AGREEMENT

CONSTRUCTION OF SINGLE DETACHED UNITS

(20 UNITS)

KNOW ALL MEN BY THESE PRESENTS:

This Agreement is entered into by and between:

UNIBEST REALTY DEVELOPMENT CORPORATION., a Domestic Corporation organized and existing under
Philippine Laws with offices at km.7 Anabukostal Rd., Anabu 2D, Imus, Cavite, herein represented bu its President,
MR. DENNIS PERALES and hereafter referred to as the “OWNER”;

-AND-

JQ INTERNATIONAL CONSTRUCTION INC., with business address at BTTC CENTER, Unit 9-10, 2F, #288 Origas
Ave Corner, Roosevelt St., San Juan City, Metro-Manila, Philippines herein represented by its chairman, MR. LIU
CHUANFU and hereafter referred to as the “CONTRACTOR”.

WITNESSETH, THAT:

WHEREAS, the CONTRACTOR, is an independent contractor engaged in the business of providing services for
specialty works;

WHEREAS, the CONTRACTOR hereby represents that it possesses the technical expertise, manpower,
equipment, resources and financial capability to provide services and materials required to undertake and complete
the scope of services hereunder mentioned:

WHEREAS, the OWNER, on the representations made by the CONTRACTOR, agreed to award the contract and
engage the services of the CONTRACTOR in providing the :

CONSTRUCTION OF SINGLE DETACHED UNITS

(20 UNITS)

Of the NOBLE HILLS SUBDIVISION, a subdivision located at Anabu Coastal Road, Anabu II-D, Imus, Cavite;

WHEREAS, the CONTRACTOR accepted the engagement pursuant to the terms and conditions herein contained
and is willing to undertake the performance of the above mentioned WORKS.

NOW, THEREFORE, for and in consideration of the foregoing premises, OWNER hereby agree to award and the
CONTRACTOR hereby agree to undertake and perform the.

1
 CONSTRUCTION OF SINGLE DETACHED UNITS

(20 UNITS)

Of the NOBLE HILLS SUBDIVISION, a subdivision located at Anabu Coastal Road, Anabu II-D, Imus, Cavite;

1. SCOPE OF WORK

The CONTRACTOR, in consideration of the payment to be made by the OWNER, shall completely perform the works
of the construction project stipulated in Itemized Complete Cost Breakdown.

All items shown on the plan but not included in Itemized Complete Cost Breakdown. This part of works shall be
considered as out of Contractor’s scope of work and as additional cost if the owner requires to do it.

2. AS-BUILT PLANS & DRAWING.

The Contractor shall be responsible in the preparation of signed and sealed as built plans, detailed drawings and shop
drawings for approval.

3. SUBMITTALS.

3.1 The Contractor shall submit the material samples to the Owner for approval. The Owner has rights to choose
other samples but the price shall within the range of the Contractor’s budget. The part over the budget shall bear by
the Owner.

3.2 If the increase of materials and labor cost is more than 3% of total cost, the amount which surpass 3% of total
cost shall be on the account of the Owner.

3.3 Submission of all required shop drawings for approval.

3.4 All other items incidental to and/or required for the proper completion of the system.

4. CONTRACT DOCUMENTS

4.1 The documents mentioned here shall be considered as integral parts of this contract.

4.2 The parties hereto may execute such other documents relating to the Works after the execution of this
Contract and such documents, when signed by the authorized representatives of the parties, shall also form part of
the Contract Documents.

5. CONTRACT PRICE AND PAYMENT TERMS

5.1 For and in consideration of the faithful and satisfactory accomplishment of the works and all the
obligations specified in this Contract, the OWNER agrees to pay the CONTRACTOR in the manner provided

2
hereinafter the total contract amount of Forty Two Million (PHP42,000,000.00) excluding Value Added Tax (VAT),
Withholding Tax and Contractor’s Tax, and other fees, charges or taxes. All the tax fee on account of the Owner.

5.1.1 Upon signing of this contract, the OWNER shall pay a down payment, 20% of the total contract price,
equal to Eight Million Four Hundred Thousand Pesos (Php8,400,000) to the CONTRACTOR.

