The contract is made out in English and Chinese languages in quadruplicate, both texts being equally authentic, and each Party shall hold two copies of each text.
This contract is signed by the authorized representatives of both parties on Dec. 9, 1999. After signing the contract, both parties shall apply to their respective Government Authorities for ratification. The date of ratification last obtained shall be taken as the effective date of the Contract. Both parties shall exert their utmost efforts to obtain the ratification within 60 days and shall advise the other party by telex and thereafter send a registered letter for confirmation.
The contract shall be valid for 10 years from the effective date of the contract, on the expiry of the validity term of contract, the contract shall automatically become null and void.
The outstanding （未了的）claims and liabilities（债权和债务） existing between both parties on the expiry of the validity of the contract shall not be influenced by the expiration of this contract. The debtor shall be kept liable until the debtor fully pays up his debts to the creditor.