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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 parties shall act as 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 submitted by either party shall be quoted in USD on a CIF London basis.
(4) FIRM 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 writing without delay, and orders thus confirmed shall not be cancelled unless by mutual consent.
(6) PAYMENT：Draft shall be drawn under 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 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 policies shall be made out in Dollars and Claims will be payable in London.
(9) QUALITY：Seller shall guarantee all shipments to confirm to samples, with regard to quality and condition.
(10) [ ]：Sellers shall not be responsible for any delay in shipment due directly or indirectly to force majeure, such as fires, floods, earthquakes, tempest, strikes, lockouts, mobilization, war, prohibition of export, and any other contingencies which may prevent shipment within the period stipulated. In the event of any of the aforesaid causes arising, documents proving its occurrence or existence shall be submitted to buyers without delay.
(11) DELAYED SHIPMENT：In all cases of force majeure provided in the Article No.10, the period of shipment stipulated shall be extended for a period of twenty one (21) days. In case shipment within the period thus extended should still be prevented by a continuance of the causes mentioned in the article or the consequences of any of them, Buyers shall have the option either allowing the shipment of late goods or to canceling the order by giving the Sellers a notice of cancellation by fax.
(12) CLAIMS：Claims, if any, shall be submitted within fourteen (14) days after arrival of goods at destination. Certificates by recognized surveyors must be sent by mail without delay. All claims that cannot be adjusted amicably between Sellers and Buyers shall be settled by arbitration in Korea under the [ ] of The Korean Commercial Arbitration Board, Whose award shall be final and binding upon Party A and Party B.
In witness whereof ABC Co., Inc. have set their hands in duplicate on the Fifth day of April, 2011, at Seoul, and XYZ Co., Ltd have set their hands on the Fifteenth of April, 2011, at London, and any of the clauses in this Agreement shall not be changed or modified unless by mutual consent.
(좌측)
M. Y. Song
M. Y. Song
(Seller) ABC Co., Inc.
Vice President
(우측)
P. Adams
P. Adams
(Buyer) XYZ Co., Ltd.
Director, Trading Department
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