5.1.2 The SEVENTY FIVE Percent (75%) of the Contract Price is to be paid through monthly progress billing.
Progress payment shall be deducted by proportion of down payment and retention.

5.1.3 For fasten the project construction, Payments for the Progress Billing shall be release by the OWNER to
the CONTRACTOR within 10 days from submission of inspection report by contractor.

In case of non-payment of the OWNER to the CONTRACTOR for a period of two weeks, the
CONTRACTOR has the right to stop the work and be paid for the accomplished of what has been done on the
PROJECT. The Owner shall bear all the economic loss caused to the Contractor and also take the responsibility of
work delay. The Owner agrees to pay the Contractor all the liquidated damages including the wages of Filipino staff
and Chinese staff in the site and office, the construction delay fees and so on.

5.1.4 A retention of FIVE Percent (5%) of the total Contract Price equivalent to Two Million One Hundred
Thousand (Php 2,100,000) will be released to the Contractor within one year from the first officially turned over unit
or first buyer move in or the occupancy permit is released by city hall , whichever comes early. The retention Five (5%)
Percent of the Contract price shall be paid by installments 12 months for 12 post dated checks to Contractor in one
year. The contractor will only receive the punchlist that was certified and issued by the owner, the architect and the
project manager within one year since the project completed.

6. ADDITIONAL CONDITIONS FOR MANNER OF PAYMENT

6.1 The OWNER shall pay the CONTRACTOR based on the schedule of payment as indicated on Section 6 of this
Agreement.

6.2 The billing of the actual accomplishment based on the agreed payment schedule shall be submitted to the
OWNER through the Construction Manager for verification, accompanied by:

a. Summary if accomplishment prepared by the CONTRACTOR and certified by the Construction Manager
for approval of the OWNER.

b. Key plans and photographs of the accomplishment.

c. A Certification prepared by the CONTRACTOR that all wages of workers falling due within the billing
period as well as all materials and equipment installed or utilized for the accomplishment period have
been fully paid and settled.

6.3 Billings for materials shall be limited to those actually installed in place as per agreed payment schedule.
Materials to be purchased from China will be subjected to 50% down payment and 50% balance will be released
upon arrival of goods to the site before installment.

3
6.4 Billings shall be deemed correct and accepted unless the OWNER, after verification, serves to the CONTRACTOR
a written objection or exception to the billing within One Week from the date of actual receipt thereof and sets out
the grounds therefore.

6.5 All billings shall be checked and approved for payment by the project manager and/or the architect prior to
submission to the OWNER. Billings not disputed shall be paid by the OWNER within one week from actual receipt of
the billing and the required supporting documents. Contested billings, on the other hand, shall be paid by the
OWNER within the seven (7) calendar days from its resolution and/or settlement provided that contested billings be
resolved not later than seven (7) calendar days from receipt of the objection.

6.6 The foregoing provisions not with standing, the OWNER shall have the right to withhold all payment being
claimed by the CONTRACTOR in case of non-compliance or defective or irregular compliance with any of the
CONTRACTOR’S obligation under the contract documents; provided that the OWNER may withhold only such amount
pertaining to be contested portion of the works and only when the CONTRACTOR fails to rectify such portion of the
work within five (5) days from receipt of written notice from the OWNER; provided further that the parties hereto
shall endeavor to resolve the dispute within a period of seven calender days from the time of withholding. The owner
shall release the amounts withheld after the CONTRACTOR shall have rectified such defects and other obligations to
the satisfaction of the OWNER or upon the resolution of the dispute. While the OWNER is withholding a payment due
to the CONTRACTOR pursuant to this provision, any suspension of work on the part of the CONTRACTOR shall be
deemed a material breach of the Contract.

7. CONTRACT PERIOD

7.1 The CONTRACTOR shall complete the CONSTRUCTION OF SINGLE DETACHED UNITS (20 UNITS) required under
this agreement within reckoned from receipt All Down payment in 30 days until occupancy permit
is released by the city hall or first officially turned over unit or the issuance of a Letter of Acceptance from the owner,
whichever comes early.(Sundays, Legal Holidays and natural calamities excluded).

