CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

INDONESIA IRON SAND

SALE AND PURCHASE CONTRACT

BETWEEN

DEVI RESOURCES LIMITED

(THE BUYER)

AND

PT. CATUR MULTIGUNA ABADI

(THE SELLER)

QQ

PT.
(THE FUNDER)

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

CONTRACT NO: CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

THIS AGREEMENT MADE THIS DATE ..........................BETWEEN:

BUYER (COMPANY NAME) : DEVI RESOURCES LIMITED

ADDRESS : UNIT 5, 23/F, CCT TELECOM BUILDING, 11 WO SHING
STREET, FOTAN, SHATIN, HONG KONG
TEL :
FAX :
EMAIL :

SELLER (COMPANY NAME) : PT. CATUR MULTIGUNA ABADI

ADDRESS : RUKO TAMAN GAPURA BLOK H/17, CITRALAND,
SURABAYA
TEL : +6231-7413952
FAX : +6231-7413952
EMAIL : karel_kurnia@yahoo.com
(BANK DETAIL)
BANK : BANK PERMATA
SWIFT CODE : BBAIDJA
ADDRESS : JL TUNJUNGAN NO. 52 SURABAYA JAWA TIMUR
TELEPHONE/FAXIMILE : +62 21 5315500
BANK OFFICER : RACHMAD
BENEFICIARY NAME : PT. CATUR MULTIGUNA ABADI
A/C NUMBER : 2901424996

THIS CONTRACT IS MADE BY AND BETWEEN BUYER, SELLER AND FUNDER ON DATE 27TH
FEBRUARY 2013 WHERE BY BUYER AGREES TO BUY AND SELLER AGREES TO SELL IRON SAND,
ON THE TERMS AND CONDITIONS AS STATED BELOW:

CLAUSE 1: INTERPRETATION
IN THIS CONTRACT, THE FOLLOWING TERMS AND CONDITIONS SHALL – UNLESS OTHERWISE
SPECIFICALLY DEFINED – HAVETHE FOLLOWING MEANINGS:
“SAND” MEANS IRON SAND OF INDONESIA ORIGIN
“US CURRENCY” MEANS THE CURRENCY OF THE UNITED STATES OF AMERICA, FREELY TRANS-
FERABLE FROM AND PAYABLE TO AN EXTERNAL ACCOUNT
“METRIC TON” MEANS A TON EQUIVALENT TO 1,000 KILOGRAMS
“WET BASIS” MEANS SAND IN ITS NATURAL WET STATE
SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

“DRY BASIS” MEANS SAND DRIED AT 105° CENTIGRADE

“WMT” MEANS WET METRIC TON
“DMT” MEANS DRY METRIC TON
“PRORATE” MEANS ON A PROPORTIONAL BASIS
“FOB” HAS THE MEANING GIVEN TO SUCH TERM IN THE ICC INTERNATIONAL RULES FOR THE
INTERPRETATION OF TRADE TERMS “INCOTERMS 2.000”

CLAUSE 2: COMMODITY
INDONESIA IRON SAND, FE 55.00% BASIS/ 53.00% MIN(REJECTION BELOW 53.00%)
PACKING : IN BULK
COUNTRY OF ORIGIN : INDONESIA
PORT OF LOADING : TANJUNG INTAN, PORT OF CILACAP, CENTRAL JAVA, OR
CISOLOK PORT SUKABUMI, WEST JAVA INDONESIA
PORT OF DISCHARGE : ANY PORT, CHINA (INCLUDING YANTZE RIVER PORT)

CLAUSE 3: DELIVERY PERIOD AND DELIVERY QUANTITY

3.1 QUANTITY : 30,000 WMT (+/- 10% AT BUYER’S OPTION)

3.2 LAYCAN : MARCH 13-15, 2013
3.3 LATEST SHIPMENT DATE: MARCH 31, 2013

CLAUSE 4: SPECIFICATIONS
SPECIFICATION OF IRON SAND: (CHEMICAL DRY BASIC)
Fe : 55.00% BASIS (REJECTION BELOW 53.00%)
Al2O3 : 4.00% MAX
SiO2 : 4.00% MAX
S : 0.05% MAX (REJECTION ABOVE 0.10%)
P : 0.05% MAX (REJECTION ABOVE 0.10%)
TiO2 : 14.0% MAX (REJECTION ABOVE 14.0%)
As : 0.01% MAX (REJECTION ABOVE 0.10%)

