 | | Agreement of
Establishment of Eastern Institute of Technology
On Cooperative basis
and by Government of the Linyi Municipality,
Bio
Development International, Inc., USA and STRATOS LLC, Greece, EU
(March 15, 2002)
On
November 6, 2001, Mr. John Flanagan and Mr. Yulin Shao, representatives of Bio
Development International, Inc., USA and Mr. Efstratios Soubassakis,
representative of Stratos LLC, have signed a Memorandum of Understanding for the
establishment of Eastern Institute of Technology, with the Government of Linyi
Municipality. In accordance with the Memorandum of Understanding, both parties
have performed successful works. On February 23, 2002, Dr. Yulin Shao,
representative of Bio Development International, Inc., USA and Dr. Efstratios
Soubassakis, representative of Stratos LLC, Greece, arrived in Linyi and have
several sincere and positive negotiations and discussions with the Government of
Linyi municipality regarding the establishment of the Eastern Institute of
Technology, and inspected prospective
sites for the Institute. March 12, 2002, Dr. Yulin Shao and Dr. Soubassakis
attended an official meeting for the site selection organized by the Government
of Linyi municipality and made a presentation on relevant issues. The Chinese
and foreign parties agreed that defining the responsibilities and rights of both
parties through consultation will have significant meaning in the development of
the project, therefore, the following agreement has been reached based on the
Memorandum of Understanding:
Eastern Institute of Technology will be a cooperative University between
Chinese and foreign parties and will be found by three parties including the
Government of Linyi municipality, BDI and Stratos LLC. The preparation and the
establishment of the Institute should satisfy the relevant regulations in
service and trading areas after the acceptance of China by the WTO and the
relevant Chinese laws, and approved by the Chinese educational departments. The
ultimate goal of the Eastern Institute of Technology is to become an
internationally well known University. The Eastern Institute of Technology will,
in the initial stage of development of the institute, cooperate with Linyi
University which is under development, and will exist as a
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college of science and
technology in the Linyi University system, one school - two systems. The
Eastern Institute of Technology will become an independent University when
conditions allow.
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The management of the
Eastern Institute of Technology: 1) A Board of Trustees system will be used
for the Eastern Institute of Technology. The Chairman and Members of the
Board of Trustees will be nominated in accordance to Company Laws and the
real needs of the Institute. The administration of the Institute will be
under the guidance of the Board of Trustees. Academic research, Finance and
Faculty issues will be mainly managed by the foreign parties in compliance
with relevant Chinese laws and regulations.
2) The Institute will be a non profit and public service
organization. 3) The foreign parties will be responsible for inviting the
Universities in USA and Europe to participate in curriculum development. All
courses will in general be taught in the English language. The students will
be fluent in the English language and acquire excellent knowledge in their
major. 4) The faculty of the Institute will mainly be recruited from abroad.
The leadership of the specialties will be by professors from the USA and
Europe. 5) The tuition of the Institute will be determined according to the
regional situation. Scholarships will be awarded. 6) The main income of the
Institute includes: tuition and fees, investments, donations, endorsements,
operations and services, loans, etc.
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The Departments of the
Eastern Institute of Technology. The Institute will establish seven
departments: Telecommunications, Energy and Environment, Electrical
Engineering, Computer Sciences, Information Technologies, Finance,
Management. The Institute includes also Language College. The Institute will
adopt the “credit system”. The students will have English training in
the first year, to reach on a comprehensive level in speaking, writing and
oral understanding of the English language. During the second to the fifth
year, the students will acquire knowledge to be awarded the Bachelors
Degree. Should students wish, the following year (sixth) they can pursue
graduate studies.
Development dimension of the Eastern Institute of Technology. The Eastern
Institute of Technology will occupy 3,500 Mu of land (2,330,000 square meters).
The
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investment will be 600
million RMB. The enrolment of the Institute will reach 10,000 in five to
eight years. Fifteen hundred students will enroll in the first year of
operation, two thousand in the second year and the number will increase in
accordance to the needs of Linyi. The ratio of the professors to students
will be maintained at 1 to 40, in the first two years, and will be adjusted
to 1 to 20, later on, that is comparative with the high-quality universities
in the USA and Europe.
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The responsibilities of
the Chinese party: 1) Based on the consultation with the foreign party and
necessary analysis, the Government of the Linyi municipality agrees on site
selection for the Institute, which is located near the village of Jiao Yi,
Lan Shan District, Linyi municipality and approved that the Institute will
use 3,500 Mu of land (2,33 million square meters). The Government guarantees
that this land will be used for establishment of the Institute only. 2) The
Government of the Linyi municipality will purchase the land, according to
legal procedures, and the land will be used as investment in the Institute.
Once the Government of the municipality of Linyi completes the procedures of
land purchase, the rights of use of the land will be transferred to Eastern
Institute of Technology. 3) The
value of land contributed by the Government will be evaluated in accordance
with incentive policy used for public service organizations. 4) The
Government of the Linyi municipality will provide EIT the land according
with the total usage of the land and its progress. The first lot of land,
1,000 Mu, will be transferred to the preparation office of the Institute by
October 1st, 2002. The second lot of 1,000 Mu will be transferred
to the Institute, by October 1st, 2003. The last lot of 1,500 Mu
will be transferred to the Institute by October 1st, 2004. 5) The
Government of the Linyi municipality is responsible for permits and
approvals for the Institute. In Addition, the Government of the Linyi
municipality is responsible for the accreditation of the Institute by the
Chinese respective authorities. 6) The Government of the Linyi municipality
is responsible for the supply of electricity, water, heat and infrastructure
facilities to the boundary of the Institute. 7) The Government of the Linyi
municipality will set up an office dedicated to establishment of the
Institute.
The responsibilities of the foreign parties: 1) The foreign parties will
be responsible for the design and the construction of the campus of the
Institute and relative costs of
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the design. 2) The
foreign parties are responsible for the construction capital required for
the building and infrastructure facilities inside the Institute and ensure
the total investment of the foreign party for the Institute will be no less
than 600 millions RMB. 3) The foreign parties will be responsible for hiring
all personnel including administration, academic, research and other staff.
4) The foreign parties will be responsible for the international
accreditation of the Institute.
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All parties agree to
establish a preparation office of the Eastern Institute of Technology. The
budget for the preparation office will be 2 million RMB. The Chinese and the
foreign parties will contribute on the ratio of 1/1.
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All parties agree that
the project should be processed effectively after this agreement has been
signed, and the relevant contracts be signed as early as possible.
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This agreement is written
in Chinese and English languages, each version has three originals that are
hold by the three participants.
The People’s
Government of Linyi municipality, Shandong, China
Bio Development
International, Inc., USA
Stratos
LLC,
Greece, EU
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