7.2 It is understood that time is an essential consideration of this Contract and that, in the event that CONTRACTOR
fails to complete and deliver the Works within the Contact Period, unless the delay or non-completion is due to
justifiable reasons allowed under this Contract, the CONTRACTER agrees to pay the OWNER liquidated damages
equivalent to Two Thousand Pesos (P2,000.00) per day of delay (Sundays, Legal holidays and calamities excluded)
until Works are finally completed and delivered; Maximum penalty is One Percent (1%) or equivalent to Four
Hundred Twenty Thousand (PHP420,000) of the contract price. The OWNER may deduct such liquidated damages
from any amount due or to become due to the CONTRACTOR under this Contract. The foregoing notwithstanding,
From the occupancy permit released, no liquidated damages shall be assessed against the CONTRACTOR. If the
Works are NINETY EIGHT PERCENT (98%) complete provided that the OWNER can already enter and occupy the
premises and the remaining Works to be done do not impair the integrity of the entire Works.

7.3 The Contract Period may be extended by the OWNER in favour of the CONTRACTOR in case of the following
justifiable causes of delay of the Project and those causes mentioned in the Construction Agreement.

7.4 Force majeure or events attributable to natural or human causes or phenomena beyond the control of the
CONTRACTOR which make it impossible for the CONTRACTOR to carry out in whole or in part its obligation under this
CONTRACT;

 Exceptional adverse climatic conditions (Signal No. 2 & 3)

4
  Substantial alternation in the Work approved and ordered by the OWNER;

 ORDINARY UNFAVORABLE WEATHER CONDITION OR MOONSOON RAINS provided that such

unfavourable weather be recorded, confirmed and approved in writing by the project manager.

7.5 In the event that the CONTRACTOR encounters any of the justifiable causes or reasons for delay are allowed
herein, the CONTRACTOR shall submit to the OWNER within ten (10) calender days after encountering such cause a
written request for an extension of the Contract Period, indicating therein the specific reason for the delay and the
extension period requested.

7.6 The foregoing provisions notwithstanding, no extension of the Contract Period shall be granted in the following
instances and the instances mentioned in the Agreement:

7.6.1 Non-availability of labourers, suppliers, equipment or materials, including power, water and other utilities,
that are supposed to be furnished or supplied by the CONTRACTOR;

7.6.2 Labour problems, including strikes, slowdowns, pickets, or lockouts, involving the CONTRACTORS’s
employees, workers or personnel or those of its subcontractors, agent or suppliers;

7.6.3 Disputes of the CONTRACTORS with its material, men and suppliers.

7.7 The OWNER shall have the exclusive option of granting a request for extension period to be allowed in favour
of the CONTRACTOR compensate for the lost time, which option shall not be unreasonably withheld or delayed.

7.8 The foregoing provisions notwithstanding, no extension of the Contract Period, even if granted or allowed by
the OWNER, shall be valid and until the CONTRACTOR causes or secures the corresponding extensions of the bonds
and insurances required under this Contract in favour of the OWNER; For this purpose, the CONTRACTOR shall be
obliged to notify its bondsmen and insurers of all extensions of the Contract Period and show proof that the
bondsmen and insurers agreed to remain bound to the OWNER during the extension period(s) under the same terms
and conditions as in the original period. The OWNER shall not be obliged to grant an extension, even if the
circumstances falls Under any of the justifiable causes allowed in this contract, if the extension should result in the
invalidation or impairment of any the existing bonds and insurances required under this Contract, unless the
CONTRACTOR could provide a substitute guaranty for the OWNER.

7.9 If at any time during the Contract Period, the CONTRACTOR incurs a slippage of TEN PERCENT (10%) in the
Construction Schedule, the OWNER may require the CONTRACTOR to submit within seven (7) calendar days from
demand a confirmed catch-up schedule, including the list of resources required therefore to remedy the
delay/slippage incurred over a period of thirty (30) calendar days. The purpose of this Section is merely to enable the
CONTRACTOR to complete the Works within the original Contract Period and not to grant an extension therefor.
Should the CONTRACTOR, despite the catch-up schedule, fail to remedy/overcome the slippage within the catch-up
period, the OWNER may take any or all the following case of action:

7.9.1 Immediately upon notice to the CONTRACTOR, take-over and complete the works either by itself or
through another Contractor. In such case, the temporary facilities, materials, equipment, tools and resources of
the CONTRACTOR on site shall be at the disposition of the OWNER until the Works unfinished by the
CONTRACTOR are completed. The difference between the cost reasonably incurred and substantiated by the

5
 OWNER to complete the works and the Contract Price balance shall by the OWNER to complete the Works and
the Contract Price balance shall be for the account of the CONTRACTOR and shall be charged against whatever
billings are still due to the CONTRACTOR.