MOISTURE : 10.00% MAX

(FREE MOISTURE LOSS AT 105° CENTIGRADE)

PHYSICAL CHARACTERISTICS:
0-1.0 MM: 95.00% MIN

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

CLAUSE 5: BASE PRICE

THE PRICE IS USD 64.00 PER DRY METRIC TON, FOB TANJUNG INTAN, PORT OF CILACAP,
CENTRAL JAVA, INDONESIA, BASED ON 55.00% Fe CONTENT FRACTION PRO-RATA.

CLAUSE 6: PRICE ADJUSTMENT

FOR Fe CONTENT
IN RESPECT OF SHIPMENT OF IRON SAND, WHICH DOES NOT MEET THE Fe SPECIFICATION SET
FORTH IN CLAUSE 4, THE BASE PRICE REFERRED TO IN CLAUSE 5 SHALL BE ADJUSTED IN
ACCORDANCE WITH Fe CONTENT AS DETERMINED PURSUANT TO THE PROVISIONS OF CLAUSE
10 AS FOLLOWS:

BASE PRICE SHALL BE INCREASED BY USD 1.00 PER DMT FOR EACH 1%Fe ABOVE 55.00%,
FRACTION PRO-RATA

BASE PRICE SHALL BE DECREASED BY USD 1.00 PER DMT FOR EACH 1%Fe BELOW 55.00%
DOWN TO AND INCLUDING 54.00%, FRACTION PRO-RATA

IF THE Fe CONTENTIS BELOW 54.00%, BASE PRICE SHALL BE DECREASED BY USD 5.00 PER DMT
FOR EACH 1% Fe BELOW 54.00% DOWN TO AND INCLUDING 53.00%, FRACTION PRO-RATA

BUYER SHALL HAVE THE RIGHT TO REJECT THE CARGO IF Fe CONTENT IS BELOW 53.00%. IN
SUCH CASE, SELLER SHALL REFUND TO THE BUYER THE SHIPMENT VALUE INCLUDING THE
FREIGHT AND INCIDENTAL CHARGES THAT HAS BEEN PAID WITHIN THREE WORKING DAYS
AFTER BUYER’S ISSUING OF DEBIT NOTE WITH PAYMENT INSTRUCTION.

FOR OTHER ELEMENTS

IF THE COMPOSITION OF SAND SHIPPED IN RESPECT OF SiO2, Al2O3, P, S, TiO2 AND As EXCEEDS
THE RESPECTIVE GUARANTEED MAXIMUM AS SET FORTH IN CLAUSE 4, AS FINALLY
DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF CLAUSE 10. THE BASE PRICE FOR
IRON SAND SHALL BE DECREASED AS FOLLOWS, FRACTION PRO-RATA:

FOR EXCESS OF Al2O3

USD 0.05 PER DRY METRIC TON FOR EACH 1.00 % IN EXCESS OF 4.00%, FRACTION PRO-RATA

FOR EXCESS OF SiO2

USD 0.05 PER DRY METRIC TON FOR EACH 1.00 % IN EXCESS OF 4.00%, FRACTION PRO-RATA

FOR EXCESS OF P
SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

USD 0.05 PER DRY METRIC TON FOR EACH 0.01 % IN EXCESS OF 0.05%, FRACTION PRO-RATA
(REJECTION ABOVE 0.10%)

FOR EXCESS OF S
USD 0.05 PER DRY METRIC TON FOR EACH 0.01 % IN EXCESS OF 0.05%, FRACTION PRO-RATA
(REJECTION ABOVE 0.10%)

FOR EXCESS OF TiO2

USD 0.05 PER DRY METRIC TON FOR EACH 0.10% IN EXCESS OF 14.00%, FRACTION PRO-RATA,
(REJECTION ABOVE 14%)

