- Văn bản
- Lịch sử
DATE_______________________________
DATE_________________________________
1.0 PARTIES
1. R.C REAL ESTATE DEVELOPMENT AND FINANCE CORPORATION, with its address at 16th Floor, Sailing Tower, 111A Pasteur Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam (“Refico”).
2. New Markets Pte
3. Dragon Age Holdings BVI
2 & 3 are collectively the “Foreign Party”
2.0 BACKGROUND
Location and Site Plans are attached as Appendix 2
Westlake international tower (wit), 18 Thuy Khue, Hanoi, Vietnam, is currently owned as follows
• Newtatco 49%
• New Markets Pte 37%
• Dragon Age Holdings BVI 14%
The ownership is via a Joint Venture Contract dated the 6th August 2010 as amended on the 8th August 2011. English translations of both are attached as Appendix 2
There is an Investment Certificate dated the 12th December 2011 (Appendix 3) and a Construction License dated the 18th January 2012 (Appendix 4)
All calculations within this document are based on the Financial Statement dated the 31st December 2011, which we understand forms the basis of the Audited Accounts and is agreed between the current owners. A set of updated Audited Accounts will need to be prepared and agreed between the current owners and Refico. Adjustments to the terms in this document will be made in accordance with those updated Audited Accounts.
For example, Refico has calculated from the Financial Statement dated the 31st December 2011 that the Foreign Parties have a shortfall of US$1,315,639.82. However nowhere is this amount explicitly stated.
In summary:-
• the Joint Venture is for a term of 30 years from April 1994
• The Land Area is 2,916 sq metres
• The Construction License is for a basement and for GFA above ground of 18,300 sq metres on 17 floors
• The use of the building is for serviced apartments and offices
3.0 FINANCIAL SUMMARY
• The Foreign Partner agrees that the 2011 audit is accurate, and that there can only be minor changes between then and now except for some operating costs.
• The Foreign Partner has objected to the 2012 audit report because the VN party wanted to integrate that they have paid in 109% of capital. The Foreign Partner disagrees with that assessment because the VN party paid it back to themselves immediately via unauthorised loans.
4.0 INTENTION OF THE PARTIES
Refico will Joint Venture with the Foreign Party to develop the Project, initially via the offshore vehicle Dragon Age. Refico will cooperate with Newtatco to enable construction to start and to redesign the project to be more appropriate to the current market and therefore provide better returns. The project will be redesigned to include but not be limited to apartments for sale, but initially apartments to lease (serviced apartments).
5.0 HEADS OF TERMS
• To use Dragon Age as the offshore Holding Company for both Refico and the Foreign Party
• It is assume that the Foreign Party will not contribute any further cash
• The Registered Capital of the Project is US$11M. The Foreign Party will need to pay in as follows:-
To balance current Accounts US$M %
Dragon Age $703,480.00
New Markets $1,680,441.00
Total $2,383,921.00 42.49% Of Foreign Share
Unpaid $1,315,639.82
Total Foreign $3,699,560.82 51.00%
Newtatco $3,554,480.00 49.00%
TOTAL $7,254,040.82 100%
Top up to US$11,000,000
Foreign share $5,610,000.00 51.00%
Balance assuming US$1.315M paid $1,910,439.18
TOTAL TO BE PAID BY REFICO $3,226,079.00 57.51% Of Foreign Share
• Refico agree that the $2,383,921.00 already paid by the Foreign Party is to be considered as part of the Registered Capital
• Refico will pay the remainder $1,315,639.82, as and when such payment is required, to bring the Paid Up Capital to the Foreign Party obligation of $3,699,560.82 so as to match with the 51% Foreign Party ownership as set out within the 2011 Accounts
• Refico will pay as and when such payment is required, the remainder of $1,910,439.18 to bring the Foreign Party Contribution to US$5.61M (51% of US$11M)
• The Ownership of the Joint Venture would therefore be as follows:
• Refico will be responsible for obtaining the financing for the Foreign Party obligations on the conversion costs to ultimately acquire the rights to 100% apartments for sale on the land
• Refico will be the Development Partner for the project and will undertake to deal with the Authorities and Newtatco on all matters
• The Costs of Acquiring the License for 100% apartments for sale are currently estimated as follows:-
Costs to get to 100% apartments for sale Costs Comment
Peoples Committee cost psm 39,600,000 VND/psm
Multiplier 2 As required by the PC
On site cover 60% Assumed
138,568,320,000 VND
$6,598,491
$2,263 per sq metre of land
Fees $700,000
Total $7,298,491
Cost to Foreign Investor $3,722,231 51%
• Return of Equity. When the project is able to return equity to the investors, out of the foreign entitlement, the Foreign Party will have the right to the return of their initial $2,383,921.00 investment. Then Refico will have the right to the return of their $3,226,079.00.
• Profits. When both the Foreign Party, and Refico have received back their initial equity, it is agreed that both the Foreign Party and Refico will share any profits on a 50%/50% basis
• It is agreed that within 18 months of an SPA being signed between the Parties, Refico has the right to buy out the Foreign Party completely for $2,383,921.00 plus a premium of US$500,000
6.0 GENERAL PRINCIPLES
The Parties acknowledge and agree that this Heads of Terms Document only outlines the preliminary understanding and current intentions of the Parties with respect to the activities described but they have not reached final agreement on the terms and conditions of the proposal or any agreement in relation thereto. Except as provided for within this Heads of Terms Document, neither this Heads of Terms Document nor the general principles are intended to be legally binding, and the Parties will not be legally bound by any terms or conditions in respect of the proposal until they have negotiated, finalised and executed a definitive and comprehensive legal agreements (and any conditions precedent in the legal agreements have been satisfied or waived).