7.10 The exercise by the OWNER of either of the above options is without prejudice to other legal remedies allowed
under this contract, and existing laws, including the right to demand for liquidated damages.

8. CHANGES, ADDITIONS AND DEDUCTIVE

Upon such request, the CONTRACTOR shall prepare and submit to the OWNER a detailed estimate of the
budget and time of performance of the requested change order and its effect on the cost and time of performance of
this CONTRACT. In the event, the parties achieve mutual agreement, the parties shall sign a “ Supplementary Contract”
for the cost of changes based on the quantities of Alterations, Additions and Deletions. The cost thereof shall be
settled separately by mutual agreement between the OWNER and the CONTRACTOR. In the event, such alterations,
additions or deletions will cause a delay in the completion of construction works based on the schedule, and the
parties agree on the duration thereof, then an extension of time co-extensive with the delay shall be given to the
CONTRACTOR. The owner shall pay to contractor based on the “ Supplementary Contract”.

The Owner shall have the right to cause changes in the design:

A. Under the principle of no proven effect on the quantities and on going construction, no changes in the
quantities and it happened two month before the work begin, to adjust the amount of works to be done
within the scope of the contract and the contractor shall comply accordingly with said changed. Regarding
additional work or design changes causing the cost increasing, owner shall give additional payment to
contractor.

B. The Owner shall compensate the contractor’s economic loss with money under the principle of changes

proven effect on the quantities and ongoing construction and the charges caused after the work begin.

C. In order to fasten the construction project, from submission date of the letter or plan by the contractor,

the owner or the architect or management shall make the decision or plan changes in one week. If the

decision or signature or plan changes delay caused by the owner, architect or management more than

one week, the owner shall burden all the economic loss to the contractor and make a corresponding

extension of construction period.

In the event that additional and or deductive works or rework caused by architectural change and the

changes of design is delay lead to rework, the method of computation shall be as follows:

For ADDITIONAL WORKS:

(Material Cost+Labor, Equipment, Supervision, & Delivery Cost)+10% Profit

For DEDUCTIVE WORKS:

(Material Cost+Labor, Equipment, Delivery Cost) : The computation will based on the BOQ.
6
 The Contractor is continuously searching for new construction technologies and materials. In case the quality
of the new technology or material is better or cheaper than the traditional method and will be adopted in the
construction with the approval of the Owner. Then the related construction cost should not affect the original cost of
the Contractor under this contract.

Additional works

8.1 Regarding additional work quantities of the design changes causing the cost increasing, owner shall pay down
payment to the gencon the amount equal to 50% of the additional cost before starting construction works and the
owner shall pay another 50% within two weeks after additional works completion.

9. Additional Conditions

All of the works outside of the building property line/red line are not included in the Contract and Contract
price, which shall be handled and take the expenses by the owner：such as water drainage, waste water discharge
pipe net works connecting to the municipal，permanent electric and water, related permit and so on.

The Owner shall handle procedures and be responsible for all the expenses of the Building Permit, Occupancy
Permit, Contractor’s Tax, ECC, Fire Safety Inspection Certification and all other related certification and procedures.

10. WARRANTIES AND REPRESENTATIONS OF THE CONTRACTOR

10.1 The CONTRACTOR represents that it had and shall maintain throughout the period of this Contract, adequate
capitalization, financial capability, technical know-how and manpower to undertake and complete the Works.

10.2 The CONTRACTOR shall provide everything necessary or appropriate towards the proper accomplishment and
completion of the Project according to the true intent and meaning of the drawings, plans and specifications and
other Contract Documents taken together whether the same may or may not be particularly shown on the drawings
or described in the specifications; provided that, the same is reasonably inferred there from. If the CONTRACTOR
finds any discrepancies in the plans in the drawings and specifications, the CONTRACTOR shall immediately relay the
same to the OWNER who shall finally decide the matter. It is understood that the CONTRACTOR anticipated such
discrepancies in the plans, specifications and the actual conditions during the bidding and before the awarding of tire
services contemplated herein.