FOR EXCESS OF As
USD 0.05 PER DRY METRIC TON FOR EACH 0.01% IN EXCESS OF 0.01%, FRACTION PRO-RATA,
(REJECTION ABOVE 0.10%)

MOISTURE PENALTY
UNDER 105°C, IF THE MOISTURE EXCEEDS 10.00% OF THE SPITULATE DATA, BUYER SHALL HAVE
THE RIGHT TO REJECT THE CARGO OR SELLER MUST PAY THE FREIGHT OF THE MOISTURE
CONTENT OF THE PART OVER THE STIPULATE DATA ACCORDINGLY AS THE WEIGHT OF GOODS.

THE BASIS OF THE BONUS AND PENALTY BEING BASED ON THE SUCOFINDO COMPANY OR PT
CCIC JAKARTA OR PT. MITRA SKANALISA TESTAMA TESTING RESULT, BONUS AND PENALTY ARE
IN ACCORDANCE WITH CLAUSE 6 AND 9.

CLAUSE 7: PAYMENT
7.1 PAYMENT
ACCORDING TO THE INTERNATIONAL STANDARD TRADE PRACTICE, UPON SIGNING OF
CONTRACT, THE BUYER ISSUES WITHIN THREE (3) WORKING-DAYS A DRAFT LETTER OF CREDIT
FOR SELLER’S CONFIRMATION. THE SELLER SHALL MAKE NECESSARY AMENDMENT AND
CONFIRM THIS DRAFT WITHIN THREE (3) WORKING DAYS. AFTER THE SELLER HAS CONFIRMED
AND ACCEPTED THE DRAFT LETTER OF CREDIT, BUYER’S BANK SHALL WITHIN FIVE (5) WORKING
DAYS ISSUE A 100% OF THE SHIPMENT VALUE IN ACCORDANCE WITH THE CONTRACT,
IRREVOCABLE, NON-TRANSFERABLE, SIGHT DOCUMENTARY LETTER OF CREDIT FROM A PRIME
BANK IN FAVOR OF THE SELLER, COVERING THE RELEVANT SHIPMENT VALUE WITH A
TOLERANCE OF ±10%. AFTER RECEIVING THE DOCUMENTARY LETTER OF CREDIT, THE SELLER
WILL PRESENT DOCUMENT REQUIRED AS PER CLAUSE 8 THROUGH ADVISING BANK TO THE L/C
ISSUING BANK.

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

SELLER : SELLER SHALL GUARANTEE THAT THE CARGO COULD BE

LOADED SAFELY AT ONE SAFE BERTH. THE SELLER SHALL
GUARANTEE THAT THERE ARE NO RADIOACTIVE
SUBSTANCES AND/OR CONTAMINATIONS IN THE CARGO
DELIVERED UNDER THIS CONTRACT.

FUNDER : BUYER WOULD OPEN THE L/C ON THE NAME OF THE

FUNDER. FUNDER WOULD FINANCE THE SELLER BY
CHARGING USD 0.00/MT AS THE FEE. ALL THE SHIPPING
DOCUMENTS REQUIRED TO NEGOTIATE THE L/C WOULD
BE PREPARED ON THE NAME OF THE FUNDER.

