Memorandum-CFMCC/BAG

MEMORANDUM OF UNDERSTANDING

THIS MOU, is made and entered into as of this date of 2nd Sep 2020

BY AND BETWEEN

M/s CHINA FIRST METALLURGICAL GROUP CO, LTD having its office at House 87,
Street 18, Sector Y, Phase III. DHA Lahore

HEREINAFTER PARTY-A

M/s Bin AJAB GROUP OF COMPANIES, a Private Limited Companies, with a

registered office located at Building 39, Suite 1, 1 st Floor, Sector E, DHA II, Islamabad.

HEREINAFTER PARTY-B

WHEREAS: this MOU (Memorandum of Understanding) shall serves as the basis of

mutual understanding between parties for registration with Employer Bid negotiations
and execution of project if contract awarded to JV. Detailed JV Agreement to be signed
later with mutual consent of both parties. Now, THEREFORE, in consideration of the
foregoing, and of the mutual covenants and commitments set forth HEREIN, the parties
hereto agree as follows:

FORMATION
The Memorandum of Understanding formed by this Agreement will conduct its business
under the name of CFMCC & BAG JV with its registered address at House 87, Street
18, Sector Y, Phase III, DHA Lahore. The MOU shall in no event be construed to
create a partnership or any other fiduciary relationship between the Parties.

PURPOSE
The Joint Venture shall be formed with the purpose of creating business opportunities
by bringing new Contracts & Projects with varying responsibilities of both parties,
described below in the document. Once MOU is agreed and signed, a separate JV
agreement will

Building 39, Suite One, Frist Floor, Sector E, DHA Il, Islamabad 44000, Pakistan
Email: management@binajab.com, Website: binajab.com
be prepared for each project in order to incorporate specific JV terms for each project.
This agreement only covers projects which are brought by both Parties Party-A and
Party-B for joint conduct.

RESPONSIBILITIES OF THE PARTIES

i) PARTY-A will be responsible for provision of equipment/ machinery, technical

expertise and arrange investment/ bank guarantee for the projects.

ii) PARTY-B will be responsible for development of new projects/ contract for JV
agreement and shall provide all kinds of local assistance needed for the
Projects

iii) Party-A, shall appoint the JV Contractor’s Representative.

iv) Main JV Bank Account for the purpose of project receipts shall be opened and
be operated with joint signature of Authorized Representative nominated by
both parties.

v) Financial Assistance (Mobilization Advance) amount for any project awarded as

JV shall be deposited into the JV Project Account and be utilized towards the
mobilization of Machinery / Equipment, Site setup and initial arrangement of
material required.

vi) Agreement of the Execution of Projects brought by both Parties (PARTY-A &
PARTY-B) will be separately signed in reference to this parent Memorandum of
Understanding.

DISTRIBUTION OF PROFITS
Profit sharing shall be as under: -
Party A - 70%
Party B - 30%

TERMS
This Agreement shall commence on the date first written above and remain in full force
and effect for an initial period of two years the “Initial Term”. At the end of the Initial
Term, this Agreement will automatically renew in one year increments (each, a
“Renewal Term”), unless and until this Agreement is terminated.
CONFIDENTIAL INFORMATION
The Non-Disclosure Agreement entered into by the Parties as of [2nd Sep 2020] (the
“Non- Disclosure Agreement”) is applicable to the Joint Agreement and shall apply in full
force and effect to any and all Confidential Information (as defined in the Non-Disclosure
Agreement) exchanged or otherwise accessed by a Party under this Agreement.

In Witness Whereof, the Parties have caused this MOU to be duly executed and
delivered as of the date first written above.

[PARTY-A] [PARTY-B]

NAME: BRIG. WAJAHAT ALI (R)

CNIC: 37405-5160469-5
Chairman/CEO
Bin Ajab Group

Witness-1 Witness-2

SURAH LUQMAN AYAT NO. 26

‫ۡ ح ِم ۡ ي د‬ ‫ُ هِّلِل ما ى ٰوت ۡ ر‬
َ ۡ ‫اِن َو ا‬
‫لغ ِن ا ل‬
‫ى‬ JKَ ّٰ ‫ض ل‬
ؕ َ‫ال س ٰم وا ۡۡل‬
‫ا ُه‬

URDU TRANSLATION
‫ بيشک ہلال ہی بے نياز ہے (وثنا) سزاوا ِر حمد ہے‬،‫ ہے‬J‫جو کچھ آسمانوں اور زمين ميں ہے (سب) ہلال ہی کا‬

ENGLISH TRANSLATION
To Allah belongs whatever is in the heavens and earth. Indeed, Allah is the Free of need, the
Praiseworthy