MEMORANDUM OF UNDERSTANDING

This memorandum of understanding has been made between

M/S CELLSOL TRADE (PVT) LTD

Office No 1, Second Floor, Al-Aman Plaza, Plot No 10-A, Eden City,
Lahore Cantonment
Herein referred as first part
&
M/S LAHORE POLYPROPYLENE INDUSTRIES (PVT) LTD
47-B-1, Gulberg III, Lahore
Herein referred as second part

This memorandum of understanding is signed between both parts to undertake a

project (size 1.5 MW) as Joint Venture of both parties, terms & Conditions between
both parties decided are reproduced as under

Whereas, all procurement of material & stock internationally shall be the

responsibility of first part including LC handling, Financial Expenses and Labor or
technicalities deployed, and original documents of all process shall be shared by first
part to second part.
Whereas, first part will charge 5% cost plus pricing formula on the actual cost of
procured PV panels and second part is bound to pay the same to first part in agreed
time.

Whereas, all cost of procured materials by first part shall be shared in actual to
second part and recipient will be bound to pay consideration as per agreed terms.

Whereas, it is the responsibility of first part to play fair in procuring materials at best
market competitive price and due diligence shall be observed by first in handling &
freight of material in professional manner, any additional cost or
technical/professional help required in this regard shall be responsibility of first part.

Whereas, if the second part deems necessary, it can hire independent

arbitrator/auditor at cost of second part for the audit of said activities as per terms &
conditions agreed between first part and second part.

Whereas, second part is bound to refer all purchases and ECP (electric
commissioning company) for 11 months which can be extended upon mutual
consent, after the completion of this project to first part, in case of denial by first part,
second part is free to engage otherwise

Whereas, in case of difference of products or quantity in the BOM and actual

shipment, second part can claim the difference of missing material from first part
Whereas, after delivery of services and products (as required in case to case), if the
second part refuse to engage first part then first part can claim hassle charges to
recover cost incurred by first part and second part is bound to pay the same without
deduction/reduction of claim.

This memorandum of understanding has been signed on __________, and shall be

valid for 11 months from date of signing this agreement and shall not be extended
further unless mutually decided.

Fraaz Aftab Ch. Asad Jalil

Chief Executive Director
Cellsol Trade (Pvt) Ltd Lahore Polypropylene
Industries (Pvt) Ltd