7.2 OTHER CONDITIONS

1. CHARTER PARTY BILL OF LADING IS ACCEPTABLE.
2. TOLERANCE OF 10% MORE OR LESS IN QUANTITY AND VALUE ARE ACCEPTABLE.
3. THIRD PARTY DOCUMENTS EXCEPT INVOICE AND DRAFT ARE ACCEPTABLE.
4. DOCUMENTS MUST BE PRESENTED WITHIN 15 DAYS AFTER THE DATE OF BILL OF
LADING BUT WITHIN VALIDITY OF THE L/C.
5. PARTIAL SHIPMENTS ARE NOT ALLOWED.
6. WMT MEANS WET METRIC TON, DMT MEANS DRY METRIC TON, MT MEANS METRIC
TON.
7. SELLER AGREES TO SETTLE ANY DEMURRAGE AND QUALITY CLAIM FROM THE
PROVISIONAL PAYMENT BASED ON DEBIT NOTE ISSUED BY BUYER. THIS SUM WILL BE
DEDUCTED FROM THE PAYMENT MADE BY L/C ISSUING BANK.
8. UNLESS OTHERWISE STIPULATED, BILLS OF LADING, CERTIFICATE OF QUALITY,
CERTIFICATE OF WEIGHT AND CERTIFICATE OF ORIGIN MUST NOT SHOW L/C NO,
INVOICE NO, ANY CONTRACT NO, UNIT PRICE, VALUE OF GOODS, PRICE TERM,
PAYMENT TERMS OF THIS CREDIT, NAME AND ADDRESS AND STAMP CHOP OF ANY
BANK, NAME AND ADDRESS OF ANY PARTY EXCEPT ISSUER, NAME OF BUYER OR ANY
REFERENCE RELATED TO THIS CREDIT.

CLAUSE 8: DOCUMENTS
100% (+/-10%) OF LETTER OF CREDIT VALUE IS PAYABLE AT 180 DAYS AFTER SIGHT AGAINST
THE FOLLOWING DOCUMENTS:
I. SELLER’S SIGNED COMMERCIAL INVOICE IN ONE ORIGINAL AND FOUR COPIES INDICATING
VALUE OF COMMODITY SHIPPED, NAME OF CARRYING VESSEL, CONTRACT NUMBER, L/C
NUMBER AND B/L NUMBER.

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

II. FULL SET OF “CLEAN ON BOARD” SHIPPED BILL OF LADING IN THREE ORIGINAL AND THREE
NON-NEGOTIABLE COPIES MADE OUT TO ORDER, BLANK ENDORSED, MARKED “FREIGHT
PAYABLE AS PER CHARTER PARTY”, NOTIFYING “TO ORDER”.
III. CERTIFICATE OF WEIGHT IN ONE ORIGINAL AND THREE COPIES ISSUED AT THE LOADING
PORT BY SUCOFINDO COMPANY OR PT. CCIC JAKARTA OR PT. MITRA SK ANALISA
TESTAMA.
IV. CERTIFICATE OF QUALITY IN ONE ORIGINAL AND THREE COPIES ISSUED AT THE LOADING
PORT BY SUCOFINDO COMPANY OR PT. CCIC JAKARTA OR PT. MITRA SK ANALISA
TESTAMA.
V. CERTIFICATE OF ORIGIN IN ONE ORIGINAL AND THREE COPIES ISSUED IN INDONESIA BY
ANY CHAMBER OF COMMERCE OR ANY CHAMBER OF COMMERCE & INDUSTRY.
VI. SELLER’S CERTIFIED COPIES OF E-MAIL OR FAX DISPATCHED TO BUYER WITHIN TWO DAYS
AFTER DATE OF B/L AT THE LOADING PORT, ADVISING THE DETAILS OF THE SHIPMENT.
VII. SELLER’S CERTIFICATE CERTIFYING THAT THEY HAVE SENT TO THE BUYER ONE SET OF
DOCUMENTS INCLUDING B/L, COMMERCIAL INVOICE, CERTIFICATE OF QUALITY,
CERTIFICATE OF WEIGHT AND CERTIFICATE OF ORIGIN BY FAX OR EMAIL WITHIN FIVE
WORKING DAYS AFTER THE DATE OF B/L.

CLAUSE 9: QUALITY AND WEIGHT

9.1 WEIGHING
AT THE LOADING PORT SELLER AT SELLER’S EXPENSES SHALL DETERMINE THE WEIGHT OF
SHIPMENT OF ORE BY DRAFT SURVEY. THE WEIGHT OF ORE AS ASCERTAINED AND CERTIFIED
TOGETHER WITH ANALYSIS CERTIFICATE ISSUED SUCOFINDO COMPANY OR PT. CCIC JAKARTA
OR PT. MITRA SK ANALISA TESTAMA SHALL BE BASIS OF SELLER’S INVOICE.

