Under
the
terms
of
the
agreement
signed
in
September
2008,
LDK
Solar
was
to
supply
multi-crystalline
silicon
wafers
to
Sumitomo
from
2009
to
2016.
Sumitomo
had
made
an
advanced
payment
representing
a
portion
of
the
contract
value
to
LDK
Solar.
In
exchange
for
LDK's
agreement
to
terminate
the
agreement,
Sumitomo
agreed
to
pay
a
settlement
fee
of
$33.4m.
LDK
Solar
says
it
is
still
assessing
the
financial
impact
of
the
contract
termination
on
its
2012
earnings.
Termination
of
such
agreements
has
been
common
over
the
past
two
years
as
crashing
solar
panel
prices
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