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CONTRACT
No:.....
Date: .....
BETWEEN:
Address:................
Tel:................
Telex:..................... Fax:................
Represented by Mr. ................
Hereinafter called THE BUYER
AND:
Address: ................
Tel:................
Telex:..................... Fax: ................
Represented by Mr. ................
Hereinafter called THE SELLER
It is mutually agreed between both sides to sign this contract with terms and specifications specified hereunder.
ARTICLE 1: COMMODITY & SPECIFICATION
1.1/ Commodity: UREA FERTILIZER
1.2/ Origin: INDONESIA
1.3/ Specification:
+ Nitrogen:46% min.
+ Moisture: 0.5% max.
+ Biuret: 1,0% max.
+ Color: White
+ Free Flowing: Treated with Anti-Caking
1.4/ Packing:
+ 50 kg net in Polypropylene Woven bag with polyethylene inner liner.
+ 2% of total bag as empty space bags to be supplied free of charges.
ARTICLE 2: UNIT PRICE-QUANTITY&TOTAL AMOUNT
2.1/ Unit price: USD 178/MTCNF HCMC Port
2.2/ Quantity: 10,000 MT (plus or minus 10% at sellers' option)
2.3/ Total Amount: USD 1,780,000 (10% at sellers'option)
Say: US Dollars one million seven hundred eighty thousand.
ARTICLE 3: SHIPMENT-DELIVERY
3.1/ Time of shipment: ............. ...............
3.2/ Port of loading:................... .........
3.3/ Destination port: .................
3.4/ Notice of Shipment:
Within2 days after the sailing date of carrying vessel to S.R.
Vietnam, the Seller shall notify by cable to the Buyer the following information:
+ L/C Number
+ Amount
+ Name and Nationality of the vessel
+ Bill of Lading number/ date
+ Port of loading
+ Date of shipment
+ Expected date of arrival at discharging port
3.5/ Shipping mark:
UREA
46% NITROGEN MINIMUM
1% BIURET MAXIMUM
0.5% MOISTURE MAXIMUM
50 KGS NET
USE NO HOOKS
MADE IN INDONESIA
One side printed in green color
3.6/ Discharging terms:
êWhen Notice of Readiness tendered before noon. Laytime shall be commenced from 13:00 on the same date.
êWhen Notice of Readiness tendered afternoon. Laytime shall be commenced from 8:00 on next date.
3.7/ Discharging term: 900 MT/day WWDSHEX EIU
Dem/Des: USD2,000/Half
ARTICLE 4: PAYMENT
4.1/ By irrevocable Letter of Credit at sight from B/L date for the full amount of the contract value.
4.2/ L/C Benificiary: KOLON INTERNATIONAL CORP
45 Mugyo-Dong, Chung Gu. Seoul - Korea
4.3/ L/C Advising Bark: KOREA FIRST BANK- Seoul - Korea
4.4/ Bank of Opening L/C: VIET COMBANK/EXIMBANK
4.5/ Tiem of Opening L/C: Within Sep.15.1993
4.6/ Payment documents:
Payment shall be made upon receipt of the following document:
- 3/3 of clean on board Bill of Lading marked FREIGHT PREPAID
- Commercial Invoice in triplicate
- Packing list in triplicate
- Certificate of origin issued by manufacturer
- SUCOFINDO's Certificate on quality//weight
- One copy of sailing telex/shipping advice
- Remark: third party shipping document acceptable
- 1/3 B/L (the top copy) and transport documents sended by DHL.
ARTICLE 5 FORCE MAJEURE
Strike, sabotage, which may be occured in Origin Country shall be considered as Force Majeure.
ARTICLE 6: ARBITRATION
6.1/ In the execution course of this contract, all dispute not riching at amicable agreement shall be settle by The Economic Arbitration Board of HCM City under the rules of The International Chamber of Commerce whose awards shall be final and binding both parties.
6.2/ Arbitration fee and other related charges shall be borne by the bosing party, unless otherwise agreed.
ARTICLE 7: PENALTY
7.1/ TO DELAY SHIPMENT/DELAY PAYMENT
In case delay shipment/delay payment happens, the penalty for delay interest will be based on annual rate 15 percent.
7.2/ TO DELAY OPENING L/C:
In case delay opening L/C happens, the Seller has the right to delay shipment
7.3/TO CANCELLATION OF CONTRACT
If Seller or Buyer wanted to cancel the contract, 5% of total contract value would be charged as penalty to that party.
ARTICLE 8: GENERAL CONDITION
8.1/ By signing this contract, previous correspondences and negotiations connected herewith shall be null and voil.
8.2/ This contract comes into effect from signing date, any amendment and additional clause to these conditions shall be valid only if made in written form and duty confirmed by both sides.
8.3/ This contract is made in 6 English originals, each side keeps 3.
FOR THE BUYER FOR THE SELLER
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