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SALES CONTRACT draft

SC Number: PH22-0608

All business hereunder shall be transacted between SELLER and BUYER as in the SIGNATURE box on principal basis, and both parties agree to the following terms and conditions:
 
01. BUSINESS SCOPE
   Trading items are all kinds of Agricultural products and by-products such as Sesame seeds, Sesame oil, Mung Beans, Red Beans, Black eye beans, etc.
 
02. PRICE, TERM and CONDITION
   a. The PRICE shall be decided between SELLER and BUYER, and be specified on P/O and INVOICE.
   b. The TERM shall be governed by the INCO terms 2020.
   c. CONDITIONs  
     1. 10% more or less both in amount and quantity gap: allowed
     2. Shipping Marks, Description and Packing are on the BUYER's option.
     3. Shipment time, Transit days, Loading Port and Discharge port:
         by and between SELLER and BUYER's consent
     4. Partial shipment: not allowed.
 
03. PAYMENT
   a. pre-payment: 20%,
      mid-payment: 50% Bank CAD(cash against the documents), B/L surrendered
      end-payment: 30% after seeing the quality in KOREA-south.
   b. portions can be adjusted by mutual consent
   c. L/C as to mutual consent.
 
04. DOCUMENTS
   The Full set of Bs/L, Invoice and Packing, C/O(certificate of origin), Phytosanitary Certificate(Original), the KCS(Korea Customs Service) requesting documents as land ownership, receipts of buying, selling and transportation, cultivators declaration, flow chart, etc. All the documents must contain the same identifying S/C#, P/O#, INVOICE#, INCO term, price, net weight and gross weight.
 
05. INSURANCE and INSPECTION
   To be insured as to INCO terms. BUYER can designate an inspector for the Quality Control, by whom the quality and weight must be certified.

06. CLAIM
   BUYER can get compensation with SELLERs consent for the deficiency, delay and deterioration. SELLER arranges ship-back of the deteriorated products at SELLERs cost, and BUYER must cooperate.

07 FORCE MAJEURE
   SELLER shall not be responsible for non-delivery or delay resulting from causes beyond its control, such as war, natural disasters, etc.
   Liability for damage, delay or loss caused by negligence, omission, misconduct shall not exceed the commercial invoice amount of the goods lost, damaged or delayed.

08. INDEMNITY
   The SELLER takes the full legal responsibility to prove the Certificate of Origin with the KCS for 5 years after vessel discharge at Busan seaport, KOREA-south. If the KCS doesn't approve the C/O, the buyer must be indemnified from the fine that the KCS imposes, and the seller automatically pays the fine amount to the buyer or the KCS based on the KCS's sentence as the seller fails to prove the C/O, which the seller confirms to be fined and pay.

09. ARBITRATION and JURISDICTION
   All disputes must be arisen within 30 days after vessel arrival at POD and the arbitration will be held where the defendant has its principal.

10. HAND-OVER PROHIBITION of DUTY and RIGHT
   Both Buyer and Seller cannot hand over the duty and/or right to another party without mutual consent.

11. VALIDITY, AMENDMENT and TERMINATION
   The SALES CONTRACT shall be effective on and after the written date and shall remain in force unless one party amends or terminates with a written notice against the counter party.
   If there is no shipment for 3 years since the last shipment, the Contract automatically expires. Or the termination will be effective after 30 days of the written notice by fax, email or mail to terminate.

   In witness whereof the parties have caused the agreement to be executed in duplicate by their respective duly authorized officers as of the date below written.
 

12. SIGNATURE

SELLER

 

BUYER

PHT, Incorporated

address

 

address

R288, 28 Euljiro-12gil,
Jung-gu, Seoul 04550
KOREA-south

tel/cel




tel/cel

tel: +82-2~779-2030
cel: +82-10~2046-0721
web: www.pht.kr
 

signed



 

signed



 

name

 

name

AHN Ji Hyun

title

 

title

president

date

 

date

2021.05.18.


12. BANK details 

Bank

 

Bank

KEB Hana bank
Seosomun Branch

Bank
address

 

Bank
address

1F, 110 Seosomun-ro,
Jung-gu,Seoul 04513
KOREA-south

account

 

account

029-JSD-100555-7

beneficiary

 

beneficiary

PHT, Incorporated

SWIFT

 

SWIFT

KOEXKRSE