Amendment of Equipment Lease Agreement
[ ] Corporation (hereafter referred to as ‘A’) located at [ ] and [ ] (hereafter referred to as ‘B’) shall make a Construction Contract as follows.
- The following -
Article 1 (Application)
This contract shall generally apply to the basic terms and conditions in the matter of construction contracts including manufacturing, processing and repairs between the original contractor A and the subcontractor B.
Article 2 (Ground Rule)
(1) A and B shall sincerely carry out the contract in good faith in cooperation with each other at arm’s length.
(2) A and B shall comply with ‘Fair Transactions in Subcontracting Act and Related Act and Subordinate Statute’ in terms of fulfilling this contract.
Article 3 (The Object of Lease)
(1) Details such as standards, form, quantity and registration number of the equipment to be leased from B to A (hereafter referred to as ‘rental equipment’) are as the enclosed sheet.
(2) B shall conduct Full Load Test (100% load) before delivery and submit its test report to A.
Article 4 (Service Space and Term of Lease)
(1) A shall use the rental equipment at its workplace and etc. according to its purpose of use, and service space shall be fixed as the enclosed sheet in consultation with B.
(2) The term of lease of the equipment is from 24th day of ( ) to 21st day of ( ) (30 weeks) and the lease fees are ( ) (please refer to the annex #1); however, A may ask B for an extension three days prior to expiration of the term of lease.
(3) In the event that A extends the term of lease, B shall accept it unless there is a convincing reason, and the contract shall be extended with the same terms and conditions unless otherwise agreed.
(4) The contract shall be valid even in the event that the equipment is not available or not installed due to A’s delayed schedule; therefore it shall be paid in compliance with the Section 2 of the Article 5 of the mutual agreement.
(5) This shall succeed the contract with GE STAR, and therefore the referred contents of the existing contract shall also be succeeded by _______S.
Article 5 (Lease Fees)
(1) A shall pay the amount of money as per enclosed sheet herewith to B as lease fees of the rental equipment mentioned at the Article 3 of this contract (hereafter referred to as ‘lease fees’).
(2) In accordance with the Section 4 of the Article 4, A and B shall settle up expense by mutual consent for the loss caused by A’s delayed schedule.
(3) In the event that the rental equipment is used offshore, all the overhead expenses including airfare and labor costs for additional operators shall be settled and paid based on receipts submitted to B by A.
(4) B shall charge the expenses to A along with evidential documents for the term of lease of rental equipment and etc. by the end of each month or by the expiration date; and A shall examine B’s claim and pay for the lease fees according to A’s payment standards unless there is an objection.
(5) In the event that the term of lease is extended under the Section 3 of the Article 4 of the this contract, A and B may renegotiate the lease fees of the rental equipment.
Article 6 (Settlement of Lease Fees)
(1) In the event that A wants to use the rental equipment exceeding the term of lease mentioned at the Section 2 of the Article 4, A shall additionally pay B a seventh of the lease fees per day each.
(2) In the event that it does not complete the contracted term of lease because of breakdown in equipment or B’s intention/negligence, A shall pay B the lease fees after deducting the usage fee during downtimes.
Article 7 (Responsibility of Operation Cost)
(1) B shall cover the domestic freight charge for delivering the equipment to the place mentioned at the Article 4, and A shall support the loading/unloading equipment. B shall bear the shipping charge for evacuation from the same (domestic) place, and B shall pay for installation and dismantlement; however, A shall provide necessary equipment for installation and dismantlement (A shall dismantle cable).
(2) B shall cover the dismantlement and freight charge after using the rental equipment offshore, and the fixed amount of lease fees (please refer to the annex #1) before arrival home shall be paid to B.
Article 8 (Transfer of Rights and Duties, Etc.)
B shall not transfer its rights and duties derived from this contract to a third party unless there is A’s written consent and shall not transfer bonds derived from this contract to a third party nor put it up as collateral.
Article 9 (Compensation for Damage)
(1) In the event that the rental equipment is destroyed, damaged or stolen due to A’s intention or negligence during the term of lease, A shall pay B for damage.
(2) B shall insure the rental equipment against damage in order to cover accidental damage during installation, dismantlement, delivery and operation; and submit a copy of the certificate of insurance to A.
Article 10 (Change and Cancellation of Contract)
(1) A and B shall notify the other party of change or cancellation of this contract fifteen days prior to the fixed date in the event that there are some unavoidable circumstances such as change of process, one party’s violation of duty or failure in duty, etc.
