SALES AND PURCHASE CONTRACT
Date: Oct. 25, 2014
This contract is made between FUNG CHANG INDUSTRIAL CO., LTD. (herein after referred to as the Seller) and LUOI CONG TRINH CO., LTD. (herein after referred to as the Buyer). Whereas the Seller agree to sell and the Buyer agree to buyMonofilament Making Machine and Single Raschel Knitting Machine (herein after referred to as Contracted Products). The quality, specifications, quantity of the Contracted Products and the services to be supplied have been confirmed by both Parties (see the quotation no. 10310221) and this contract is signed with the following terms and conditions:
1. Name of the commodities and specifications: Please see the quotation no. 10310251
2. Total value of the contract: USD 169,900,- FOB Taiwan Net.
3. The seller must bear the EBS+CIC costs and other related costs to load all the goods on board and ready to ship to buyer’s destination.
4. Delivery: Within 90 days after receipt of down payment.
5. Packing: Protective plastic sheet warping for each unit in order to protect from rust and corrosion.
6. Insurance: The seller must buy insurance rate of 110% contract value with all risk condition (A condition)
7. Port of shipment: Taiwan Port
8. Port of destination: Cat Lai Port, Ho Chi Minh City, Vietnam.
9. Terms of payment:
20% of total amount as a down payment, 30% payment after buyer’s 2 workers finish training at seller’s factory.
Balance 50% by irrevocable L/C payable at 360 days after B/L date.
10. Guarantee Period:
Under normal working conditions, the Seller guarantees the good-working of the Contracted Products for 12 (twelve) months starting from the date of B/L. This guarantee will not cover any damage and/or mis-function resulting from the Buyer’s negligence and/or working in non-conformity with the Seller’s instructions.
Within 2 weeks from the time when buyer claims for Guarantee, if the seller does not send experts to resolve the guaranteed problems, the buyer shall request other party to resolve the problems, and all the arising costs must be beared by the seller. The remained L/C value shall be deducted accordingly.
11. Buyer’s worker training: after the machine is assembled successfully, the buyer will send two workers to seller’s factory in Taiwan for training in 30 days. The seller must arrange and pay accommodation and transport expenses for the workers.
12. Force Majeure:
The Seller and the Buyer shall not be responsible for non-delivery or breach of contact for Force Majeure which may include war, blockade, hostility, strike, lock, civil strife, severe destruction by fire or other natural factors beyond the control of human beings.
This contract is made in the English language, one for each Party, and shall be effect immediately after the date of signature by the representatives of both sides.
FOR SELLER:
FUNG CHANG INDUSTRIAL CO., LTD.
MR. YU CHIA TIEN
FOR BUYER:
LUOI CONG TRINH CO., LTD..
MRS. HA LE THUY QUYEN
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