Agreement on General Terms and Conditions of Business
This Agreement entered into between ABC Co., Inc. Seoul Korea, hereinafter called Seller, and XYZ Co., Ltd London England hereinafter called Buyer, witnesses as follow ;
(1) BUSINESS:Both [A] parties shall act as [B] Principals to Principals.
(2) PRODUCTS:Goods in business, their unit to be quoted, and their mode of packing shall be as stated in the Attached List.
(3) [ ]:Unless otherwise specified in fax or letters, all prices sbumitted by either party shall be quoted in USD on a CIF London basis.
(4) [ ] OFFERS:All offers are to be considered "firm" subject to reply being received within four (4) days from and including the day dispatched with the exception of Sundays and official Bank Holidays.
(5) ORDERS:Any business closed by fax shall be confirmed in [ C ] without delay, and orders thus confirmed shall not be cancelled unless by mutual consent.
(6) [ ]:[D] Draft shall be drawn under [E] Irrevocable Letter of Credit at Thirty (30) days after sight, documents attached, for the full invoice value.
(7) SHIPMENT:Shipment is to be made within the time stated in each contract. The date of [F] Bill of Lading shall be taken as conclusive proof of the date of shipment.
(8) MARINE INSURANCE:All shipments shall be covered by ICC(B) including War & SRCC Risks for an amount of 10% in excess of invoice value. All [G] [ ] shall be made out in Dollars and Claims will be payable in London.
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