MOU LEASE LANDS IN ETHIOPIA FOR AGRICULTURE

MEMORANDUM OF UNDERSTANDING (MOU) / AGREEMENT

This Memorandum of understanding (MOU)/Agreement are entered into, by and between:

xxxxxxxxxxxxx P.O.BOX GP xxxxx ACCRA.  Hereinafter referred to as SELLER and represented by Stanley B. Danqauh on the one part.

A N D

Buyer

AND WITNESSES

1.That seller , which is a gold mining company comprising several small scale gold mining cooperative groups and associations in Ghana    is willing , able and ready to enter into a revolving business relationship with buyer for the supply of alluvial gold dust.

2. That buyer is willing able and ready to enter into a revolving business relationship with seller in respect of the marketing of gold on behalf of seller.

3. COMMODITY SPECIFICATION

That seller shall supply buyer 200 kilograms of gold dust per month with deliveries of 100Kgs every other week at the price of $36,000 USD Gross / $35,000 USD Net.

4. SHIPMENT PROCEDURE  

That seller and buyer shall enter into agreement on quantity and price after which seller shall inform PMMC of such an agreement between seller and buyer. Product shall therefore be made available to PMMC for smelting and shipment to buyer’s destination.

5. THE terms of payment

 That after seller and buyer have entered into such agreement buyer is to transfer the corresponding amount relative to agreed price and quantity to  AA. MINERAL REFINERY IN ACCRA account with the Bank xxxxxxx and for onward transfer to the supplying company, to wit, HAMSADIQ ENTERPRISE.  Which are the Beneficiary and which account is as follows?  

Bank : CITI BANK NA, 111 WALL STREET NEW YORK 10005 USA.

SWIFT CODE : CITIUS333

ROUTING NUMBER : 021000089

Acount No: USD 36915149.

FOR THE ACOUNT OF :

FIDELITY BANK LIMITED

RIDGE TOWERS

PMB 43, CANTONMENTS

ACCRA.

SWIFT : FBLIGHAC

BENEFICIARY.

NAME ;

P.O.BOX GP

ACCRA.

ACCOUNT NUMBER :

6. PROCEDURES:

7. NON CIRCUMVENTION AND NON DISCLOSURE CLAUSE

That the parties to this agreement, their mandates, trustees, consultants and intermediaries in this agreement agree not circumvent each other or disclose any information about this agreement to persons that are not parties to this agreement.

8.   TERM OF CONTRACT

That the term of this agreement shall be for one shipment of 100 kilograms after which there shall be rollovers and extensions as specified in clause No 3.

9.   AUTHORITY

That each party to this agreement hereto agrees and declares each has the authority to enter into this agreement.

10. ASSIGNMENT

That this agreement shall be binding upon all parties hereto and their respective personnel, representatives, heirs, assigns and successors provided however that no party may assign it rights under this agreement without the written consent of the other party.

11. MODIFICATIONS

That any modifications of this agreement shall be made in the form of an addendum and is to be executed by all parties as condition precedent to implementation of such modification.

12. ENTIRETY

That this agreement represents the entire contract between the parties, and that no changes, alterations or substitutions shall be permitted unless the same shall be notified in writing and signed by the parties to this agreement, and that whereas both parties agree that the time frame for this agreement is critical to the performance and fulfillment of said agreement reasonable time will be allotted for the performance of the parties obligations as spelled out in the agreement. Time therefore is of essence.

13. AGENTS' COMMISSION

That all agents, mandates, trustees and assigns in respect of this agreement shall be paid their due commissions upon the execution of this agreement and into their provided bank information without delay by both seller and buyer.

This agreement has been made conscientiously knowing  the conditions and statements therein to be true and correct and in consonance with the avowed commitment  of the parties to this agreement to enter into it.

DATED: THIS _________ DAY OF FEBRUARY, 2011.

IN WITNESS, THE PARTIES HERETO HAVE SET THEIR SIGNATURES. 

........................................................................          ……………………………………………….

     SELLER'S    REPRESENTATIVE                         BUYER’S   REPRESENTATIVE

NAME: STANLEY BOATENG DANQUAH                     NAME:

PASSPT NUM: H0910384                                                PASSPT NUM: .

DATE:…………………………. ……………                          DATE:……………………………………