10.3 The CONTRACTOR hereby warrants and guarantees that all the materials and machineries it will supply and
install are approved by the construction manager, project manager and/or the architects and are free from defects,
in good working order and shall finally comply in every respect with the specifications, approved samples and other
requirements of the Contract Documents prior to installation. All materials and workmanship shall be of the
respective kinds describe in the specifications, and the CONTRACTOR shall, upon the request of the OWNER, provide
brochures and supporting documents to prove that the quality of the materials are such as specified. The
CONTRACTOR shall not substitute any material that is required to be furnished under this Contract unless written
approval is first obtained from the OWNER.

10.4 In case of any defect(s) on workmanship or materials which becomes apparent in the course of the
construction and which in the OWNER’s reasonable opinion are unsound or unacceptable, the CONTRACTOR shall, at
7
its own expenses, tear down and replace such portion of the work done and/or materials installed or correct such
defect(s).

10.5 The CONTRACTOR shall comply with all the national and local laws, ordinances, and regulations relating to the
executions of the Works and shall render the OWNER free and harmless from all prosecution, suit or claims for
violation thereof

10.6 The CONTRACTOR shall keep the project site in a sanitary condition.

11. RIGHTS AND RESPONSIBILITIES OF THE OWNER

11.1 The OWNER shall have the right to supply the CONTRACTOR with additional drawings, instructions and
documents as it may deemed necessary for proper and adequate prosecution of the Works.

11.2 The OWNER may terminate this Contract without incurring any liability whatsoever to the CONTRACTOR (aside
from payments for Works accomplished) by giving fifteen (15) days’ notice in writing to the CONTRACTOR upon any
of the following grounds:

11.2.1 The CONTRACTOR, without just cause, violated or is any of the conditions of this Contract or any
Contract documents, or any of its warranties under this Contract and fails to cure such violation within a
period of five (5) days from written demand of the OWNER.

11.2.2 The CONTRACTOR abandons the Project without any just cause or assigns the executions of the Work or
any portion thereof to other parties without the prior written consent of the OWNER;

11.2.3 The CONTRACTOR fails or refuses, without just cause, to continue works on the Project by the reason of
any disagreement with the OWNER;

12.2.4 The CONTRACTOR fails to execute the project in good faith, or in accordance with the plans and
specification;

11.3 The CONTRACTOR fails, despite demand of the OWNER or its representative, to replace and/or provide
qualified superintendents, competent workmen, or appropriate material acceptable to the OWNER.

11.4 In the event of termination of this CONTRACT by reason of default on the part of the CONTRACTOR, the
OWNER may take over and complete the WORKS and/or arrange for any other contractor to do so. Upon notice of
termination, the OWNER may withhold any amount owing to the CONTRACTOR at the time of termination for
services already rendered and/or materials delivered and equipment and taken over by the OWNER and until the
extra costs of completion of the unfinished works and/or remedying of any defects in the CONTRACTOR’S work as
reasonable incurred and substantiated by the OWNER, and any liquidated damages for delay which have accrued
prior to termination have been established as due against the CONTRACTOR. After recovering any such ascertained
cost and damages, the OWNER shall release and pay the CONTRACTOR whatever balance from the amount withheld
by the OWNER which was then due the CONTRACTOR at the time of termination.

8
11.5 The OWNER shall exercise the right to approve the materials and workmanship of the CONTRACTOR and
require the latter that only materials conforming to the specifications and equipment complying with the required
standards of quality as detailed in the specifications be used in the Project and reject those which do not conform
thereof or which are defective. Toward this end, the CONTRACTOR is obliged to furnish for approval by the OWNERS,
samples of materials for examination.