BUYER SHALL, AT BUYER’S EXPENSE APPLY THE ENTRY-EXIT INSPECTION & QUARANTINE OF THE
PEOPLE’S REPUBLIC OF CHINA (CIQ) FOR WEIGHTING AT THE PORT OF DESTINATION. THE
WEIGHT OF EACH SHIPMENT AT THE DISCHARGING PORT IS TO BE ASCERTAINED BY DRAFT
SURVEY. THE DRY QUANTITY SHALL BE DETERMINED BY DEDUCTING THE FREE MOISTURE LOSS
REFERRED TO IN CLAUSE 11 FOR SUCH WET QUANTITY.

BUYER AGREE TO PAY 100% OF VALUE OF GOODS BASED ON LOAD PORT RESULTS, BUT CIQ
RESULTS WILL BE FINAL. IF ANY DIFFERENCES IN LOAD PORT AND DISCHARGE PORT THE SAME
WILL BE CHARGED BY SELLER OR BUYER AND MUST BE SETTLED WITHIN 7 DAYS AFTER SELLER’S
RECEIPT OF CIQ REPORT.

9.2 SAMPLING AND ANALYSIS

AT THE LOADING PORT SELLER SHALL AT SELLER’S EXPENSE, APPOINT SUCOFINDO COMPANY
OR PT. CCIC JAKARTA OR PT. MITRA SK ANALISA TESTAMA TO DETERMINE THE SPECIFICATION
OF ORE CONTENTS IN SHIPMENT, AND SHALL PROVIDE A CERTIFICATE SHOWING DETAILS OF

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

THE DETERMINATION AND ALSO THE PERCENTAGE OF FREE MOISTURE LOSS AT 105°
CENTIGRADE.

CLAUSE 10: SHIPMENT

10.1 AT LEAST 8 DAYS PRIOR TO THE FIXED LAYCAN, SELLER SHALL PROVIDE BUYER BY FAX
NOTICE OF CHARGO READINESS ISSUED AND SIGNED BY SHIPPER AND SELLER, CONFIRMING
THAT 100% (ONE HUNDRED PERCENT) OF QUANTITY OF CARGOES DELIVERED TO BUYER
UNDER THIS CONTRACT HAVE BEEN STOCKED ON THE LOADING PORT AND READY FOR
LOADING.

10.2 AFTER FIXING THE LAYCAN BY SIGNED ADDENDUM AND RECEIVING THE NOTICE OF
CHARGO READINESS REFERRED TO IN CLAUSE 10.1, BUYER SHALL HAVE THE RIGHT, AT BUYER’S
EXPENSE TO APPOINT A QUALIFIED SURVEYOR RECOGNIZED BY SELLER, SUCH AS CIQ, TO PICK
UP REPRESENTATIVE SAMPLES OF THE CARGO AND TAKE QUALITY INSPECTION BEFORE
LOADING WITH CONFIRMATION FROM SHIPPER AND SELLER IN WRITING THAT CARGOES TO BE
INSPECTED WILL BE DELIVERED FOR BUYER. AFTER INSPECTION, THE QUALIFIED SURVEYOR
SHALL ISSUE AN INSPECTION REPORT.

IN CASE THAT THE CARGO QUALITY SHOWN ON THE INSPECTION REPORT ISSUED BY THE
QUALIFIED SURVEYOR HERE IN ABOVE IS NOT IN COMPLIANCE WITH THE SPECIFICATIONS
STIPULATED IN CLAUSE 4 OF THIS CONTRACT, BUYER SHALL BE DISCHARGED OF ALL THE
OBLIGATIONS UNDER THIS CONTRACT, AND HAVE THE RIGHT TO CANCEL THIS CONTRACT AND
CLAIM COMPENSATION AGAINST SELLER FOR ALL LOSSES OCCURRED ON THE PART OF BUYER
DUE TO THE QUALITY PROBLEMS OF THE CARGO.