The Parties further acknowledge and confirm that this Heads of Terms Document does not establish any kind of liability of the Parties for any direct or indirect, consequential, incidental or economic damages or losses (e. g. damages for loss of business profits, business interruption, loss of business information, and the like) or any punitive damages arising out or related to this Heads of Terms Document, and that thus, regarding the performance or non-performance of this Heads of Terms Document, no claims for damages, losses, compensation for expenses or investments or any other claims can be based on this Heads of Terms Document.
The Parties acknowledge and agree that this Heads of Terms Document in no way binds any Party to take any step, or enter into any document, in relation to the proposal. A Party may cease negotiations at any time at its absolute discretion and not enter into any further agreement and the other Party will not be entitled to rely on the continuation of negotiations and will not be entitled to any compensation for termination of negotiations.
7.0 GOOD FAITH NEGOTIATIONS
The Parties agree that while negotiations continue on the proposal, they will:
a) act in good faith;
b) devote sufficient resources and time to the negotiation of the proposal;
c) cooperate to meet regularly to conduct discussions and negotiations;
d) use their best efforts to provide each other and their advisers with all material information and documentation they reasonably require to carry out their due diligence inquiries; and
As soon as possible and reasonably efficiently, negotiate in good faith legal documentation for the definitive agreements.
8.0 CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS
This Heads of Terms Document is entered into on the strict understanding that each of Refico and Foreign Party shall use the information received from the other Party solely for the purposes of the intended cooperation and shall keep its contents, any discussions arising from it, and any information provided as a consequence of it, confidential and, except as required by law, shall not make or issue any public announcement, circular or disclosure in respect of it before or upon signature of the definitive agreements implementing this transaction without express prior written approval from the other Party.
9.0 GENERAL
9.1 Governing law and Disputes
a) This Heads of Terms Document is governed by the law in force in Vietnam.
b) Any dispute, difference, disagreement or claim of any kind whatsoever arising out of or in connection with this Heads of Terms Document between the Parties must be resolved in accordance with the principles set out in this Heads of Terms Document.
c) The Parties agree that in the event a mutual resolution cannot be reached in accordance with the principles set out in this Heads of Terms Document, the Parties shall proceed to arbitration in Vietnam. The language of the arbitration shall be in English and the decision of the arbitrator shall be final.
9.2 Liability for expenses
Each Party must pay its own expenses incurred in negotiating and executing this Heads of Terms Document.
9.3 Amendment
This Heads of Terms Document can only be amended, supplemented or replaced by another document signed by the Parties.For and on behalf of
1.0 PARTIES
1. R.C REAL ESTATE DEVELOPMENT AND FINANCE CORPORATION, with its address at 16th Floor, Sailing Tower, 111A Pasteur Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam (“Refico”).
2. New Markets Pte
3. Dragon Age Holdings BVI
2 & 3 are collectively the “Foreign Party”
2.0 BACKGROUND
Location and Site Plans are attached as Appendix 2
Westlake international tower (wit), 18 Thuy Khue, Hanoi, Vietnam, is currently owned as follows
• Newtatco 49%
• New Markets Pte 37%
• Dragon Age Holdings BVI 14%
The ownership is via a Joint Venture Contract dated the 6th August 2010 as amended on the 8th August 2011. English translations of both are attached as Appendix 2
There is an Investment Certificate dated the 12th December 2011 (Appendix 3) and a Construction License dated the 18th January 2012 (Appendix 4)
All calculations within this document are based on the Financial Statement dated the 31st December 2011, which we understand forms the basis of the Audited Accounts and is agreed between the current owners. A set of updated Audited Accounts will need to be prepared and agreed between the current owners and Refico. Adjustments to the terms in this document will be made in accordance with those updated Audited Accounts.
For example, Refico has calculated from the Financial Statement dated the 31st December 2011 that the Foreign Parties have a shortfall of US$1,315,639.82. However nowhere is this amount explicitly stated.
In summary:-
• the Joint Venture is for a term of 30 years from April 1994
• The Land Area is 2,916 sq metres
• The Construction License is for a basement and for GFA above ground of 18,300 sq metres on 17 floors
• The use of the building is for serviced apartments and offices
3.0 FINANCIAL SUMMARY
• The Foreign Partner agrees that the 2011 audit is accurate, and that there can only be minor changes between then and now except for some operating costs.
• The Foreign Partner has objected to the 2012 audit report because the VN party wanted to integrate that they have paid in 109% of capital. The Foreign Partner disagrees with that assessment because the VN party paid it back to themselves immediately via unauthorised loans.
4.0 INTENTION OF THE PARTIES
Refico will Joint Venture with the Foreign Party to develop the Project, initially via the offshore vehicle Dragon Age. Refico will cooperate with Newtatco to enable construction to start and to redesign the project to be more appropriate to the current market and therefore provide better returns. The project will be redesigned to include but not be limited to apartments for sale, but initially apartments to lease (serviced apartments).