11.6 The OWNER shall have the right to inspect the work being done by the CONTRACTOR to ensure that the same is
being done properly in accordance with the prescribed plans and specifications. Work that will be covered before it is
done should be first presented to the OWNER for inspection and work covered without such presentation and
inspection may be ordered uncovered at the CONTRACTOR’S expense. Work found not to have been done correctly
shall be condemned and ordered re-done. If the OWNER suspects that the work was done not in accordance with the
plans and specifications, it may be removed or even torn down and the CONTRACTOR shall be obliged to comply with
this order. If the inspection would later show that the works was not correctly done; the CONTRACTOR shall shoulder
the cost of removal and reconstruction; if the inspection, however, should show that the work was properly done,
the CONTRACTOR shall be paid the actual direct cost incurred for such inspection, removal and reconstruction, if
appropriate, the CONTRACTOR shall be granted an extension of the Contract Period. (THE CONTRACTOR IS REQUIRED
TO SUBMIT METHODOLOGY PRIOR TO COMMENCE ANY INSTALLION. INSPECTION MUST BE CARRIED FOR ALL
COMPLETED WORKS.)

11.7 The OWNER is entitled to be indemnified by the CONTRACTOR for any and all losses, claims, demands, suits,
actions, recoveries, and judgment of every nature and description brought or recovered against the OWNER to the
extent that they arise from the execution of the Works by the Contractor or by reason of any act or omission of the
CONTRACTOR, its agents or employees.

11.8 The OWNER may suspend or continue the execution of the project by reason of problems encountered
whatever may be its cause. In such a case, the CONTRACTOR shall be entitled to due compensation for Work
accomplished to the satisfaction of the OWNER up to the time this Contract is rescinded, terminated or canceled.
Upon payment of the due compensation to the CONTRACTOR, the parties hereto shall be mutually released of all
further obligations under this Contract.

11.9 Should the suspension subsist for a continuous period 60 days, CONTRACTOR may terminate this CONTRACTOR
may terminate this Contract. In case of termination of this Contract under this section, either at the instance of
OWNER or CONTRACTOR. OWNER shall pay CONTRACTOR from the effective date of termination the following:

11.10 Amounts due CONTRACTOR for work accomplished up to the time the Construction Agreement is terminated.

12. RIGHTS OF THE CONTRACTOR

12.1 CONTRACTOR shall have the right to suspend work on the Project or terminate this Contract either outright or
at any time after it has suspended the work on the Project for any of the following justifiable reasons:

12.2 Work on the Project has to be stopped in compliance with the order of lawful authority, except on instances
where the CONTRACTOR failed to comply with any national or local law, ordinance, rule or regulation in relation to
its execution of the Works or which under this Contract is its obligation to comply;

12.3 The OWNER fails to perform its obligations under this CONTRACT through no faults of the CONTRACTOR.

9
12.4 OWNER assigns this contract or any of its obligations herein without the prior written consent of the
CONTRACTOR.

12.5 OWNER becomes bankrupt or insolvent, goes into liquidation, has a receiving or administration order made
against it, compounds with its creditors or carries on business under a receiver, trustee manager for the benefit of its
creditors or if any act is done or event occurs which under the law has a similar effect to any of these acts or events.

12.6 Upon the resumption of the work after a valid suspension, the CONTRACTOR shall be entitled to all extension
of the Contract Period and reimbursement of costs it incurred in the adjustment of the period of coverage of the
Bonds and Insurance required under this contract without prejudice to the entitlement of CONTRACTOR to be paid
any sums due for services rendered prior to suspension and all the cost incurred by CONTRACTOR during and as
result of the suspension.

12.7 When the works required under this Agreement are 100% completed, the CONTRACTOR shall notify the owner
in writing through its Construction Manager and request for final inspection in the manner stated below.

12.8 The OWNER, Construction Manager and the CONTRACTOR shall conduct the joint inspection of the project
within five (5) days of the request for final inspection, unless the parties hereto mutually agree on a later date. The
parties shall conclude the joint inspection within Five calendar days from its commencement unless the parties
should mutually decide to extend the same.

12.9 If the Works are found defective, however, the OWNER shall notify the CONTRACTOR of such defects by issuing
an Official Punch List. Upon the correction of the items contained in the Official Punch List, the CONTRACTOR shall
again inform the OWNER of its completion and request for another joint inspection within Five (5) calendar days
from receipt of the said notice.

