Contract
No：
Date:
The Buyer：GENERALUK EQUIPMENT CO .,LTD
TEL: 0086-15697611789
E-mail:
james@generaluk.com The Seller：
This contract is made by and between the Buyer and the Seller, whereby the Buyer agrees to buy and the Seller agrees to sell the under-mentioned commodity according to the terms and conditions stipulated below.
1. Commodity, Specifications, Quantity and Price：
Commodity
Packaging
Unit Price
Quantity
Total Price
(USD)
USD 1,050,000
Total Price(USD):
USD 1,050,000
3. Arrival Location： Hong Kong International Container Port, China
4. Insurance：The Buyer shall cover for 100 percent of the contracted value against all risks.
5. Terms of payment：
Within 30 working days after the contract come into force, the buyer shall offer 40% prepayment of the total goods valued by T/T and pay off the rest of 60 % by irrevocable L/C 20 working days before shipment date.
6. Time of shipment：in 16 weeks after contracting and paying deposit. Partial delivery is allowed.
7. Shipping advice：
The Seller shall, within 3 working days upon the completion of the shipment of the goods, advise by fax the Buyer of the contract No., commodity, quantity, invoiced value, gross weight, vessel name, date shipped on board, the place of loading, place of destination, invoice No., and B/L No. etc.
8. Shipping Documents：
Signed commercial invoice in quadruplicate indicating contract number and L/C No.
Packing list in triplicate indicating quantity/gross and net weight of each package
Product technical data sheets and quantity issued by the Seller in triplicate.
9. Packing：In accordance with the Seller’s international export standard.
10. Guarantee of quality.
The Seller shall guarantee that the commodity hereof is made of the best materials with first class workmanship, brand new, unused and complies in all respects with the quality and specification stipulated in the contract.
11. Inspection and claims.
Within 30 days after the goods reach the port of destination, the goods will be inspected by an international surveillance company (the name to be determined during meeting)： and should the quality, specification, quantity be found not in conformity with the stipulation of the contract and standard product technical data sheets, except those claims for which the insurance company or the owners of vessel are liable, the surveillance company shall, on the strength of the authorization given by both parties, has the right to claim for replacement with new goods within one month. As regards quality, the Seller shall guarantee that if within the guarantee period, damages occur in the course of operation by reason of inferior quality, bad workmanship or the use of inferior materials. The Buyer shall immediately notify the Seller in writing and put forward a claim supported by inspection certificate issued by CIQ. The certificate so issued shall be accepted as the basis of a claim. The Seller, In accordance with the Buyer’s claim shall be responsible for the immediate elimination of the defect(s). Where necessary and only after receipt of Seller’s approval, the Buyer shall be at liberty to eliminate the defect themselves at the Seller’s expenses and with the Seller’s consent. If the Seller fail to answer the Buyer within one month after receipt of the aforesaid claim, the claim shall be reckon as having been accepted by the Seller.
12. Force majeure：
The Seller shall not be held responsible for the delay in shipment or non-delivery of the goods due to Force majeure (war, war-like operation, acts of God, riot, floods, earthquakes, and so on), which might be occurred during the process of manufacturing or in the course of loading or transit. The Seller shall advise the Buyer immediately of the occurrence mentioned above and within fourteen days thereafter the Seller shall send by airmail to the Buyer for their acceptance a certificate of the accident issued by the competent Government Authorities and/or Public Institutions where the accident occurs as evidence thereof. Under such circumstances the Seller, however, are still under the obligation to take all necessary measures to hasten the delivery of the goods. In case the accident lasts for more than 10 weeks, the Buyer shall have the right to cancel the contract.
13. Delayed delivery and penalty.
Should the Seller fail to make delivery on time as stipulated in the contract, with exception of Force Majeure causes specified in clause 14 of this contract, the Buyer shall agree to postpone the delivery on condition that the Seller agrees to pay a penalty which shall be deducted by the paying bank from the payment under negotiation. The penalty, however, shall not exceed 5 % of the total value of the contract. The rate of penalty is charged at 0.5% per week calculated on the amount of the current delivery of the goods involved in the late delivery. For every seven days or days less than seven days should be counted as seven days. In case the Seller fails to deliver ten weeks later than the time of shipment stipulated in the contract, the Buyer shall have the right to cancel the contract and the Seller in spite of the cancellation, shall still pay the aforesaid penalty to the Buyer without delay.
14. Arbitration：
All disputes in connection with this contract or the execution thereof shall be amicably settled through negotiation. In case no settlement can be reached between the two parties, the case under dispute shall be submitted to the International Chamber of Commerce (ICC), located in Paris, for arbitration in accordance with its rules in effect at the time. The decision made by ICC shall be accepted as final and binding upon both parties. The arbitration fee shall be borne by the losing party unless otherwise awarded. During the arbitration, the two parties should still carry out partial contract terms which are not arbitrated.
15. Validate Contract：
The contract come into force immediately upon the buyer and the seller sign, seal and notarize it. The Supplemental Agreement of the contract is also in legal effect.
The Seller： The Buyer ：
Signature： Signature：
Date： Date：
by Wayne » Wed Apr 19, 2017 6:52 pm 