5.0 HEADS OF TERMS
• To use Dragon Age as the offshore Holding Company for both Refico and the Foreign Party
• It is assume that the Foreign Party will not contribute any further cash
• The Registered Capital of the Project is US$11M. The Foreign Party will need to pay in as follows:-
To balance current Accounts US$M %
Dragon Age $703,480.00
New Markets $1,680,441.00
Total $2,383,921.00 42.49% Of Foreign Share
Unpaid $1,315,639.82
Total Foreign $3,699,560.82 51.00%
Newtatco $3,554,480.00 49.00%
TOTAL $7,254,040.82 100%
Top up to US$11,000,000
Foreign share $5,610,000.00 51.00%
Balance assuming US$1.315M paid $1,910,439.18
TOTAL TO BE PAID BY REFICO $3,226,079.00 57.51% Of Foreign Share
• Refico agree that the $2,383,921.00 already paid by the Foreign Party is to be considered as part of the Registered Capital
• Refico will pay the remainder $1,315,639.82, as and when such payment is required, to bring the Paid Up Capital to the Foreign Party obligation of $3,699,560.82 so as to match with the 51% Foreign Party ownership as set out within the 2011 Accounts
• Refico will pay as and when such payment is required, the remainder of $1,910,439.18 to bring the Foreign Party Contribution to US$5.61M (51% of US$11M)
• The Ownership of the Joint Venture would therefore be as follows:
• Refico will be responsible for obtaining the financing for the Foreign Party obligations on the conversion costs to ultimately acquire the rights to 100% apartments for sale on the land
• Refico will be the Development Partner for the project and will undertake to deal with the Authorities and Newtatco on all matters
• The Costs of Acquiring the License for 100% apartments for sale are currently estimated as follows:-
Costs to get to 100% apartments for sale Costs Comment
Peoples Committee cost psm 39,600,000 VND/psm
Multiplier 2 As required by the PC
On site cover 60% Assumed
138,568,320,000 VND
$6,598,491
$2,263 per sq metre of land
Fees $700,000
Total $7,298,491
Cost to Foreign Investor $3,722,231 51%
• Return of Equity. When the project is able to return equity to the investors, out of the foreign entitlement, the Foreign Party will have the right to the return of their initial $2,383,921.00 investment. Then Refico will have the right to the return of their $3,226,079.00.
• Profits. When both the Foreign Party, and Refico have received back their initial equity, it is agreed that both the Foreign Party and Refico will share any profits on a 50%/50% basis
• It is agreed that within 18 months of an SPA being signed between the Parties, Refico has the right to buy out the Foreign Party completely for $2,383,921.00 plus a premium of US$500,000
6.0 GENERAL PRINCIPLES
The Parties acknowledge and agree that this Heads of Terms Document only outlines the preliminary understanding and current intentions of the Parties with respect to the activities described but they have not reached final agreement on the terms and conditions of the proposal or any agreement in relation thereto. Except as provided for within this Heads of Terms Document, neither this Heads of Terms Document nor the general principles are intended to be legally binding, and the Parties will not be legally bound by any terms or conditions in respect of the proposal until they have negotiated, finalised and executed a definitive and comprehensive legal agreements (and any conditions precedent in the legal agreements have been satisfied or waived).
The Parties further acknowledge and confirm that this Heads of Terms Document does not establish any kind of liability of the Parties for any direct or indirect, consequential, incidental or economic damages or losses (e. g. damages for loss of business profits, business interruption, loss of business information, and the like) or any punitive damages arising out or related to this Heads of Terms Document, and that thus, regarding the performance or non-performance of this Heads of Terms Document, no claims for damages, losses, compensation for expenses or investments or any other claims can be based on this Heads of Terms Document.
The Parties acknowledge and agree that this Heads of Terms Document in no way binds any Party to take any step, or enter into any document, in relation to the proposal. A Party may cease negotiations at any time at its absolute discretion and not enter into any further agreement and the other Party will not be entitled to rely on the continuation of negotiations and will not be entitled to any compensation for termination of negotiations.
7.0 GOOD FAITH NEGOTIATIONS
The Parties agree that while negotiations continue on the proposal, they will:
a) act in good faith;
b) devote sufficient resources and time to the negotiation of the proposal;
c) cooperate to meet regularly to conduct discussions and negotiations;
d) use their best efforts to provide each other and their advisers with all material information and documentation they reasonably require to carry out their due diligence inquiries; and
As soon as possible and reasonably efficiently, negotiate in good faith legal documentation for the definitive agreements.
8.0 CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS
This Heads of Terms Document is entered into on the strict understanding that each of Refico and Foreign Party shall use the information received from the other Party solely for the purposes of the intended cooperation and shall keep its contents, any discussions arising from it, and any information provided as a consequence of it, confidential and, except as required by law, shall not make or issue any public announcement, circular or disclosure in respect of it before or upon signature of the definitive agreements implementing this transaction without express prior written approval from the other Party.
9.0 GENERAL
9.1 Governing law and Disputes
a) This Heads of Terms Document is governed by the law in force in Vietnam.
b) Any dispute, difference, disagreement or claim of any kind whatsoever arising out of or in connection with this Heads of Terms Document between the Parties must be resolved in accordance with the principles set out in this Heads of Terms Document.
c) The Parties agree that in the event a mutual resolution cannot be reached in accordance with the principles set out in this Heads of Terms Document, the Parties shall proceed to arbitration in Vietnam. The language of the arbitration shall be in English and the decision of the arbitrator shall be final.
9.2 Liability for expenses
Each Party must pay its own expenses incurred in negotiating and executing this Heads of Terms Document.