12.10 The CONTRACTOR’S Sworn Affidavit and undertaking that obligations on materials used and installed, and
wages of labour employed in connection with this contract have been fully paid and that the CONTRACTOR shall
render the OWNER, its stockholders, officers, employees, assigns and successors, free and harmless from these
Possible claims;

12.11 For a period of one (1) year reckoned from the date of occupancy permit released by city hall. All defects in
workmanship and quality of contractor-supplied materials, or those not in accordance with this Contract, or arising
from the neglect or failure or the CONTRACTOR to comply with any obligation, expressed or implied, under this
Contact. All defects made known to the CONTRACTOR within fifteen (15) calendar days from notice or demand. In
the event that the CONTRACTOR fails to complete the repair or replacement work within this fifteen (15) calendar
day period from the notice or demand, the OWNER may, at its exclusive notice or demand, the OWNER may, at its
exclusive option, undertake the remedial/corrective work and the costs therefore shall be charged against the
account of the CONTRACTOR and/or the Warranty Bond.

13. DISPUTE SETTLEMENT/ARBITRATION

13.1 Should disputes, controversies or differences between the parties arise in connection with this Contract, the
parties shall, as far as practicable, settle the same amicably. Within five (5) days from written notice (“initial written
notice”) from one party that a dispute or controversy needs to be settled, the parties shall arrange for their
respective preventatives to meet not later than ten (10) calendar days from the initial written notice. During said
meeting or meetings which the parties may call, the parties shall, in good faith, endeavor to reach a settlement

10
mutually acceptable to both the OWNER and the CONTRACTOR, Should the parties fail to settle their dispute/s under
this mode within thirty (30) days or such period as may be agreed by the parties from date of receipt of initial written
notice, the parties may refer to the following:

13.1.1 Matters concerning disputes, controversies or differences between the parties arising out of this
Contract which are not resolved by them to their mutual satisfaction, shall be submitted to a Board of
Arbitrators as provided by the arbitration rules of the Construction Industry Authority of the Philippines.
Expenses and other fees for arbitration shall be shouldered by the party held liable therefore by the
Board or in the absence of such determination, equally among the parties.

13.2 This Contract shall become effective upon execution hereof and the same shall be binding upon the assigns
and/or successors-in-interest of both contracting parties.

13.3 The CONTRACTOR hereby warrants and undertakes that it has complied and will comply with any and all the
relevant labour laws, policies, guidelines, rules and regulations including the mandatory employee benefits coverage
and the safety provision required under relevant occupation hazard laws.

13.4 Workmen employed and/or contracted by the CONTTRACTOR to undertake the Works contemplated herein
shall be the employees and exclusive responsibility of the CONTRACTOR. The CONTRACTOR hereby holds the OWNER
free and harmless from any and all liability which may be incurred as result of the employer-employee relationship of
the CONTRACTOR and its workmen. The CONTRACTOR shall be liable for any claim or damage resulting from
accidents, injuries, sickness, or death that its employees may suffer while performing their duties.

13.5 This Agreement shall be binding between the herein parties, their successors in interest and assigns.

IN WITNESS WHEREOF, parties herein have hereto affixed their signatures this __________ day of __________,
201___ in ______________________________________________________________.

UNIBEST REALTY DEVELOPMENT CORPORATION JQ INTERNATIONAL CONSTRUCTION INC.

11
OWNER CONTRACTOR

Represented by: Represented by:

_________________________ _______________________

MR. DENNIS PERALES MR.LIU CHUANFU

President CHAIRMAN

SIGNED IN THE PRESENCE OF:

__________________________________ __________________________________

ACKNOWLEDGMENT

12
REPUBLIC OF THE PHILIPPINES (

_______________________) S.S

BEFORE ME, a Notary Public for and in the City of ___________________ this _____________________ day of
_________ 201____, personally appeared Mr. DENNIS PERALES, representing Unibest Realty Development
Corporation and Mr. LIUCHUANFU, representing SOGECOA, all known to me and to me known to be the same
persons who executed the foregoing Agreement and acknowledged to me that the same are their free and voluntary
act and deed and the corporation herein represented.

I further certify that this instrument consists of ten (10) pages including this page, refer to Agreement, signed
by the parties and their instrumental witnesses on each and every page thereof.

WITNESS MY HAND AND SEAL on the above-mentioned date.

Doc. No. _______

Page No. _______

Book No. _______

Series of _______

13