(2) A shall pay B for change/cancellation costs under the Section 1 of this Article.
(3) A and B shall discuss all the matters including withdrawal of the rental equipment together under the Section 1 of this Article.
Article 11 (Non-disclosure Duty)
(1) B shall not give away information and material provided from A or any information and material acquired during fulfillment of this contract to a third party without A’s prior written approval nor use them for anything other than the original purpose; and this Section shall continue in effect even after the end of this contract.
(2) B shall take necessary measures immediately after this contract is signed in order to have B’s operators perform the same non-disclosure duty imposed to B under this Article.
(3) In the event that B violates this Article and damage A, B shall take on all civil and criminal liabilities including compensation for damage.
(4) B shall submit documentary evidence showing that B does not have information and material provided or acquired from this contract in any shape or form to A.
Article 12 (Interpretation of Contract)
Both parties shall discuss matters not specified in this contract and different views on interpretation of the contract; however, they shall obey commercial practices and related regulations if they cannot reach an agreement.
Article 13 (Prohibition of Transfer of Rights and Duties)
Both parties shall not transfer bonds derived from this contract nor put it up as collateral without the other’s prior written approval, and one party’s arbitrary transfer of bonds shall be void.
Article 14 (Agreement Jurisdiction)
Ulsan District Court shall have jurisdiction over troubles related to this contract.
A and B shall make and sign two copies of the contract and keep each one of them in a bid to verify that they enter into this contract with each other.
Feb. 5, ( )
A (Contractor):
Representative Director
Deputy:
B (Subcontractor):
Representative Director
※ Annex 1: Name-Standards, Quantity and Contracted Price of the Rental Equipment
※ Annex 1: Name-Standards, Quantity and Contracted Price of the Rental Equipment
1. The Object of Lease and Contracted Price
A) Name of construction:
B) Name of equipment, standards, form, number and contracted price
No Division Name of Equipment or Item Standards
(Norsok Spec) Supply Condition Q’ty Unit Lease Total Amount
Term of Lease
Weekly
(30 weeks) Unit Price
Weekly
(1 week)
1 Equipment Lease P/S TEMPORARYGENERATOR
1250kVA, 50HZ, 400V 5Set Sys 30
TRANSFORMER 6250kVA, 11kV / 400V, 50Hz 1Set Sys 30
FUEL DAY TANK (Norsok Spec), 28,000Liter 1Set Sys 30
EMERGENCY TEMPORARY GENERATOR
100kVA, 220V 1Set Sys 30
EARTHUNG TX (NGR) 1Set Sys 30
L/S Delivery Cost - - -
2 Accessory (Consumable & Space Part P/S Lease Fees during Delivery - - -
L/S - - 8 \251,437,624
Subtotal (A)
3 Dispatch Expenses P/S Operator (only for additional two ones) 60 DAY -
Travelling Expenses (round trip, for two, Economy Class) 4 Time - \14,400,000
Subtotal (B)
Contracted Price (A+B)
4 \433,300,000 succeeded from GE STAR is included in the above contracted price.
5 OPERATOR
- Working 12 hours a day on condition of 24-hour operation
- Working under the union constitution in Norway
6 ACCESSORIES PACKAGE
- SPAR PART – (MAINTENANCE PART)
- CONSUMABLE
- F & G SYSTEM INSTALLATION
- MODIFICATION (Lifting Frame)
- PREHEAT THE DEVICE SETUP FOR EACH EQUIPMENT
- CABLE & CABLE INSTALL
- SAFETY EDUCATION FOR OFFSHORE CONSTRUCTION
C) Costs of construction shall be settled and paid at the end of each month.
D) Dispatch expenses shall be settled and adjusted afterward.
E) 34,111,703 KRW/Week shall be applied for extended terms after ( ). (\31,429,703+\2,681,667 (Consumable & S/P))
F) Mob/Demob expenses shall be settled on the basis for 4 people.
G) \1,000,000 KRW/Man-Day in Norway shall be paid for additional two people offshore.
H) Term of lease is from the date when it is withdrawn from Norwegian Sea to the date when it is landed on Norwegian soil (Polar Base).
I) If they will travel to Korea during back to back, the Economy class by air freight will be applicable between Norway and Korea.
J) A shall pay B for BOSIET Training and Medical Test costs for operators offshore.
2. Service Space and Term Etc.
A) Service space:
B) Term of lease may be changed according to the detailed plan afterward.
C) Contracted price may be increased or decreased according to the term of lease.
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