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SALES CONTRACT draft

SC Number: PH21-021

All business hereunder shall be transacted between SELLER and BUYER as in the SIGNATURE box on both 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, Vigna Mung Beans, Hulled Vigna beans, etc.
 
02. PRICE, TERM and CONDITION
   a. The PRICE be decided between SELLER and BUYER as to the market
       and the rates shall be specified on seller's 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, Loading Port and Discharge port:
         by and between SELLER and BUYER's consent
     4. Partial shipment: allowed.
 
03. PAYMENT
   a. T/T pre-payment 50% and the rest 50% against the on-board B/L copy.
   b. T/T pre-payment 25% and the rest 75% against the on-board B/L copy.
   c. L/C as to mutual consent.
 
04. DOCUMENTS
   Full set of Bs/L, Invoice and Packing, Phytosanitary Certificate(Original), C/O(certificate of origin), Cost verification, etc. All documents must contain the same S/C#, INVOICE#, INCO term, price amounts, net weight and gross weight.
 
05. INSURANCE and INSPECTION
   Both are on BUYER who can designate an inspector for the Quality Control.

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

07 FORCE MAJEURE
   SELLER shall not be responsible for non-delivery or delay resulting from causes beyond its control.
   Liability and Indemnity is respectively to hold and indemnify SELLER responsible for damage, delay or loss caused by negligence, omission, misconduct. In the event of proven negligence, the liability shall not exceed the value of the commercial invoice amount of the goods lost, damaged or delayed, whichever is less.

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

09. 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.

10. 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.
 
11. SIGNATURE

SELLER

BUYER

PHT, Incorporated

address

address

5F, 15 Namdaemunro-1gil,
Jung-gu, Seoul 04526
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

2021.02.18.

11. BANK details 

Bank

Bank

Bank
address

Bank
address

account

account

beneficiary

beneficiary

PHT, Incorporated

SWIFT

SWIFT