9.3 Amendment
This Heads of Terms Document can only be amended, supplemented or replaced by another document signed by the Parties.For and on behalf of
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DATE_________________________________1.0 BÊN1. các bất động sản và tài chính công ty phát triển, với địa chỉ của nó tại tầng 16, Sailing Tower, 111A Pasteur Street, p. Bến Nghé, Quận 1, TP. Hồ Chí Minh, Việt Nam ("Refico").2. mới thị trường Pte 3. Dragon tuổi Holdings BVI 2 & 3 là gọi chung là "Bên ngoài"2.0 NỀNVị trí và trang web kế hoạch được kèm theo là phụ lục 2Westlake quốc tế tháp (wit), 18 Thuy Khue, Hanoi, Việt Nam, hiện nay thuộc sở hữu như sau• Newtatco 49%• Mới thị trường Pte 37%• Dragon Age Holdings BVI 14%Quyền sở hữu là thông qua một hợp đồng liên doanh ngày thứ 6 tháng 8 năm 2010 như sửa đổi ngày 08 tháng 8 năm 2011. Các bản dịch tiếng Anh của cả hai được đính kèm phụ lục 2Có là một giấy chứng nhận đầu tư ngày 12 tháng 12 năm 2011 (phụ lục 3) và một giấy phép xây dựng ngày 18 tháng 1 năm 2012 (phụ lục 4)Tất cả các tính toán trong tài liệu này được dựa trên báo cáo tài chính mà chúng tôi hiểu ngày 31 tháng 12 năm 2011, tạo thành cơ sở của các tài khoản kiểm toán và thỏa thuận giữa các chủ sở hữu hiện tại. Một tập hợp các tài khoản kiểm tra Cập Nhật sẽ cần phải được chuẩn bị và thỏa thuận giữa chủ sở hữu hiện tại và Refico. Điều chỉnh với các điều khoản trong tài liệu này sẽ được thực hiện phù hợp với các tài khoản kiểm tra Cập Nhật.Ví dụ, Refico có tính từ các báo cáo tài chính ngày 31 tháng 12 năm 2011 các bên nước ngoài có một thiếu hụt của US$ 1.315, 639.82. Tuy nhiên không có nơi nào số tiền này một cách rõ ràng đã nêu. Tóm lại:-• công ty liên doanh là cho một nhiệm kỳ của 30 năm kể từ tháng 4 năm 1994• Vùng đất là 2,916 mét vuông• Giấy phép xây dựng là một tầng hầm và GFA trên mặt đất 18.300 mét vuông trên 17 tầng• Việc sử dụng của tòa nhà là cho các căn hộ đủ dịch vụ và văn phòng3,0 TÀI CHÍNH TÓM TẮT• Các đối tác nước ngoài đồng ý rằng kiểm toán năm 2011 là chính xác, và rằng có thể chỉ có nhỏ thay đổi giữa sau đó và bây giờ ngoại trừ một số chi phí vận hành. • Các đối tác nước ngoài đã phản đối báo cáo kiểm toán năm 2012 bởi vì bên Việt Nam muốn tích hợp mà họ đã trả tiền trong 109% vốn. Các đối tác nước ngoài không đồng ý với đánh giá đó bởi vì bên Việt Nam trả nó lại cho mình ngay lập tức thông qua khoản cho vay trái phép. 4,0 Ý ĐỊNH CỦA CÁC BÊNRefico sẽ liên doanh với bên ngoài để phát triển dự án, ban đầu thông qua chiếc xe ngoài khơi Dragon Age. Refico sẽ hợp tác với Newtatco để cho phép xây dựng để bắt đầu và thiết kế lại dự án để thích hợp hơn để thị trường hiện nay và do đó cung cấp lợi nhuận tốt hơn. Dự án sẽ được thiết kế lại để bao gồm nhưng không giới hạn đối với căn hộ để bán, nhưng ban đầu là căn hộ cho thuê (serviced apartments). 5.0 NGƯỜI ĐỨNG ĐẦU CỦA ĐIỀU KHOẢN• Sử dụng Dragon Age như công ty nước ngoài cho cả hai Refico và bên nước ngoài• Đó là giả định rằng bên nước ngoài sẽ không đóng góp bất kỳ tiền mặt thêm• Đăng ký thủ đô của dự án là US$ 11 M. Bên ngoài sẽ cần phải trả tiền như sau:-Để cân bằng tài khoản hiện tại $M % Dragon Age $703,480.00 Mới thị trường $1,680,441.00 Tổng cộng $2,383,921.00 42.49% của nước ngoài chia sẻChưa thanh toán $1,315,639.82 Tổng số nước ngoài $3,699,560.82 51,00% NEWTATCO 3,554,480.00 $ 49,00% TỔNG SỐ $7,254,040.82 100% Đầu đến US$ 11,000,000 Chia sẻ nước ngoài $5,610,000.00 51,00% Số dư giả sử US$ 1. 315M trả tiền $1,910,439.18 Tất cả để được trả tiền bởi REFICO $3,226,079.00 57,51% của nước ngoài chia sẻ• Refico đồng ý rằng các $2,383,921.00 đã được trả tiền bởi bên nước ngoài là để được xem xét như là một phần vốn đăng ký• Refico sẽ trả phần còn lại $1,315,639.82, làm và khi thanh toán như vậy là cần thiết, nhằm trả tiền lên thủ đô để bên nước ngoài nghĩa vụ của $3,699,560.82 để phù hợp với 51% quyền sở hữu nước ngoài bên như đặt ra trong các tài khoản 2011• Refico sẽ trả tiền như và khi thanh toán như vậy là cần thiết, phần còn lại của $1,910,439.18 để mang lại sự đóng góp bên ngoài đến US$ 5. 61M (51% của Hoa Kỳ$ 11 M) • Quyền sở hữu của công ty liên doanh sẽ do đó là như sau: • Refico sẽ chịu trách nhiệm cho việc thu thập tài chính cho các nghĩa vụ nước ngoài bên trên các chi phí chuyển đổi để cuối cùng có được quyền 100% căn hộ để bán trên đất• Refico sẽ trở thành đối tác phát triển cho dự án và sẽ thực hiện để đối phó với chính quyền và Newtatco trên tất cả các vấn đề• Các chi phí của việc mua giấy phép cho 100% các căn hộ để bán được hiện nay ước tính như sau:-Chi phí để có được 100% căn hộ để bán chi phí bình luậnỦy ban dân tộc chi phí psm 39,600,000 đồng/psmHệ số 2 theo yêu cầu của máy PCTrên trang web bao gồm 60% Assumed 138,568,320,000 VND $6,598,491 $2,263 cho mỗi mét vuông đấtLệ phí $700,000 Tổng số $7,298,491 Chi phí cho nhà đầu tư nước ngoài $3,722,231 