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Business Cooperation Agreement - Economic Observer Press Office, Guangzhou Jingshi Culture Intermediary Co. Ltd., Beijing Jingguan Xincheng Advertising Co. Ltd., and Beijing Jingshi Jingguan Advertising Co. Ltd.

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                                                                     Translation

                                                                  Execution Copy

               REVISED AND RESTATED BUSINESS COOPERATION AGREEMENT

                                      AMONG

                         ECONOMIC OBSERVER PRESS OFFICE,

                 GUANGZHOU JINGSHI CULTURE INTERMEDIARY CO. LTD,

                 BEIJING JINGGUAN XINCHENG ADVERTISING CO. LTD,

                                       AND

                  BEIJING JINGSHI JINGGUAN ADVERTISING CO. LTD

<PAGE>

                                 NOVEMBER, 2006

                                TABLE OF CONTENTS


         
Article 1   Definitions
Article 2   Joint Venture Corporation
Article 3   Business Cooperation
Article 4   Other Cooperation
Article 5   Confidentiality
Article 6   Effectiveness, Changes, and Termination of the Agreement
Article 7   Applicable Laws and Resolution of Disputes
Article 8   Notice
Article 9   Other Issues


<PAGE>

                         BUSINESS COOPERATION AGREEMENT

     This business cooperation agreement (hereafter as "this agreement") was
signed on November 6, 2006 in Beijing, People's Republic of China (hereafter as
"PRC") by the following parties:

PARTY A: Economic Observer Press Office (hereafter as "EOPO"),

PARTY B: Guangzhou Jingshi Culture Intermediary Co. Ltd (hereafter as "Jingshi
Culture"),

PARTY C: Beijing Jingguan Xincheng Advertising Co. Ltd (hereafter as "JGXC"),
and

PARTY D: Beijing Jingshi Jingguan Advertising Co. Ltd (hereafter as
"Jingshi Jingguan" or the "Joint Venture Corporation").

Whereas:

1.   The EOPO is a publishing institution that is established according to the
     PRC laws and that is effectively surviving; it holds a "business license
     for publications", and administers and operates the Economic Observer
     Newspaper (see below for definitions), and is a lawful institutional
     business unit registered with the Registration Administration of Shandong
     Province for Institutional Units;

2.   Jingshi Culture is a legally existing corporation with limited liabilities,
     incorporated according to the PRC laws, and is engaged in businesses for
     cultural promulgation and event promotion;

3.   JGXC is a legally existing corporation with limited liabilities,
     incorporated according to the PRC laws, and pursuant to the terms in the
     "Amended and Restated Agreement on Business Cooperation" signed on November
     6, 2006 by the two parties of JGXC and the EOPO with Shangdong Sanlian
     Group Co. Ltd and Shandong Economic Observing Newspaper Co. Ltd, JGXC has
     acquired from the EOPO a sole exclusive advertising agency and has the
     right to make its own decisions on transfer, render, authorization, and
     permit of the agency to a third party; further JGXC has acquired
     authorization from the EOPO to use EOPO's intellectual properties.

4.   Jingshi Jingguan is a legally existing corporation with limited
     liabilities, incorporated according to the PRC laws, and is a joint venture
     corporation from Jingshi Culture and JGXC.

5.   It is the wish of the parties to sign this agreement on relevant issues of
     cooperation activities in order to define the terms and conditions for the
     cooperation.


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6.   The parties signed the "agreement on business cooperation" ("the original
     agreement") on May 10, 2006.

Therefore, the parties, after friendly consultation and pursuant to the
stipulations in the PRC laws, have all agreed to make the following amendments
and restatements to the original agreement and implement what is in the amended
and restated agreement.

                              ARTICLE 1 DEFINITIONS

     Except where it is stipulated otherwise in this agreement or where there
are other requirements in the context, the following terms shall have meanings
as follows:

1.1  Certification of BPA international distribution volume: meaning the set of
     audit certification system with certain lawfully binding authority over the
     distribution volume provided to the media clients by BPA Worldwide (an
     international organization engaged in audit business of media's
     distribution volume).

