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SOHU » Topics » Article 8 Liabilities for Overdue Payment

This excerpt taken from the SOHU 10-Q filed May 8, 2007.

Article 8 Liabilities for Overdue Payment

Should the Buyer be late or otherwise in default with respect to the payment due hereunder, it shall assume the liability of     1    .

 

1. Assume one of the following liabilities on the basis of overdue days.

 

(1) If the days are 30 days or less, the Buyer shall calculate an interest at a daily rate of 0.0002 on the sum due from the due date of the payment until the full payment thereof and pay to the Seller such interest within 7 days from the fulfillment of the full payment, and the Contract shall continue effective.

 

(2)

If the days are more than 30 days (the number in this blank shall be the same as in (1)), the Seller shall be entitled to terminate this Contract. In the case the Seller terminates the Contract, the Buyer shall,

 

within 7 days of the receipt of the notice of the termination by the Seller, pay to the Seller interest a damage in the amount of 10% of the total due payment, and the Seller shall refund the Buyer all the sum already paid to the Seller. If the Buyer agree to continue the purchase, the Contract shall continue effective upon the approval of the Seller, and the Buyer shall, within 7 days of the due date, pay to the Seller interest at a daily rate of 0.0003 (such rate shall be no less than the rate provided in (1)) on the sum due from the due date of the payment until the full payment thereof.

The overdue payment referred to herein means the difference between the due payment as set out in Article 7 and the sum already paid to the Seller. If the manner of payment is in installments, the overdue payment shall mean the difference between the due payment of each installment and the sum already paid in such installment.

 

2.          is set out in              in Exhibit 8.
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