51%• Các trở lại của vốn chủ sở hữu. Khi dự án có thể trở về vốn chủ sở hữu nhà đầu tư, ra khỏi quyền lợi được nước ngoài, bên nước ngoài sẽ có quyền lợi tức đầu tư $2,383,921.00 ban đầu của họ. Sau đó Refico sẽ có quyền lợi tức của $3,226,079.00. • Lợi nhuận. Khi cả hai bên nước ngoài, và Refico đã nhận được trở lại của vốn chủ sở hữu ban đầu, nó đồng ý rằng cả hai bên ngoài và Refico sẽ chia sẻ bất kỳ lợi nhuận trên cơ sở 50% / 50%• Nó đồng ý rằng trong vòng 18 tháng một SPA được ký kết giữa các bên, Refico có quyền mua ra bên ngoài hoàn toàn cho $2,383,921.00 cộng với một phí bảo hiểm của Hoa Kỳ$ 500,0006.0 NGUYÊN TẮC CHUNGCác bên công nhận và đồng ý rằng người đứng đầu của thuật ngữ tài liệu này chỉ vạch ra sự hiểu biết sơ bộ và ý định hiện tại của các bên liên quan đến các hoạt động được mô tả nhưng họ đã không đạt thỏa thuận cuối cùng về các điều khoản và điều kiện của đề xuất hoặc bất kỳ thỏa thuận liên quan nưa. Trừ khi cung cấp cho trong vòng đầu của điều khoản tài liệu này, người đứng đầu của thuật ngữ tài liệu này cũng như các nguyên tắc chung được dự định để ràng buộc pháp lý, và các bên sẽ không được hợp pháp ràng buộc bởi bất kỳ điều khoản hoặc điều kiện đối với đề xuất cho đến khi họ đã thương lượng, hoàn tất và thực hiện một thỏa thuận pháp lý cuối cùng và toàn diện (và bất kỳ tiền lệ điều kiện trong Hiệp định pháp luật đã được hài lòng hoặc miễn).Các bên tiếp tục xác nhận và xác nhận rằng người đứng đầu của thuật ngữ tài liệu này không thiết lập bất kỳ loại trách nhiệm của các bên cho bất kỳ thiệt hại trực tiếp hoặc gián tiếp, do hậu quả, ngẫu nhiên hoặc kinh tế hoặc tổn thất (e. g. thiệt hại cho mất lợi nhuận kinh doanh, kinh doanh gián đoạn, mất thông tin kinh doanh, và như thế) hoặc bất kỳ thiệt hại mang tính trừng phạt, phát sinh ra hoặc liên quan đến người đứng đầu của thuật ngữ tài liệu này, và rằng do đó, về hiệu suất hoặc phòng không hiệu suất của người đứng đầu của thuật ngữ tài liệu này, không có khiếu nại đối với thiệt hại, tổn thất, bồi thường với chi phí đầu tư hoặc bất kỳ yêu cầu bồi thường có thể được dựa trên này đầu điều khoản tài liệu.Các bên công nhận và đồng ý rằng người đứng đầu của thuật ngữ tài liệu này không có cách nào binds bất kỳ bên để thực hiện bất kỳ bước, hoặc tham gia vào bất kỳ tài liệu, liên quan đến đề nghị. Một bên có thể chấm dứt cuộc đàm phán tại bất kỳ thời điểm ý kiến tuyệt đối của mình và không tham gia vào bất kỳ thỏa thuận thêm và bên kia sẽ không có quyền dựa trên việc tiếp tục các cuộc đàm phán và sẽ không được hưởng bất kỳ bồi thường cho việc chấm dứt các cuộc đàm phán. 7,0 THIỆN CUỘC ĐÀM PHÁNCác bên đồng ý rằng trong khi cuộc đàm phán tiếp tục đề nghị, họ sẽ:một) hành động trong Đức tin tốt;b) cống hiến đầy đủ các nguồn lực và thời gian cho việc thương lượng của các đề nghị;c) hợp tác để đáp ứng thường xuyên tiến hành các cuộc thảo luận và đàm phán;d) sử dụng các nỗ lực tốt nhất để cung cấp cho nhau và cố vấn của họ với tất cả các thông tin và tài liệu hướng dẫn họ yêu cầu hợp lý để thực hiện của họ do siêng năng yêu cầu; vàCàng sớm càng tốt và hợp lý một cách hiệu quả, thương lượng trong Đức tin tốt tài liệu pháp lý cho các thỏa thuận dứt khoát. 8,0 BẢO MẬT VÀ THÔNG BÁO KHU VỰCNgười đứng đầu của thuật ngữ tài liệu này được nhập vào sự hiểu biết nghiêm ngặt rằng mỗi Refico và bên nước ngoài sẽ sử dụng thông tin nhận được từ bên kia chỉ duy nhất cho mục đích của sự hợp tác dự định sẽ giữ cho nội dung của nó, bất kỳ cuộc thảo luận phát sinh từ nó, và bất kỳ thông tin nào được cung cấp do hậu quả của nó, bảo mật và, ngoại trừ như yêu cầu của pháp luật, sẽ không thực hiện hoặc phát hành bất kỳ thông báo công khai, tròn hoặc tiết lộ đối với nó trước khi hoặc sau khi các chữ ký của các thoả thuận cuối cùng thực hiện giao dịch này mà không nhận trước bằng văn bản phê duyệt từ phía bên kia. TỔNG 9.09.1 quản pháp luật và tranh chấpa) này đứng đầu của tài liệu điều khoản được điều chỉnh bởi pháp luật trong các lực lượng tại Việt Nam.b) bất kỳ tranh chấp, sự khác biệt, sự bất đồng hoặc yêu cầu bồi thường của bất kỳ loại nào phát sinh trong số hoặc kết hợp với người đứng đầu của thuật ngữ tài liệu này giữa các bên phải được giải quyết theo các nguyên tắc đặt ra ở đầu này tài liệu điều khoản. c) các bên đồng ý rằng trong trường hợp một nghị quyết lẫn nhau không thể tới phù hợp với các nguyên tắc đặt ra ở đầu của điều khoản tài liệu này, các bên sẽ tiến hành để trọng tài tại Việt Nam. Ngôn ngữ của trọng tài là bằng tiếng Anh và quyết định của trọng tài sẽ được cuối cùng. 9.2 trách nhiệm đối với chi phíMỗi bên phải trả chi phí riêng của mình trong đàm phán và thực hiện các thủ trưởng của điều khoản tài liệu này.9.3 Sửa đổiNgười đứng đầu của thuật ngữ tài liệu này có thể chỉ được sửa đổi, bổ sung hoặc thay thế bằng một tài liệu được ký bởi Parties.For và đại diện cho
đang được dịch, vui lòng đợi..
