Article 2: Packing: In 1 container 40’ with packing list enclosed:• The goods must be packed in new sacks of 1MT each one• According to the internation sea transport• All the goods shall be packed in adequate packing which are suitable for sea transport has to guarantee the safety occurred by sea water, rain and others.• All packing material shall be made of new material• The Seller shall be responsible for any damager or breaking of the good due to inadequate packing. Article 3: Shipment: - Shipment shall be made in May, 2015 - Port of loading: Saigon port - Vietnam - Port of discharge: Shanghai port – ChinaArticle 4: Inspection of goods: In respect of quality to weight for each shipment certificate of inspection and certificate of weight issued by VINACONTROL at factory shall be taken as final. All claim by the buyer shall be made within 30 days after arrival of the goods at port of destination.Article 5: Insurance: To be arranged by the BuyerArticle 6: Payment: a, After signing the contract, the Buyer or the Buyer’s nominee or other nominee will telex asking the Seller to open P.B. of 1% of total L/C amount at Viet Nam Bank for Agriculture and Rural Development within 2 days there of the Seller shall open P.B. and inform the Buyer, then 4 days after receiving Agribank’s confirmation, the Buyer must open an irrevocable Letter of credit, at sight, in US Dollars covering full value lodged with the Vietnam Bank for Agriculture and Rural Development - AGRIBANK (Binhdinh) by a Bank agreed by both parties.The Buyer or Buyer’s nominee will open a telegraphic, irrevocable and transferable at sight L/C which is in conformity with this contract with T.T.R acceptable. In case, the Seller requests the confirmation of L/C, the L/C will be confirmed for Seller’s account.In the even that the Buyer fails to open an L/C 4 days after receiving confirmation from Agribank then the Seller shall collect P.B. from the Agribank and then the contract is automatically cancelled.The Seller will collect the P.B. against presentation of shipping documents at Agribank.b, Presentation of the following documents to the Viet Nam Bank for Agriculture and Rural Development, payable within 3-5 banking days after receipt of the telex from Agribank certifying that documents have checked in conformity with the L/C terms:• Certificates of quanlity, weight and packing issued by Vinacontrol • Bill of exchange at sight, drawn under the Buyer.• Full set(s) of clean on board ocean bill(s) of lading marked “Freight prepaid”.• Commercial invoice in quadruplicate.• Packing list in duplicate.Article 7: Force majeure: The contracting parties are not responsible for the non – performance of any contract obligation on case of usually recognized force majeure. As soon as occured the condition under which force majeure has been invoked, i.e. extra ordinary, un – foreseenable and irresistible event, a cable should be sent to the other for information.A cerificate of force majeure issued by the competent Government Authorities will be sent to the other party within 7 days.
As soon as the condition under which force majeure has been invoked has been ceased to exist, this contract will enter immediately into force.
Article 8: Penalty:
In the event that the Buyer fails to open L/C under this contract in due time, the Seller will have the right to demand from the Buyer the payment of a penalty in the amount
equivalent to 1% per day of the contract amount. Should the Seller fails to deliver the goods in due time, the Buyer will have the right to demand from the Seller the payment of a penalty of 1% per day of the value of goods not delivered.
Article 9: Arbitration:
Any disputes arising out from this contract, if the two parties cannot reach an amicable arrangement for them, must be refered to arbitration. Arbitration to be held in the country of the defending party. Awards by arbitration to be final and binding both parties. All charges relating to arbitrations to be born by the losing party.
Article 10: Other terms:
Any amendment of the terms and conditions of this contract must be agreed to by both sides in writing.
This contract is made in 06 originals in the English Language, three for each party.
This contract is subject to the Buyer’s final confirmation by telex.
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