10.3 THE BUYER SHALL, WITHIN 5 DAYS AFTER RECEIVING THE NOTICE OF GOODS IN READY,
INFORM THE SELLER BY FAX OR EMAIL THE NAME OF VESSEL, NATIONALITY OF VESSEL,
QUANTITY, FLAG OF VESSEL, AGE OF VESSEL, THE DIMENSIONS OF VESSEL, THE TYPE OF VESSEL,
HATCH DIVISION, LOADABLE QUANTITY AND DEMURRAGE CHARGES. THE SELLER SHALL
PREPARE FOR THE SHIPMENT AFTER RECEPT THE VESSEL INFORMATION. IN CASE THE VESSEL
ALREADY FIXED BEFORE THE CONTRACT DATE, THEN THIS CLAUSE 10.3 IS NOT APPLICABLE.

10.4 THE BUYER SHALL ARRANGE FOR THE MASTER OF THE VESSEL TO NOTIFY SELLER FOUR
NOTICES OF THE ETA OF THE VESSEL AT THE UNLOADING PORT. THE FIRST OF SUCH NOTICE
WILL BE GIVEN 5 (FIVE) DAYS PRIOR TO THE ETA OF THE VESSEL AND THE SECOND NOTICE TO
BE GIVEN 3 (THREE) DAYS PRIOR TO THE ETA OF THE VESSEL.THE THIRD TO BE GIVEN 48 (FORTY

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

EIGHT) HOURS PRIOR TO THE ETA AND THE FOURTH TO BE GIVEN 24 (TWENTY FOUR) HOURS
PRIOR TO THE ETA.

10.5 THE SELLER SHALL ADVISE THE BUYER B/L, COMMERCIAL INVOICE, CERTIFICATE OF
ANALYSIS, CERTIFICATE OF WEIGHT, CERTIFICATE OF ORIGIN BY EMAIL OR FAX WITHIN 5 (FIVE)
WORKING DAYS AFTER SHIPMENT DATE.

10.6 THE SELLER MUST GUARANTEE THE LOADING RATE WILL ACCESS TO 8,000-10,000 MT
PWWD SSHINC. IN THE EVENT THAT SELLER FAILS TO LOADTHE CARGO AND/OR LOAD THE
ENTIRE QUANTITY OF THE CARGO INTO THE VESSEL CONFIRMED BY BOTH PARTIES EVEN
RESULTING IN FAILURE TO EXECUTE THIS CONTRACT, BUYER HAVE THE RIGHT TO CHARGE USD
8,000.00 PDPR AS THE PENALTY, EXCEPT THE FORCE MAJEURE AS SET FORTH IN CLAUSE 14.

CLAUSE 11: INSURANCE

THE INSURANCE SHALL BE COVERED BY THE BUYER.

CLAUSE 12: FORCE MAJEURE

IF AT ANY TIME DURING THE EXISTENCE OF THIS CONTRACT EITHER PARTY IS UNABLE TO
PERFORM WHOLE OF IN PART ANY OBLIGATION UNDER THIS CONTRACT BECAUSE OF WAR,
HOSTILITY, MILITARY OPERATION OF ANY CHARACTER, CIVIL COMMOTIONS, SABOTAGE,
QUARANTINE RESTRICTIONS, ACTS OF GOVERNMENT, FIRE, FLOODS, EXPLOSIONS,
TRANSPORTATION AND INDUSTRIAL ACCIDENTS, EPIDEMICS, STRIKES OR OTHER LABOUR
TROUBLES, EMBARGOES, AND ANY OTHER MATTER BEYOND HUMAN CONTROL OR CAPACITY,
THEN THEDATE OF ANY OBLIGATION SHALL BE POSTPONED DURING THE TIME WHEN SUCH
CIRCUMSTANCES ARE OPERATIVE.

CLAUSE 13: DISPUTES AND ARBITRATION

THE DISPUTE OF THIS CONTRACT AND THE PERFORMANCE OF CONTRACT CAN BE SOLVED
THROUGH BOTH PARTIES FRIENDLY NEGOTIATION. IF THE PARTIES CAN NOT REACH THE SAME
IDEA, IT SHALLBE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
SINGAPORE.