1.2  The Preparatory Committee: see Article 2 in this agreement for definitions.

1.3  The Joint Venture Corporation: meaning the corporation with limited
     liabilities, already set up from JGXC and Jingshi Culture, pursuant to
     Article 2 of this agreement.

1.4  The parties: meaning the 4 parties including EOPO, Jingshi Culture, JGXC,
     and Jingshi Jingguan.

1.5  Financial institutions: meaning Chinese or foreign commercial banks, city
     credit unions, rural credit unions, investment trust corporations,
     financial corporations, financial leasing corporations, insurance
     corporations, investment banks, insurance corporations, foundations
     corporations, securities corporations, investment consultancy corporations,
     investment management service providers, foreign exchange corporations, and
     other financial institutions established inside and outside China,
     including institutions engaged in subordinate and derivative services in
     the financial industry such as financial training, financial public
     relations, and financial consultancy and advisory.

1.6  The EOPO: meaning the newspaper with its current name as the "Economic
     Observer Newspaper" and its predecessor, successor or replacement from
     changing its name or version, and its publications on finance and economy
     that come out from time to time in any format and any or all of the
     annexes, supplements, extra editions, and derivative publications, whether
     in printed texts, electronic forms or any other forms, or published or
     printed in any media carrier.

1.7  Lifestyle special issue: meaning the monthly special publication called
     "Lifestyle" that is inserted with the Economic Observer Newspaper.


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1.8  Financial advertising business: meaning the advertising business entrusted
     by any financial institutions and their agents or trustees, which is
     released on the Economic Observer Newspaper or which is related to the
     Economic Observer Newspaper.

1.9  "Money Journal" magazine: meaning the nationwide monthly publication with
     its domestic publication code as CN64-1024/G, whether it is in a printed
     format, on a website and/or in any other format of display and publication.

1.10 Promotion activities: meaning the various events and activities conducted
     to promote the Economic Observer or to promote the use of brands of the
     Economic Observer. The forms include but are not limited to distribution of
     flyers, salons, seminars, forums, exhibitions, advertisement publicity, and
     large scale theme events.

1.11 Promotion Special Issue: meaning the magazines stipulated under Article 3.2
     in the agreement.

1.12 A party: meaning any party of the EOPO or Jingshi Culture or JGXC or
     Jingshi Jingguan.

1.13 PRC: meaning the People's Republic of China, and for the purpose of this
     agreement, not including the Special Administrative Region of Hong Kong,
     the Special Administrative Region of Macau, or the region of Taiwan.

1.14 The PRC laws: meaning any law, act, regulation and regulatory documents
     publicly announced by the PRC governments (including the central and local
     governments), and the amendments, additions, and interpretations made at
     any time with respect to these laws.

                       ARTICLE 2 JOINT VENTURE CORPORATION

2.1  Jingshi Culture and JGXC, pursuant to the terms in Article 2 in the
     original agreement, have already jointly set up a corporation with limited
     liabilities ("Joint Venture Corporation") in the city of Beijing, PRC,
     i.e.: Jingshi Jingguan, with a registered capital of RMB Yuan 6,000,000, of
     which 3,000,000 (which is 50% of the registered capital of the Joint
     Venture Corporation) is an investment from JGXC, and 3,000,000 (which is
     50% of the registered capital of the Joint Venture Corporation) is an
     investment from Jingshi Culture.

2.2  The Joint Venture Corporation has a board of directors of 5 members, 2
     assigned by JGXC and 3 assigned by Jingshi Culture, and the chairman of the
     board nominated by Jingshi Culture. The Joint Venture Corporation has one
     General Manager, who is nominated by Jingshi Culture, appointed by the
     Board of Directors, and is accountable to the Board. The General Manager is
     responsible


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     for the daily operation and management of the Joint Venture Corporation and
     has decision power over the various issues in the operation and management.

