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01. SHIPMENT OR DELIVERY
The obligations of Seller to ship or deliver the goods specified on the face of this Contract (“Goods”) punctually by the time or within the period specified on the face of this Contract is of the essence of this Contract.
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02. VESSEL
If, under the terms of this Contract, Seller is to secure or arrange for the vessel or vessel’s space, Seller shall ship the Goods on first class steamer(s) and/or motor vessel(s) owned and/or operated by carrier(s) of good international repute and financial standing and of a type normally used for the transport of goods of the same type as the Goods. The Goods shall be shipped by way of usual shipping routes without any deviation and on vessel(s) adequately seaworthy and suitable for uninterrupted passage to the berth at the port of destination. Immediately after the completion of loading of the Goods, Seller shall cable or telex to Buyer a notice of shipment on delivery, showing the number of this Contract, the name of the vessel, the port of shipment or delivery, a description of the Goods and packing, the quantity loaded, the invoice amount and other essential particulars.
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03. PRICE
The price specified on the face of this Contract shall be firm and final and shall not be subject to any adjustment for any reason whatsoever.
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04. CHARGES
All taxes, export duties, fees, banking charges and/or other charges attributable to the Goods, containers and/or documents (including but not limited to certificates of origin in the country of shipment or delivery) shall be born and paid by Seller
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05. FORGE MAJEURE
If the performance by Buyer of its obligations hereunder is directly or indirectly affected or prevented by force majeure, including but not limited to Acts of Gods, fire, war declared or not or serious threat of the same, civil commotion, strike or other labor dispute, governmental order or regulation or any other causes beyond the reasonable control of Buyer or Buyer’s customer(s), Buyer shall not be liable for loss or damage or failure or delay in performing its obligations hereunder and may, at its sole discretion, terminate this Contract or any portion thereof.
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06. DEFAULT
In case of (i) Seller’s failure to perform any provision of this Contract or breach of any express or implied terms, conditions or warranties contained herein; (ii) Seller’s inability to pay its debts generally as they become due; (iii) Seller’s bankruptcy or insolvency; or (iv) appointment of a trustee, receiver or liquidator of Seller or of any material part of Seller’s assets or properties (“Events of Default”), Buyer may, at its sole discretion; (i) terminate this Contract or any part thereof; (ii) reject the Goods; (iii) dispose of the Goods for the account of Seller at a time and price which Buyer for all loss or damage arising directly or indirectly from such Events of Default, including but not limited to any costs and expenses such as dead freight, loss of profit obtainable from resale by Buyer of the Goods and damage caused to any customer purchasing the Goods from Buyer. The rights and remedies of Buyer hereunder are cumulative and in addition to Buyer’s rights, powers and remedies existing at law or in equity or otherwise.
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07. WARRANTY
Seller shall convey to Buyer good and merchantable title to the Goods free of any encumbrance, lien or security interest. Seller warrants that the Goods shall fully conform to any and all specifications, descriptions, drawings and data or sample or models furnished to or by Buyer, and shall be merchantable, of good material and workmanship and free from defects, and shall be fit or suitable for the use(s) or purpose(s) intended by Buyer. Buyer shall make all claims, except for latent defects, regarding the Goods against Seller in writing as soon as reasonably practicable after arrival of the Goods at their final destination and unpacking and inspection thereof, whether by Buyer or Buyer’s customer(s). Seller shall be responsible for latent defects of the Goods at any time after delivery, notwithstanding inspection and acceptance of the Goods whether by Buyer of Buyer’s customer(s), provided that a notice of claim shall be made as soon as reasonably practicable after discovery of such defects. Buyer reserve the right to reject and refuse acceptance of all or part of any shipment of Goods which are not in accordance with specifications, descriptions, drawings, data, samples or models furnished to or by Buyer or with Seller’s express or implied warranties.
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08. DELAY OF DELIVERY
In the case that the Product either (i) does not arrive at the predetermined point of delivery within the delivery due date to transportation problems, or (ii) the Parties are not able to agree on completion of delivery due to disputes relating to the quality of the Product, etc., the Purchaser may defer the due date for the payment of the purchase price until the Parties reach an agreement on completion of delivery or, in the case that the payment of the purchase price has already been completed, the Seller shall return the purchase price to the Purchaser upon request by the Purchaser.
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09. INDEMNITY
Seller shall defend, indemnify and hold Buyer, Buyer’s customer(s), users of the Goods, and its or their officers and directors harmless from and against any liability, loss, damage, penalty, cost, expense and disbursement (including attorney’s fee) or personal injury, death or property damage as a result of any claim or dispute caused by, due to or relating, in any way, to the Goods or any defect or malfunction thereof or any infringement of any patent, trademark, utility model, design, copyright, mask work or any other intellectual property rights in Korea or in any other country, which indemnity shall survive the termination of this Contract.
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10. GENERAL
- (1) All disputes, controversies or differences arising out of or in relation to this Contract or the breach thereof which cannot be settled by mutual accord without undue delay shall be settled by arbitration in Seoul, Korea, in accordance with the rules of procedure of the Korean Commercial Arbitration Association. The award of arbitration shall be final and binding upon both parties, and judgment on such award may be entered in any count or tribunal having jurisdiction thereof. This Contract shall be, in all respects, governed by and construed in accordance with the laws of Korea. Seller and Buyer hereby expressly exclude the application of the 1980 United Nations Convention on Contracts for the International Sale of Goods with respect to this Contract. The trade terms such as FOB, CFR and CIF shall be interpreted in accordance with “INCOTERMS 2000”
- (2) The failure of Buyer at any time to require full performance by Seller of the terms hereof shall not affect the right of Buyer to enforce the same. The waiver by Buyer of any breach of any provision of this Contract shall not be constructed as a waiver f any succeeding breach of such provision or waiver of the provision itself.
- (3) This Contract constitutes the entire agreement between the parties hereto and supersedes all prior or contemporaneous communications or agreements or undertakings with regard to the subject matter hereof. This Contract may not be modified or terminated except by a written agreement of Seller and Buyer.
- (4) Seller shall not transfer or assign this Contract or any part thereof without Buyer’s prior written consent.