DATE_________________________________
1.0 PARTIES
1. R.C REAL ESTATE DEVELOPMENT AND FINANCE CORPORATION, with its address at 16th Floor, Sailing Tower, 111A Pasteur Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam (“Refico”).
2. New Markets Pte
3. Dragon Age Holdings BVI
2 & 3 are collectively the “Foreign Party”
2.0 BACKGROUND
Location and Site Plans are attached as Appendix 2
Westlake international tower (wit), 18 Thuy Khue, Hanoi, Vietnam, is currently owned as follows
• Newtatco 49%
• New Markets Pte 37%
• Dragon Age Holdings BVI 14%
The ownership is via a Joint Venture Contract dated the 6th August 2010 as amended on the 8th August 2011. English translations of both are attached as Appendix 2
There is an Investment Certificate dated the 12th December 2011 (Appendix 3) and a Construction License dated the 18th January 2012 (Appendix 4)
All calculations within this document are based on the Financial Statement dated the 31st December 2011, which we understand forms the basis of the Audited Accounts and is agreed between the current owners. A set of updated Audited Accounts will need to be prepared and agreed between the current owners and Refico. Adjustments to the terms in this document will be made in accordance with those updated Audited Accounts.
For example, Refico has calculated from the Financial Statement dated the 31st December 2011 that the Foreign Parties have a shortfall of US$1,315,639.82. However nowhere is this amount explicitly stated.
In summary:-
• the Joint Venture is for a term of 30 years from April 1994
• The Land Area is 2,916 sq metres
• The Construction License is for a basement and for GFA above ground of 18,300 sq metres on 17 floors
• The use of the building is for serviced apartments and offices
3.0 FINANCIAL SUMMARY
• The Foreign Partner agrees that the 2011 audit is accurate, and that there can only be minor changes between then and now except for some operating costs.
• The Foreign Partner has objected to the 2012 audit report because the VN party wanted to integrate that they have paid in 109% of capital. The Foreign Partner disagrees with that assessment because the VN party paid it back to themselves immediately via unauthorised loans.
4.0 INTENTION OF THE PARTIES
Refico will Joint Venture with the Foreign Party to develop the Project, initially via the offshore vehicle Dragon Age. Refico will cooperate with Newtatco to enable construction to start and to redesign the project to be more appropriate to the current market and therefore provide better returns. The project will be redesigned to include but not be limited to apartments for sale, but initially apartments to lease (serviced apartments).
5.0 HEADS OF TERMS
• To use Dragon Age as the offshore Holding Company for both Refico and the Foreign Party
• It is assume that the Foreign Party will not contribute any further cash
• The Registered Capital of the Project is US$11M. The Foreign Party will need to pay in as follows:-
To balance current Accounts US$M %
Dragon Age $703,480.00
New Markets $1,680,441.00
Total $2,383,921.00 42.49% Of Foreign Share
Unpaid $1,315,639.82
Total Foreign $3,699,560.82 51.00%
Newtatco $3,554,480.00 49.00%
TOTAL $7,254,040.82 100%
Top up to US$11,000,000
Foreign share $5,610,000.00 51.00%
Balance assuming US$1.315M paid $1,910,439.18
TOTAL TO BE PAID BY REFICO $3,226,079.00 57.51% Of Foreign Share
• Refico agree that the $2,383,921.00 already paid by the Foreign Party is to be considered as part of the Registered Capital
• Refico will pay the remainder $1,315,639.82, as and when such payment is required, to bring the Paid Up Capital to the Foreign Party obligation of $3,699,560.82 so as to match with the 51% Foreign Party ownership as set out within the 2011 Accounts
• Refico will pay as and when such payment is required, the remainder of $1,910,439.18 to bring the Foreign Party Contribution to US$5.61M (51% of US$11M)
• The Ownership of the Joint Venture would therefore be as follows:
• Refico will be responsible for obtaining the financing for the Foreign Party obligations on the conversion costs to ultimately acquire the rights to 100% apartments for sale on the land
• Refico will be the Development Partner for the project and will undertake to deal with the Authorities and Newtatco on all matters
• The Costs of Acquiring the License for 100% apartments for sale are currently estimated as follows:-
Costs to get to 100% apartments for sale Costs Comment
Peoples Committee cost psm 39,600,000 VND/psm
Multiplier 2 As required by the PC
On site cover 60% Assumed
138,568,320,000 VND
$6,598,491
$2,263 per sq metre of land
Fees $700,000
Total $7,298,491
Cost to Foreign Investor $3,722,231 51%
• Return of Equity. When the project is able to return equity to the investors, out of the foreign entitlement, the Foreign Party will have the right to the return of their initial $2,383,921.00 investment. Then Refico will have the right to the return of their $3,226,079.00.