2.3  Jingshi Culture and JGXC assign staff responsible for commercial ads and
     promotion business or other related staff to form a preparatory group
     ("Preparatory Group"), and the group will take charge of issues concerning
     incorporating the Joint Venture Corporation; expenses in the due course of
     it will first be borne by Jingshi Culture. After the Joint Venture
     Corporation is set up, the expenses that Jingshi Culture has paid for
     during the preparatory course shall be reimbursed to Jingshi Culture. The
     Preparatory Group is automatically dismissed on the date of the
     incorporation of the Joint Venture Corporation.

2.4  After the Joint Venture Corporation is set up, the parties shall make use
     of their advantages to provide necessary economic and technical support for
     the operation and development of the Joint Venture Corporation.

2.5  The operational revenues of the Joint Venture Corporation, whether or not
     to be distributed to another or other parties, shall first be collected by
     the Joint Venture Corporation from clients and entered into the account(s)
     of the Joint Venture Corporation. At the end of the year after accounting
     verification, the distribution can then be processed according to the
     proportions stipulated in this agreement.

2.6  JGXC authorizes the Joint Venture Corporation to engage in the following
     advertising businesses:

     (1)  financial advertising businesses, and

     (2)  promotional activities related to advertising businesses; in order not
          to cause doubtful points, the "promotion-related advertising
          businesses" mean the invitation to clients for them to sponsor the
          promotion, or as a return to such sponsorship from the clients, the
          provision of ads by the Joint Venture Corporation to the clients,
          whether it has been entrusted through a financial institution or not;
          and

     (3)  advertising businesses published on the Special Editions for
          Promotion, whether or not it has been entrusted by a financial
          institution.

2.7  The sales price, as well as sales discounts and pricing policies, executed
     by the Joint Venture Corporation in conducting any advertising business
     should be, through consultation, made consistent with the sales policies of
     JGXC. Neither JGXC nor the Joint Venture Corporation is to unilaterally
     implement its own sales policies and interfere with each other's normal
     business activities.

2.8  The Joint Venture Corporation will set up an advertisement sales department
     to take charge of the advertising businesses of the Joint Venture
     Corporation. In the first year upon setting up of the Joint Venture
     Corporation, JGXC and Jingshi Culture can participate in the advertising
     sales of the Joint Venture Corporation and the specific sales methods will
     be stipulated elsewhere. That particular policy


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     is treated as a temporary clause and is subject to changes from time to
     time according to the status quo of business development of the Joint
     Venture Corporation.

2.9  The Joint Venture Corporation shall make a monthly payment of RMB 250,000
     to JGXC as authorization fees for financial advertising business and
     related special permit fees for using the intellectual properties.

                         ARTICLE 3 BUSINESS COOPERATION

3.1  Promotional Activities

     3.1.1 Pursuant to the terms of this agreement, the EOPO authorizes the
          Joint Venture Corporation to conduct various kinds of promotions under
          the name of the EOPO and irrevocably agrees that the Joint Venture
          Corporation has all rights and benefits of an exclusive sole agency
          over the promotions, including but not limited to the rights of
          operation, advertisement release, organization of events, name(s), and
          projects to attract investments.

     3.1.2 The EOPO shall provide all necessary assistance, including but not
          limited to transferring to the Joint Venture Corporation completely
          the specific action plans and related materials of promotion
          activities that have already been listed into the promotion plan of
          the EOPO. The EOPO undertakes to dismiss its former Department of
          Promotions and its functions and will assign 8 employees to the Joint
          Venture Corporation to carry out promotions. The Joint Venture
          Corporation can sign necessary labor contracts or service agreements
          with these employees when it deems necessary.

     3.1.3 JGXC authorizes the Joint Venture Corporation, in its promotion
          activities, to use the intellectual properties of the EOPO, including
          but not limited to the brands, trademarks, and service icons of the
          EOPO.

