Terms and Conditions
General Terms & Conditions:
(1) The buyer shall establish the covering Letter of Credit before theabove-stipulated time, failing which the seller reserves the right to rescindwithout further notice, or to accept whole or any part of this SalesConfirmation non fulfilled by the Buyer, or to lodge a claim for direct lossessustained, if any.
(2) For transactions concluded on CIF basis, it is understood that theinsurance amount will be for 110% of the invoice value against the risksspecified in the Sales Confirmation. Ifadditional insurance amount and/or coverages are required, the buyer must havethe consent of the seller before Shipment, and the additional premium is to beborne by the Buyer.
(3) TERMS OF QUALITY: The products shall be manufactured in accordance withthe precision standard of the factory. It should be in conformity with thecriteria specified in the firms standards.
(4) QUALITY/QUANTITY DISCREPANCY: In case of quality discrepancy, Buyersshould claim within 30 days after the arrival of the goods at port ofdestination; while for quantity discrepancy, Buyer should claim within 15 daysafter the arrival of the goods at port of destination. It is understood thatthe Seller shall not be liable for any discrepancy of the goods shipped due tothe causes for which the Insurance Company,Shipping Company, othertransportation organizations or Post Office are liable.
(5) The Seller shall not be held liable forfailure or delay in delivery of the entire lot or a portion of the goods underthis Sales Confirmation in consequence of any Force Majeure incidents.
(6) All disputes arising from the execution of, or in connection with thiscontract, shall be settled amicably through friendly negotiation. In case nosettlement can be reached through negotiation, the case shall then be submitedto China International Economic and Trade Arbitration Commission, Shanghai Commissionfor arbitration in accordance with its provisional rules of procedure. Thearbitral award shall be final and binding upon both parties.
(7) The buyer is requested to sign one copy of this Sales Confirmation andreturn it to the seller within seven days after receipt of the same. If nothingis proposed to the contrary within the stipulated time, the Sales Confirmation,issued on the strength of the buyer's order or earlier confirmation, shall beeffective immediately on its issuance and subject to neither modification norcancellation, unless agreed upon by both parties.