ANY AND ALL DISPUTES ARISING OUT OF OR IN CONNECTION WITH THIS CONTRACT,
INCLUDING ANY QUESTION REGARDING ITS EXISTENCE, VALIDITY OR TERMINATION, SHALL BE
REFERRED TO AND FINALLY RESOLVED BY ARBITRATION IN SINGAPORE IN ACCORDANCE WITH
THE ARBITRATION RULES OF THE SINGAPORE CHAMBER OF MARITIME ARBITRATION (“SCMA

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

RULES”) FOR THE TIME BEING IN FORCE AT THE COMMENCEMENT OF THE ARBITRATION,
WHICH RULES ARE DEEMED TO BE INCORPORATED BY REFERENCE IN THIS CLAUSE

CLAUSE 14: NOTICES

ANY NOTICE TO BE GIVEN BY ONE PARTY TO THE OTHER HEREUNDER (OTHER THAN ROUTINE
OPERATIONAL COMMUNICATION) SHALL BE DELIVERED TO THE PARTY CONCERNED BY
REGISTERED AIRMAIL AND/OR E-MAIL, LETTER, TELEX OR FACSIMILE AT ITS ADDRESS QUOTED
AT COMMENCEMENT OF THIS CONTRACT. LANGUAGE TO BE USED SHALL BE ENGLISH.

CLAUSE 15: WAIVER

EXCEPT HERE IN OTHERWISE SPECIFICALLY PROVIDED, THE FAILURE OF THEIR TO INSIST ON
STRICT PERFORMANCE OF ANY PROVISIONS OF THIS CONTRCT OR TO TAKE ADVANTAGE OF
ANY RIGHT HEREUNDER SHALL NOT BE CONSTRUED AS A WAIVER OF SUCH PROVISIONS OR
RIGHT OF SUBSEQUENT PERFORMANCE THEREOF.

CLAUSE 16: ADDENDUM

ALL NECESSARY MATTER WITH ARE NOT COVERED BY THIS CONTRACT SHALL BE DISCUSSED
AND AGREED BY BOTH PARTIES, ARE TO BE ADDED AND AN ADDENDUM SIGNED BY BOTH
PARTIES.

THE ADDENDUM IS TO FORM AN INTEGRAL PART AND SHALL NOT BE SEPARATED FROM THE
CONTRACT.

CLAUSE 17: CONFIDENTIALITY

THE PARTIES AGREE THAT THE TERMS OF THE CONTRACT SHALL REMAIN CONFIDENTIAL
BETWEEN THE PARTIES AND THAT NEITHER PARTY SHALL DISCLOSE ANY OF TERM OF THE
CONTRACT OR ANY AMENDMENTS THERE TO ANY THIRD PARTY OR RELATED CORPORATION
UNLESS SUCH DISCLOSURE IS REQUIRED BY LAW OR UNLESS PRIOR WRITTEN APPROVAL HAS
BEEN OBTAINED FROM THE OTHER PARTY.

SELLER FUNDER BUYER

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CLAUSE 18: MOISTURE OF CARGO AND TRANSPORTABLE MOISTURE LIMIT (TML)

1. IT IS SELLER’S SOLE AND OWN RESPONSIBILITY AND RISK TO LOAD THE VESSEL WITH A
CARGO WHICH IS SAFE AND SEAWORTHY FOR THE VOYAGE FROM PORT(S) OF LOADING
TO PORT(S) OF DISCHARGING. AMONG OTHER THINGS, THE SELLER SHALL UNDERTAKE
THAT THE MOISTURE OF THE CARGO IS BELOW THE TRANSPORTABLE MOISTURE LIMIT
(TML) BEFORE AND AFTER THE LOADING AND THROUGHOUT THE VOYAGE.

2. THE SELLER SHALL PROVIDE TO THE MASTER UPON HIS REQUEST A CERTIFICATE ISSUED
BY AN INDEPENDENT SURVEYOR SHOWING THE MOISTURE OF THE CARGO AND ITS
TRANSPORTABLE MOISTURE LIMIT (TML) BEFORE COMMENCEMENT OF LOADING.
HOWEVER, THE MASTER / SHIP OWNERS HAVE THE ABSOLUTE RIGHT TO RETEST THE
CARGO FOR ITS MOISTURE AND TML FOR THE SAFETY OF THE VESSEL WHEN/IF THEY
WANT TO DO SO. THE RESULTS DETERMINED BY THE MASTER/SHIP OWNERS’
SURVEYORS SHOULD BE FINAL.