     3.1.4 When the Joint Venture Corporation is engaged in promotion
          activities, whether it is for profit or not, the EOPO and JGXC shall
          support by allocating, free of charge, an extra space of no less than
          50 pages in the pages for promotion activity advertisements in the
          Economic Observer Newspaper per annum. Except when the lawfully
          allowable space quota for advertisements is fully sold out, JGXC
          cannot reject the request from the Joint Venture Corporation for
          additional free advertisements in the advertising space for promotion
          activities. The pages for promotion activities are limited to
          advertisements only for the promotion activities. Within the space of
          these pages, the Joint Venture Corporation has the right, according to
          the scope of promotion activities and the needs for publicity, to
          verify and adjust, ahead of each activity, with the EOPO, the


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          publicity pages and time (dates) as required in the activity. To avoid
          doubts, the "Economic Observer Newspaper" in this clause only refers
          to the published newspaper by the EOPO coded CN37-0027 and its
          publications after changing its name or version, not including its
          supplements, extra editions, attached sheet or other subordinate
          publications.

     3.1.5 Jingshi Culture shall provide all necessary assistance to the Joint
          Venture Corporation, including but not limited to transferring the
          former's or the former's affiliated enterprises' current businesses of
          Financial Seminars and Forums to the latter at a time when the former
          deems appropriate, and assigns 9 of its employees to the Joint Venture
          Corporation to take charge of promoting the businesses, whereas the
          Joint Venture Corporation has its own right to decide whether or not
          to sign necessary labour contracts or service agreements with these
          employees.

3.2  Promotion Special Issue

     3.2.1 The parties agree to set up a Special Issue for financial information
          and promotion activities ("Promotion Special Issue"), published twice
          a month, the format for the Special Issue is 24 pages with
          measurements and paper quality similar to those of Lifestyle Special
          Issue. JGXC and the EOPO agree to make, from time to time, adjustments
          to the aforementioned issues according to the requests of the Joint
          Venture Corporation. The EOPO shall make sure that it acquires all
          necessary approvals, permits, and other related legal procedures for
          the publication and issuance of the Promotion Special Issue.

     3.2.2 In order to push forward the Joint Venture Corporation's
          advertisements for attracting investments, the EOPO agrees that the
          Joint Venture Corporation will provide specific contents for the
          Promotion Special Issue and make suggestions for the writing and
          editing of the Special Issue. The EOPO has the final review and
          editing right to the content in the special issue. The parties shall
          provide full human resources and materialistic support to the Joint
          Venture Corporation in its businesses of advertisements to attract
          investments, including but not limited to inputting their data and
          material collecting, artistic design, printing, distribution staffing,
          and providing their plates, articles, and other contents.

     3.2.3 Promotion Special Issue as a supplement of the Economic Observer
          Newspaper is to be distributed along with the Economic Observer
          Newspaper. The places issued to are Beijing, Shanghai and Guangdong,
          and other Chinese provinces, cities or regions agreed upon by the
          Joint Venture Corporation and JGXC. The distribution focuses on banks'
          financial management centers, securities corporations and upscale
          display sites (such as high class office buildings). The distribution
          is through


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          special channels (such as entrusting airlines to deliver) and through
          subscriptions.

     3.2.4 Promotion Special Issue's target distribution volume is to be decided
          according to the market status quo. As long as the laws permit,
          including but not limited to after the Joint Venture Corporation has
          acquired necessary operational credentials, the distribution volume of
          Promotion Special Issue will not be restricted by the distribution
          volume of the Economic Observer Newspaper, and the Joint Venture
          Corporation can, on its own, distribute to its large users such as
          major banks' financial management centers and securities corporations.

     3.2.5 The expenses and costs of Promotion Special Issue are the
          responsibilities of the Joint Venture Corporation, and the advertising
          revenues from the Special Issue, the revenues from promotion
          activities, the distribution revenues conforming to the conditions
          stipulated in the previous clause, and other lawful revenues obtained
          pursuant to the terms of this agreement stay with the Joint Venture
          Corporation (unless otherwise stipulated in this agreement).

