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.
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(10) ( 가 ):Sellers (나) shall not be ( ) for any delay in shipment due directly or indirectly to ( 가 ), such as fires, floods, earthquakes, tempest, strikes, ( 다 ), mobilization, war, prohibition of export, and any other ( 라:contingencies ) which may prevent ( 마 ) (바) 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 [(10)-(가)] provided in the Article No.10, the period of shipment stipulated (A) shall be extended for a period of twenty one (21) days. In case shipment within the period thus extended should still be prevented by (B) a continuance of the causes mentioned in the article or (C) the consequences of any of them, Buyers shall have the ( D ) either allowing the shipment of late goods ( E ) to canceling the order by giving the ( F ) 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 ( ➀ ) of The Korean Commercial Arbitration Board, Whose ( ➁ ) 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)
P. Adams
P. Adams
(Seller) ABC Co., Inc.
Vice President
(우측)
M. Y. Song
M. Y. Song
(Buyer) XYZ Co., Ltd.
Director, Trading Department
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