Article 2. Term
2.1 This Agreement shall become effective upon its execution by the parties hereto and shall continue in force for 12 months from the execution date of the Agreement unless earlier terminated under Article 3.
2.2 This term may be amended by the parties mutual agreement, if required, during the performance of the Services hereunder.
Article 3. Termination
3.1 Either party may terminate this Agreement if the other party commits a material breach of this Agreement and such breach is either not curable, or not cured by defaulting party within (15) days from the date when the defaulting party received the written notice from the non-defaulting party, or if either party making an assignment for the benefit of creditors, or being adjudged bankrupt, or insolvent, or filing any petition seeking for itself any arrangement for dissolution and liquidation of its interests.
3.2 Notwithstanding foregoing, Part A may terminate at any time this Agreement by giving to Part B thirty days prior written termination notice without any reason.
3.3 If this Agreement is terminated for any reason attributable Part A before the term expires, Part A will pay the costs and expenses actually used and incurred in accordance with the Part B’s prompt written report within the limitation of Consultant Fee.
3.4 If this Agreement is terminated for any reason attributable Part B before the term expires, Part B will pay ten percent (10%) of the Consultant Fee as liquidated damages.
Article 4. Consultant Fee
4.1 In consideration of the Service rendered by Part B, Part A agrees to pay Part B CNY500,000 as Part B’s consultant fee (“Consultant Fee”) against Part B’s invocies.
4.2 The Consulatant Fee shall be paid to Part B by the end of December.
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