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SALES CONTRACT draft

SC Number: PH19-1202

All business hereunder shall be transacted between SELLER and BUYER as in the SIGNATURE box on a principal and principal basis, and both parties agree to the following terms and conditions:
 
01. TRADING SCOPE
   Trading items are all kinds of Agricultural products and related products such as Perilla seeds and Grinded Perilla seeds, etc.
 
02. PRICE, TERM and CONDITION
   a. The PRICE will be quoted and negotiated by phone and email between SELLER and BUYER as to the market and the tariff will be specified on seller's INVOICE.
   b. The TERM shall be governed by the INCO terms 2020 pht.kr/incoterms.htm    c. CONDITIONs
    1. With 10% more or less both in amount and quality:
       allowed on the seller's option.
    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. DOCUMENTS
   I/P(Invoice and Packing), Quarantined certificate(Original), C/O, MB/L, Cost verification, China Export declaration, China Export Tax refund sheet, etc. All documents must contain the same S/C#, INVOICE#, INCO term, price amounts, net weight and gross weight.
 
04. PAYMENT
   a. Payment should be decided by and between SELLER and BUYER.
   b. One lot payment upon arrival at Korean seaport, or
      50% payment on B/L copy, the rest 50% on arrival at Korean seaport.
   c. T/T(Telegraphic Transfer)
   d. L/C(Letter of Credit): will be affected in case BUYER issues.
 
05. INSURANCE and INSPECTION
   BUYER may insure and BUYER 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 shall be settled by arbitration, which will be instituted where the defendant has its principal as below and shall be decided according to the law of the defendant country.
 
09. LIABILITY of SELLER¡¯s Servants and Sub-contractors
   Without BUYER¡¯s consent SELLER cannot hand over the duty and/or right to another party. SELLER shall be responsible for any delay, loss or damage resulting from handing over duty and/or rights to Servants and/or Sub-contractors.
 
10. VALIDITY, AMENDMENT and TERMINATION
   The SALES CONTRACT shall be effective on and after the signature date and shall remain in force unless one party amends or terminates with written notice to the counter party.
   If there is no shipment for 1 year 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 this 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

2019.10.10

11. BANK details 

Bank

Bank

Bank
address

Bank
address

account

account

beneficiary

beneficiary

PHT, Incorporated

SWIFT

SWIFT