SALES CONTRACT
SALES CONTRACT
Whole Doc.
No:
Date:
For Account of:
Indent No:
This contract is made by and between the Sellers and the Buyers;
Whereby the Sellers agree to sell and the Buyers agree to buy the
undermentioned goods according to the terms and conditions stipulated
below and overleaf:
(1) Names of commodity (ies) and specification(s)
(2) Quantity
(3) Unit price
(4) Amount
TOTAL:
% more or less allowed
(5) Packing:
(6) Port of Loading:
(7) Port of Destination:
(8) Shipping Marks:
(9) Time of Shipment: Within days after receipt
of L/C, allowing transhipment and partial shipment.
(10) Terms of Payment:
By 100% Confirmed, Irrevocable and Sight Letter of Credit to remain
valid for negotiation in China until the 15th day after shipment.
(11) Insurance:
Covers all risks and warrisks only as per the Clauses of the People's
Insurance Company of China for 110% of the invoice value.
To be effected by the Buyer.
(12) The Buyer shall establish the covering Letter of Credit before
; failing which, the Seller reserves the right to rescind this
Sales Contract without further notice, or to accept whole or any part of
this Sales Contract, non-fulfilled by the Buyer, of to lodge claim for
direct losses sustained, if any
(13) Documents: The Sellers shall present to the negotiating bank,
Clean On Board Bill of Lading, Invoice, Quality Certificate issued by the
China Commodity Inspection Bureau or the Manufacturers, Survey Report on
Quantity/Weight issued by the China Commodity Inspection Bureau, and
Transferable Insurance policy or Insurance Certificate when this contract
is made on CIF basis.
(14) For this contract signed on CIF basis, the premium should be 110%
of invoice value. All risks insured should be included within this
contract. If the Buyer asks to increase the insurance premium or scope of
risks, he should get the permission of the Seller before time of loading,
and all the charges thus incurred should be borne by the Buyer.
(15) Quality/Quantity Discrepancy; In case of quality discrepancy,
claim should be filed by the Buyer within 30 days after the arrival of the
goods at port of destination; while for quantity discrepancy, claim should
be filed by the Buyer within 15 days after the arrival of the goods at
port of destination. It is understood that the Seller shall not be liable
for any discrepancy of the goods shipped due to causes for which the
Insurance Company, Shipping Company, other transportation organizations
and/or Post Office are liable.
(16) The Seller shall not be held liable for failure or delay in
delivery of the entire lot or a portion of the goods under this Sales
Contract in consequence of any Force Majeure incidents.
(17) Arbitration:
All disputes in connection with this contract or the execution thereof
shall be settled friendly through negotiations. In case no settlement can
be reached, the case may then be submitted for arbitration to China
International Economic And Trade Arbitration Commission in accordance with
the provisional Rules of Procedures promulgated by the said Arbitration
Commission. The arbitration shall take place in Beijing and the decision
of the Arbitration Commission shall be final and binding upon both
parties; neither party shall seek recourse to a law court nor other
authorities to appeal for revision of the decision. Arbitration fee shall
be borne by the losing party. Or arbitration may be settled in the third
country mutually agreed upon by both parties.
(18) The Buyer is requested always to quote THE NUMBER OF THE SALES
CONTRACT in the Letter of Credit to be opened in favour of the Seller.
(19) Other Conditions:
Seller: Buyer:
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