3.3  Financial Advertising

     3.3.1 Without an advance written consent from JGXC, the Joint Venture
          Corporation cannot transfer, render, authorize or permit the whole or
          part of the operation right to the financial advertising business to a
          third party (but not including Jingshi Culture).

     3.3.2 When the Joint Venture Corporation is exercising its advertising
          agency right, it can be done under the name of a financial advertising
          business agency or under its own name of the Joint Venture
          Corporation, including but not limited to signing contracts under its
          own name with advertising clients or their agents.

     3.3.3 The EOPO shall stipulate in the newspaper's relevant sales
          information (e.g.: publications, websites or copyright page, etc.)
          that the Joint Venture Corporation is the sole exclusive agent for
          financial advertising in the newspaper.

                           ARTICLE 4 OTHER COOPERATION

4.1  In order to assist Jingshi Culture and its affiliated enterprises to
     promote the "Money Journal" magazine, the EOPO is committed to offer
     necessary support, including but not limited to providing Jingshi Culture
     with distribution channels and clients information, and publishing
     promotion advertisements for subscriptions to the "Money Journal".


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                            ARTICLE 5 CONFIDENTIALITY

5.1  Without an advance written consent of a party, no other party can make any
     public statement with respect to the content that this agreement and any
     other consecutive documents deal with.

5.2  Except where it is otherwise stipulated in 5.1 and 5.3, the parties shall
     deem any information on the following contents obtained during the course
     of setting up this agreement (or of setting up any agreements according to
     this agreement) as confidential information, which is not allowed to be
     disclosed or utilized:

     5.2.1 the articles and clauses in this agreement and articles and clauses
          in any agreements set up according to this agreement;

     5.2.2 negotiations about this agreement (and other agreements of the same
          category); or

     5.2.3 business, finance or other issues (including future plans and goals)
          of any party.

5.3  Under the following circumstances, the previous 5.2 is not applicable in
     forbidding from disclosing or utilizing any information:

     5.3.1 where the laws, any regulatory body or any publicly recognized rules
          and regulations for securities exchange require the disclosure and
          utilization;

     5.3.2 where this agreement or the setting up of any other agreement
          according to this agreement has caused any legal proceeding that
          requires the disclosure and utilization, or the appropriate disclosure
          to the taxation authorities of the tax related issues of the
          disclosing party;

     5.3.3 where there is disclosure to professional advisors of the parties;
          however the parties shall request these advisors to abide by the rules
          in 5.2 about the relevant category of information, as if he/she were a
          party of this agreement;

     5.3.4 where the information has already become public knowledge, not due to
          breach of this agreement; or

     5.3.5 where the disclosure or utilization has already been consented to in
          writing in advance by a party.

       ARTICLE 6 EFFECTIVENESS, CHANGES, AND TERMINATION OF THE AGREEMENT

This agreement is effective upon the signing or stamping of the authorized
representative of the parties. Except where there are other regulations under
the PRC laws or where


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there are other terms in this agreement, no change or discontinuation can be
allowed without a unanimous written consensus from the parties of this
agreement.

              ARTICLE 7 APPLICABLE LAWS AND RESOLUTION OF DISPUTES

7.1  The setting up, effectiveness, implementation, and interpretation of this
     agreement and the resolution of disputes are all applicable under the PRC
     laws.

7.2  Any disputes related to this agreement or caused by this agreement shall be
     resolved by way of friendly consultation. If a consultation fails, the
     dispute shall be submitted to Beijing Sub-Committee of China International
     Economic and Trade Arbitration Committee to be mediated according to the
     current applicable and effective arbitration rules at the time of the
     submission for arbitration. The decision from the arbitration is final and
     binding on both sides. During the course of arbitration, except for issues
     of disputes submitted for arbitration, the parties shall continue to
     fulfill the other articles of this agreement.

                                ARTICLE 8 NOTICE

8.1  Except otherwise stipulated in this agreement, any party, when sending
     notice under this agreement or notices related to this agreement, should be
     in writing. In the case of delivery by a designated person, or faxing, or
     using a publicly recognized express mail service to send to the following
     addresses or the fax number(s), or sending to another address or fax number
     the recipient has already notified in advance, it is considered to have
     been delivered.

