟通。(爱立信) engineered to move the human spirit.(mercedes-benz) 人类精神的动力。(梅塞德斯-奔驰) intelligence everywhere. 智慧演绎,无处不在。(摩托罗拉手机) fresh-up with seven-up.(seven-up) 提神醒脑,喝七喜。

connecting people.(nokia) 科技以人为本。(诺基亚) for the road ahead.(honda) 康庄大道。 the relentless pursuit of perfection.(lexus) 追求完美永无止境。(凌志汽车) communication unlimited.(motorola) 沟通无极限。(摩托罗拉) focus on life.(olympus) 瞄准生活。(奥林巴斯) the new digital era. 数码新时代。 seeing is not believing (hollywood) 视觉创新影(好莱坞) a diamond is forever. 钻石恒久远,一颗永流传. english means science, english means peace.(english)英语意味着科技, 英语意味着和谐。 the relentless pursuit of perfection.不懈追求完美。(凌志轿车) it`s not enough that we do our best, we have to do what`s required. 人尽其力,力尽其能。(荣威轿车)

进口合同中英文对照

CONTRACT 合同号Contract 日期Date: 地点:Place: 卖方:The Seller: 地址:Address: TEL: FAX: 买方:The Buyer: 地址:Address: TEL: FAX: 本合同由买卖双方缔结,按照下述条款,卖方同意售出,买方同意购进以下商品: The Seller agrees to sell and the Buyer agrees to buy the under mentioned goods subject to terms and conditions set forth hereinafter as follows: 1.商品名称及规格NAME OF COMMODITY AND SPECIFICATION: 2.数量QUANTITY: 3.单价(包装费包括在内)UNIT PRICE (PACKING CHARGES INCLUDE): 4.总值: TOTAL VALUE: USD 5.包装(适于海洋运输)PACKING (SEAWORTHY):

6.生产国别及制造商COUNTRY OF ORIGIN & MANUFACTURE: 7.装运时间:TIME OF SHIPMENT: 8.装运口岸:PORT OF LOADING: 9.目的口岸:PORT OF DESTINATION: 10.装运唛头:SHIPPING MARKS 11.付款条件:Terms of Payment A. 买方于装运时间前天通过银行开出以卖方为受益人的不可撤销的信用证,卖方在装船启运后凭本合同条款12所列单据在开证银行已付货款。信用证有效期为装船后15天截止。 A. days prior to the time shipment, the Buyer shall open with the Bank of , an irrevocable Letter of Credit in favour of the Seller payable at the issuing Bank against presentation of the shipping documents as stipulated under Clause 12 of this Contract after departure of the carrying vessel. The said Letter of Credit shall remain in force till the 15th days after shipment. B. L/C AT SIGHT 见票即付信用证(或者根据实际情况改为TT) 12.装运单据Shipping Documents: DETAILED IN THE L/C 按信用证所列 13.延期交货及罚款:除不可抗拒原因外,如卖方不能如期交货,买方有权撤销或解除该订单,或经买方同意在卖方缴纳罚款的条件下延期交货。买方可同意给予卖方天优惠期。每迟延一天卖方需向买方支付订单总价款%的违约金。罚款自第天起计算。 Delayed Delivery and Penalty: Should the Sellers fail to effect delivery on time as stipulated in this Order owing to causes other than Force Majeure as provided for in Clause 11 of this Order, the Buyers shall have the right to cancel or terminate the order .The Sellers may, with the Buyers’consent, postpone delivery on payment of penalty to the Buyers. The Buyers may agree to grant the Sellers a grace period of days. Delay each day, the Seller need to pay % of the price (the compensation)to the Buyer. Penalty shall be calculated from the 16th day. 13、仲裁:凡因本合同引起的或与本合同有关的任何争议,均应提交中国国际经济贸易仲裁委员会天津国际经济金融仲裁中心,按照申请仲裁时该会现行有效的仲裁规则进行仲裁。仲裁裁决是终局的,对双方均有约束力。 Arbitration: Any dispute arising from or in connection with this CONTRACT shall be submitted to CIETAC Tianjin International Economic and Financial Arbitration Center for arbitration which shall be conducted in accordance with the Commission’s arbitration rules in effect at the time of applying for arbitration. The arbitral awards is final and binding upon all parties 。 14. 商检条款INSPECTION:

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