3. THE SELLER SHALL LOAD THE VESSEL WITH AN ENTIRE CARGO WITH THE MOISTURE
THAT IS BELOW ITS TML AND ACCEPTABLE TO THE MASTER AND SHIP OWNERS FOR THE
CARRIAGE AND VOYAGE DESPITE OTHER PROVISIONS IN THIS CONTRACT REGARDING
THE MOISTURE, LIKE CLAUSE 4.

4. IF THE CARGO IS REJECTED BY THE MASTER/SHIP OWNERS FOR LOADING BECAUSE OF

ITS EXCESSIVE MOISTURE OVER TML, THE SELLER SHALL IMMEDIATELY REPLACE
ANOTHER CARGO. IF THE CARGO IS FOUND AFTER LOADING TO BE UNSAFE FOR THE
VESSEL DUE TO ITS MOISTURE AND THE VOYAGE HAS TO BE INTERRUPTED, THE SELLER
SHALL NOT PRESENT THE DOCUMENTS FOR PAYMENT. IF PAYMENT HAS BEEN
RELEASED BY THE TIME OF OCCURRENCE OF THE INTERRUPTION OF THE VOYAGE, THE
SELLER SHALL REFUND TO THE BUYER THE FULL AMOUNT THAT HAS BEEN PAID, WITHIN
THREE WORKING DAYS OF THE BUYER’S REQUEST FOR REPAYMENT.

5. IN CASE OF ANY VARIATION/DIFFERENCES OF INTERPRETATION AND MEANINGS OF

TERMS AND CONDITIONS IN THIS CONTRACT, ALL THE TERMS AND CONDITIONS
CONTAINED IN THIS CLAUSE SHALL PREVAIL.

CLAUSE 19: NOTICE/SERVICE

ANY NOTICES/SERVICE, COMMUNICATIONS, FAXES, MAILS, ETC. IN CONNECTION WITH ANY
LEGAL DISPUTE/ISSUES UNDER THIS CONTRACT IS REQUIRED TO BE SENT TO THE FOLLOWING
AUTHORIZED REPRESENTATIVE OF THE BUYER AND SELLER:

PERSON IN CHARGE OF THE BUYER: MR. NANTHAKUMAR

EMAIL:

SELLER FUNDER BUYER

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CONTRACT NO: DRL/RIM/ABRI/XXX/S/2013

PERSON IN CHARGE OF THE SELLER: MR. AGUNG KURNIA

EMAIL: karel_kurnia@yahoo.com

PERSON IN CHARGE OF THE FUNDER:

EMAIL: XXXXXXXXXXXX

IN WITNESS WHERE OF THIS CONTRACT IS EXECUTED BY AND BETWEEN THE SELLER AND
BUYER ON 01 MARCH 2013 AND THE DULY AUTHORIZED REPRESENTATIVE OF THE SELLER AND
BUYER HAVING SIGNED ON THIS DAY.

ONE ORIGINAL SHALL BE RETAINED BY BUYER AND TWO ORIGINALS BE RETAINED BY SELLER.
THE CONTRACT BY FAX HAS THE SAME FORCE AND EFFECT.

THE BUYER THE SELLER

DEVI RESOURCES LIMITED PT. CATUR MULTIGUNA ABADI

NAME(S) OF AUTHORIZED SIGNATORY: NAME(S) OF AUTHORIZED SIGNATORY:

MR. NANTHAKUMAR MR. AGUNG KURNIA

DATE OF SIGNING: DATE OF SIGNING:

01 MARCH 2013
THE FUNDER
PT

NAME(S) OF AUTHORIZED SIGNATORY:

MR.
DATE OF SIGNING:

SELLER FUNDER BUYER

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