Re: Alleged mistaken entrance of M.V. “Heung Yang”into Mr. Yu Zhongke’s scallop culture farm and the damages caused hereby
-- Dispute over damage compensation
本和解协议（“本协议”）由下列当事人于2009年7月_______日签署：This Settlement Agreement (this “Agreement”) is made on_______ day of July 2009 by the following parties:
Seobang Shipping Co., Ltd., Pusan, Korea（“甲方”）
Seobang Shipping Co., Ltd., Pusan, Korea (“Party A”)
Mr. Yu Zhongke (“Party B”)
(Party A and Party B are collectively referred to as the “Parties”)
1.Party B alleged that M.V. “Heung Yang” owned by Party A entered
into his scallop culture farm located at the waters near Dalian and caused damages to the scallop seeds (“Damages”).
2.For the reason above, Party B filed arrest application before Dalian
Maritime Court and M.V. “Heung Yang”was arrested on 22 May 2008. In order to release M.V. “Heung Yang”, Party A provided Party B with a Letter of Undertaking (“LOU”) issued by China Reinsurance (Group) Company in amount of RMB5,000,000.
http://m.doczj.com/doc/fd98cb805ef7ba0d4a733b7f.htmlter, Party B brought litigation (“litigation”)before Dalian Maritime
Court, claiming against Party A for compensation of the damages.
The case number is (2008)DHSWCZ No.1.
现经友好协商，双方同意根据如下的条款和条件庭外和解该案。After friendly negotiations, the Parties now agree to amicably settle the case out of court on the terms and conditions set out as follows:
1.Party A agrees to pay, and Party B agrees to accept, a lump sum of
RMB4,800,000 (Say Renminbi Four Million Eight Hundred Thousand Only) (the “Settlement Funds”) as full and final compensation of the damages.
2.Party A undertakes to pay the Settlement Funds within 30 days
after this Agreement is executed to the following bank account designated by Party B:
3.Party B undertakes that Party B is the sole person entitled to claim the
damages, and Party B is the sole person entitled to accept the Settlement Fund. Party B warrants to indemnify Party A and hold Party A harmless against any and all claims in the same nature which may be asserted by any other party or parties on account of all losses, damage and/or expenses whatsoever arising out of the damages. 四．乙方同意收到本协议约定和解金额后放弃对甲方索赔的一切权利并将担保函返还甲方。同时，乙方承诺不可撤销地免除甲方、
4.Upon receipt of the Settlement Fund, Party B agrees to wave all the
rights to claim against Party A for the damages and return the LOU to party A immediately. Meanwhile, Party B undertakes to irrevocably discharge Party A; the successors, employees, agents, crewmembers, insurers, charterers, operators, and vessel managers of Party A; as well as all the interest parties of M.V. “Heung Yang”from any and all liability for the damages and relevant to the damages.
5.Party B undertakes to bear all the expenses arising out the litigation. 六．本协议受中国人民共和国的法律管辖。本协议产生的任何纠纷交由大连海事法院管辖。
6.This Agreement shall be governed by and construed in accordance with
the law of the People’s Republic of China and subject to the jurisdiction of Dalian Maritime Court.
7.This Agreement is written in both Chinese and English of same legal
effect with three originals. The Parties shall hold one original each, and the third original shall be submitted to Dalian Maritime Court for the making of mediation order.
8.This Agreement shall come into force upon execution by the respective
representatives duly authorized by the Parties.
Seobang Shipping Co., Ltd., Pusan, Korea
上海四维乐马律师事务所（签字盖章）SLOMA & Co. (Signature and Stamp)
_______Law Office (Signature and Stamp)