• Profits. When both the Foreign Party, and Refico have received back their initial equity, it is agreed that both the Foreign Party and Refico will share any profits on a 50%/50% basis
• It is agreed that within 18 months of an SPA being signed between the Parties, Refico has the right to buy out the Foreign Party completely for $2,383,921.00 plus a premium of US$500,000
6.0 GENERAL PRINCIPLES
The Parties acknowledge and agree that this Heads of Terms Document only outlines the preliminary understanding and current intentions of the Parties with respect to the activities described but they have not reached final agreement on the terms and conditions of the proposal or any agreement in relation thereto. Except as provided for within this Heads of Terms Document, neither this Heads of Terms Document nor the general principles are intended to be legally binding, and the Parties will not be legally bound by any terms or conditions in respect of the proposal until they have negotiated, finalised and executed a definitive and comprehensive legal agreements (and any conditions precedent in the legal agreements have been satisfied or waived).
The Parties further acknowledge and confirm that this Heads of Terms Document does not establish any kind of liability of the Parties for any direct or indirect, consequential, incidental or economic damages or losses (e. g. damages for loss of business profits, business interruption, loss of business information, and the like) or any punitive damages arising out or related to this Heads of Terms Document, and that thus, regarding the performance or non-performance of this Heads of Terms Document, no claims for damages, losses, compensation for expenses or investments or any other claims can be based on this Heads of Terms Document.
The Parties acknowledge and agree that this Heads of Terms Document in no way binds any Party to take any step, or enter into any document, in relation to the proposal. A Party may cease negotiations at any time at its absolute discretion and not enter into any further agreement and the other Party will not be entitled to rely on the continuation of negotiations and will not be entitled to any compensation for termination of negotiations.
7.0 GOOD FAITH NEGOTIATIONS
The Parties agree that while negotiations continue on the proposal, they will:
a) act in good faith;
b) devote sufficient resources and time to the negotiation of the proposal;
c) cooperate to meet regularly to conduct discussions and negotiations;
d) use their best efforts to provide each other and their advisers with all material information and documentation they reasonably require to carry out their due diligence inquiries; and
As soon as possible and reasonably efficiently, negotiate in good faith legal documentation for the definitive agreements.
8.0 CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS
This Heads of Terms Document is entered into on the strict understanding that each of Refico and Foreign Party shall use the information received from the other Party solely for the purposes of the intended cooperation and shall keep its contents, any discussions arising from it, and any information provided as a consequence of it, confidential and, except as required by law, shall not make or issue any public announcement, circular or disclosure in respect of it before or upon signature of the definitive agreements implementing this transaction without express prior written approval from the other Party.
9.0 GENERAL
9.1 Governing law and Disputes
a) This Heads of Terms Document is governed by the law in force in Vietnam.
b) Any dispute, difference, disagreement or claim of any kind whatsoever arising out of or in connection with this Heads of Terms Document between the Parties must be resolved in accordance with the principles set out in this Heads of Terms Document.
c) The Parties agree that in the event a mutual resolution cannot be reached in accordance with the principles set out in this Heads of Terms Document, the Parties shall proceed to arbitration in Vietnam. The language of the arbitration shall be in English and the decision of the arbitrator shall be final.
9.2 Liability for expenses
Each Party must pay its own expenses incurred in negotiating and executing this Heads of Terms Document.
9.3 Amendment
This Heads of Terms Document can only be amended, supplemented or replaced by another document signed by the Parties.For and on behalf of
1.0 PARTIES
1. R.C REAL ESTATE DEVELOPMENT AND FINANCE CORPORATION, with its address at 16th Floor, Sailing Tower, 111A Pasteur Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam (“Refico”).
2. New Markets Pte
3. Dragon Age Holdings BVI
2 & 3 are collectively the “Foreign Party”
2.0 BACKGROUND
Location and Site Plans are attached as Appendix 2
Westlake international tower (wit), 18 Thuy Khue, Hanoi, Vietnam, is currently owned as follows
• Newtatco 49%
• New Markets Pte 37%
• Dragon Age Holdings BVI 14%
The ownership is via a Joint Venture Contract dated the 6th August 2010 as amended on the 8th August 2011. English translations of both are attached as Appendix 2
There is an Investment Certificate dated the 12th December 2011 (Appendix 3) and a Construction License dated the 18th January 2012 (Appendix 4)
All calculations within this document are based on the Financial Statement dated the 31st December 2011, which we understand forms the basis of the Audited Accounts and is agreed between the current owners. A set of updated Audited Accounts will need to be prepared and agreed between the current owners and Refico. Adjustments to the terms in this document will be made in accordance with those updated Audited Accounts.
For example, Refico has calculated from the Financial Statement dated the 31st December 2011 that the Foreign Parties have a shortfall of US$1,315,639.82. However nowhere is this amount explicitly stated.
In summary:-
• the Joint Venture is for a term of 30 years from April 1994
• The Land Area is 2,916 sq metres
• The Construction License is for a basement and for GFA above ground of 18,300 sq metres on 17 floors
• The use of the building is for serviced apartments and offices
3.0 FINANCIAL SUMMARY
• The Foreign Partner agrees that the 2011 audit is accurate, and that there can only be minor changes between then and now except for some operating costs.
• The Foreign Partner has objected to the 2012 audit report because the VN party wanted to integrate that they have paid in 109% of capital. The Foreign Partner disagrees with that assessment because the VN party paid it back to themselves immediately via unauthorised loans.
4.0 INTENTION OF THE PARTIES
Refico will Joint Venture with the Foreign Party to develop the Project, initially via the offshore vehicle Dragon Age. Refico will cooperate with Newtatco to enable construction to start and to redesign the project to be more appropriate to the current market and therefore provide better returns. The project will be redesigned to include but not be limited to apartments for sale, but initially apartments to lease (serviced apartments).