     Economic Observer Press Office
     Contact Person: Zhang Lijuan
     Mail Address: Building 7A, Xinghuali East, Hepingli, Dongcheng District,
                   Beijing
     Postal Code: 100013
     Tel.: 010-64209021
     Fax: 010-64297071

     Guangzhou Jingshi Culture Intermediary Co. Ltd
     Contact Person: Jiang Guibin
     Mail Address: Rm 802, Yuanhui Commerce Tower, 423 Tianhe Rd North, Tianhe
                   District, Guangzhou
     Postal Code: 510620
     Tel.: 020-38846220
     Fax: 020-38811374

     Beijing Jingguan Xincheng Advertising Co. Ltd
     Contact Person: Zhang Lijuan


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     Mail Address: Building 7A, Xinghuali East, Hepingli, Dongcheng District,
                   Beijing
     Postal Code: 100013
     Tel.: 010-64209021
     Fax: 010-64297071

     Beijing Jingshi Jingguan Advertising Co. Ltd
     Contact Person: Fan Zude
     Mail Address: Rm 410, Wangfu Century Tower, 55 Donganmen Ave., Dongcheng
                   District, Beijing
     Postal Code: 100006
     Tel.: 010-65258675
     Fax: 010-65258979

8.2  Except otherwise stipulated in this agreement, any notice sent via fax is
     deemed to have been immediately delivered when faxed in a normal way to the
     above fax number(s) of the recipient during 08: 00 - 17:00 Beijing time on
     a statutory business day; however, the notice shall be immediately sent via
     a publicly recognized express mail service to the recipient for
     verification. If sent via a publicly recognized express mail service, the
     notice is deemed delivered within 5 days upon sending to the address of the
     recipient.

                             ARTICLE 9 OTHER ISSUES

9.1  The sub-title added for each article and clause is only for convenient
     reference and does not affect the interpretation of the content of articles
     in this agreement.

9.2  If any article or clause and terms in this agreement are deemed as illegal
     or unable to be executed with force according to applicable laws, that
     article or clause is already deleted from this agreement, and is already
     void; however, this agreement is still effective and shall be deemed as
     never containing that article or clause from the very beginning. The
     parties shall fully consult with each other in order to replace the deleted
     article(s) or clause(s) with ones that are acceptable, satisfactory, lawful
     and effective to all the parties.

9.3  The time, dates, and length of terms stipulated in this agreement are
     critically important to this agreement, and anything departing from the
     time, dates or length of terms as stipulated in this agreement shall be
     deemed as a breach of agreement.

9.4  Not any party can transfer its rights and/or duties under this agreement to
     any non-party to this agreement, unless with a written consent from other
     parties.

9.5  The parties shall individually bear their own expenses incurred during the
     course of signing and implementing this agreement.


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9.6  The appendices to this agreement constitute an inseparable party of this
     agreement and have the same legal effects as the texts in the main body of
     this agreement.

9.7  This agreement has 4 counterparts, 1 for each of the 3 parties and 1 for
     the Joint Venture Corporation. All counterparts have the same legal
     effects.


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The Signature Page for the "Business Cooperation Agreement"

Economic Observer Press Office [Company chop of Economic Observer Press Office]


Authorized Representative: /s/
                           ------------------------------


Guangzhou Jingshi Culture Intermediary Co., Ltd. [Company chop of Guangzhou
Jingshi Culture Intermediary Co., Ltd.]


Authorized Representative:
                           ------------------------------


Beijing Jingguan Xincheng Advertising Co. Ltd [Company chop of Beijing Jingguan
Xincheng Advertising Co. Ltd]


Authorized Representative: /s/
                           ------------------------------


Beijing Jingshi Jingguan Advertising Co., Ltd. [Company chop of Beijing Jingshi
Jingguan Advertising Co., Ltd.]


Authorized Representative:
                           ------------------------------


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