Food Supply Contract Date: March 25, 2023 Between King Health Investment Holdings Limited And CUSTOMER B Food Supply Contract
Exhibit 10.7
Date: March 25, 2023
Between
King Health Investment Holdings Limited
And
CUSTOMER B
This contract is entered into on March 25, 2023, between the following parties:
| 1. | King Health Investment Holdings Limited |
Business Registration No.: 64283278-000-01-24-6
Business Address: ▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇
(Hereinafter referred to as “Party A”)
CUSTOMER B
Business Registration No.: 56686228-000-12-22-6
Business Address: ▇▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇
(Hereinafter referred to as “Party B”)
To promote mutual development under principles of equality and mutual benefit, Party A and Party B agree to the following terms regarding Party A's supply of food ingredients to Party B:
1. Supply Categories
Party A shall supply the following products (hereinafter referred to as “Products”):
| Products | ||
| South African Dried Abalone | Snowflake Beef | Australian Sea Cucumber |
| Japanese Dried Abalone | Soy Sauce / Garlic Flavored BBQ Pork Belly | Shark Fin |
| Caviar | Fish Maw / Fish Maw Tube | Kipen Abalone |
| American Wagyu Beef | Frozen Abalone / Frozen Abalone with Shell | Sichuan Peppercorn |
2. Supply Region
Party A shall supply the Products to Party B within the Hong Kong Special Administrative Region.
3. Contract Term and Termination
| 1. | This contract shall be valid from March 25, 2023, to March 24, 2025. Unless either party provides written notice of termination 30 days prior to the expiration date, the contract shall automatically renew for 1 additional year. |
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| 2. | If either party fails to fully and/or timely fulfill its obligations under this contract, the other party may issue a warning. If the breach is not rectified within 5 days, the non-breaching party may unilaterally terminate this contract immediately without compensation. |
4. Orders, Pricing, and Payment
| 1. | Each transaction between Party A and Party B shall be supported by an invoice. Party B’s order requests to Party A shall be submitted in writing, specifying the quantity of Products ordered. |
| 2. | The prices of the Products shall remain fixed for 1 year from the effective date of this contract. After 1 year, Party A shall provide Party B with a new price list. If no new price list is provided, the previous year’s prices shall apply. |
| 3. | Payment shall be settled monthly. The 15th of each month is the reconciliation day. All accounts for the current month must be reconciled by the 15th of the following month. Party A shall issue monthly invoices to Party B, and Party B must remit the full payment to Party A’s designated account within 120 days. Reconciliation documents and timing shall be based on the delivery notes issued by Party A’s logistics department and confirmed by Party B (unsettled delivery notes shall be considered Party B’s outstanding debts, with transportation costs borne by Party B). |
5. Delivery and Transportation
| 1. | Party B shall submit order plans to Party A in advance. If Party A’s inventory is insufficient, Party A shall arrange shipment within 7 days after receiving the order (except under special circumstances). |
| 2. | Transportation costs (if any) shall be borne by Party B, or Party B may arrange self-pickup. Party B must specify delivery/pickup arrangements in the order. In case of transportation claims, Party A shall assist Party B in the process, with compensation benefits accruing to Party B. Upon receipt of goods, Party B shall inspect them carefully. If damage is found, Party B must request proof from the carrier, file a claim with the transportation department, and provide feedback to Party A. |
6. Quality Requirements, Acceptance Standards, and Warranty
| 1. | For quality issues, Party A shall implement a "three guarantees" policy (excluding damage caused during transportation or by human factors). If Products are replaced due to quantity discrepancies, the process shall follow a "return before replacement" principle, with returned goods settled at 90% of the original price. In other cases, returns shall be settled at the original price, with return transportation costs borne by Party B. |
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| 2. | Acceptance standards, methods, and objection period: Acceptance shall be based on samples, with a 20-day written objection period for the entire batch of goods. |
7. Liability for Breach
Both parties shall strictly adhere to the responsibilities and obligations outlined in this contract. Except in cases of force majeure (e.g., natural disasters, embargoes, national policies, or unforeseeable events), the breaching party shall bear full liability.
8. Dispute Resolution
All disputes shall be resolved through friendly negotiations. If negotiations fail, either party may file a lawsuit with the courts of the Hong Kong Special Administrative Region.
9. Miscellaneous
| 1. | Matters not covered in this contract may be addressed through additional negotiations. |
| 2. | This contract is executed in duplicate, with each party holding one copy. It shall take effect upon signing and shall have equal legal validity. |
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Signature page
Party A: King Health Investment Holdings Limited
Signature and Company Chop:
Date: March 25, 2023
Party B: CUSTOMER B
Signature and Company Chop:
Date: March 25, 2023
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