5.0 HEADS OF TERMS
• To use Dragon Age as the offshore Holding Company for both Refico and the Foreign Party
• It is assume that the Foreign Party will not contribute any further cash
• The Registered Capital of the Project is US$11M. The Foreign Party will need to pay in as follows:-
To balance current Accounts US$M %
Dragon Age $703,480.00
New Markets $1,680,441.00
Total $2,383,921.00 42.49% Of Foreign Share
Unpaid $1,315,639.82
Total Foreign $3,699,560.82 51.00%
Newtatco $3,554,480.00 49.00%
TOTAL $7,254,040.82 100%
Top up to US$11,000,000
Foreign share $5,610,000.00 51.00%
Balance assuming US$1.315M paid $1,910,439.18
TOTAL TO BE PAID BY REFICO $3,226,079.00 57.51% Of Foreign Share
• Refico agree that the $2,383,921.00 already paid by the Foreign Party is to be considered as part of the Registered Capital
• Refico will pay the remainder $1,315,639.82, as and when such payment is required, to bring the Paid Up Capital to the Foreign Party obligation of $3,699,560.82 so as to match with the 51% Foreign Party ownership as set out within the 2011 Accounts
• Refico will pay as and when such payment is required, the remainder of $1,910,439.18 to bring the Foreign Party Contribution to US$5.61M (51% of US$11M)
• The Ownership of the Joint Venture would therefore be as follows:
• Refico will be responsible for obtaining the financing for the Foreign Party obligations on the conversion costs to ultimately acquire the rights to 100% apartments for sale on the land
• Refico will be the Development Partner for the project and will undertake to deal with the Authorities and Newtatco on all matters
• The Costs of Acquiring the License for 100% apartments for sale are currently estimated as follows:-
Costs to get to 100% apartments for sale Costs Comment
Peoples Committee cost psm 39,600,000 VND/psm
Multiplier 2 As required by the PC
On site cover 60% Assumed
138,568,320,000 VND
$6,598,491
$2,263 per sq metre of land
Fees $700,000
Total $7,298,491
Cost to Foreign Investor $3,722,231 51%
• Return of Equity. When the project is able to return equity to the investors, out of the foreign entitlement, the Foreign Party will have the right to the return of their initial $2,383,921.00 investment. Then Refico will have the right to the return of their $3,226,079.00.
• Profits. When both the Foreign Party, and Refico have received back their initial equity, it is agreed that both the Foreign Party and Refico will share any profits on a 50%/50% basis
• It is agreed that within 18 months of an SPA being signed between the Parties, Refico has the right to buy out the Foreign Party completely for $2,383,921.00 plus a premium of US$500,000
6.0 GENERAL PRINCIPLES
The Parties acknowledge and agree that this Heads of Terms Document only outlines the preliminary understanding and current intentions of the Parties with respect to the activities described but they have not reached final agreement on the terms and conditions of the proposal or any agreement in relation thereto. Except as provided for within this Heads of Terms Document, neither this Heads of Terms Document nor the general principles are intended to be legally binding, and the Parties will not be legally bound by any terms or conditions in respect of the proposal until they have negotiated, finalised and executed a definitive and comprehensive legal agreements (and any conditions precedent in the legal agreements have been satisfied or waived).
The Parties further acknowledge and confirm that this Heads of Terms Document does not establish any kind of liability of the Parties for any direct or indirect, consequential, incidental or economic damages or losses (e. g. damages for loss of business profits, business interruption, loss of business information, and the like) or any punitive damages arising out or related to this Heads of Terms Document, and that thus, regarding the performance or non-performance of this Heads of Terms Document, no claims for damages, losses, compensation for expenses or investments or any other claims can be based on this Heads of Terms Document.
The Parties acknowledge and agree that this Heads of Terms Document in no way binds any Party to take any step, or enter into any document, in relation to the proposal. A Party may cease negotiations at any time at its absolute discretion and not enter into any further agreement and the other Party will not be entitled to rely on the continuation of negotiations and will not be entitled to any compensation for termination of negotiations.
7.0 GOOD FAITH NEGOTIATIONS
The Parties agree that while negotiations continue on the proposal, they will:
a) act in good faith;
b) devote sufficient resources and time to the negotiation of the proposal;
c) cooperate to meet regularly to conduct discussions and negotiations;
d) use their best efforts to provide each other and their advisers with all material information and documentation they reasonably require to carry out their due diligence inquiries; and
As soon as possible and reasonably efficiently, negotiate in good faith legal documentation for the definitive agreements.
8.0 CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS
This Heads of Terms Document is entered into on the strict understanding that each of Refico and Foreign Party shall use the information received from the other Party solely for the purposes of the intended cooperation and shall keep its contents, any discussions arising from it, and any information provided as a consequence of it, confidential and, except as required by law, shall not make or issue any public announcement, circular or disclosure in respect of it before or upon signature of the definitive agreements implementing this transaction without express prior written approval from the other Party.
9.0 GENERAL
9.1 Governing law and Disputes
a) This Heads of Terms Document is governed by the law in force in Vietnam.
b) Any dispute, difference, disagreement or claim of any kind whatsoever arising out of or in connection with this Heads of Terms Document between the Parties must be resolved in accordance with the principles set out in this Heads of Terms Document.
c) The Parties agree that in the event a mutual resolution cannot be reached in accordance with the principles set out in this Heads of Terms Document, the Parties shall proceed to arbitration in Vietnam. The language of the arbitration shall be in English and the decision of the arbitrator shall be final.
9.2 Liability for expenses
Each Party must pay its own expenses incurred in negotiating and executing this Heads of Terms Document.
9.3 Amendment
This Heads of Terms Document can only be amended, supplemented or replaced by another document signed by the Parties.For and on behalf of
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