RIGHTS AND OBLIGATIONS OF THE PARTIES
Seller
- The Seller is obliged to provide Goods of proper quality and in the quantity, assortment and time stipulated by this Contract to the Buyer.
- The Seller is obliged to provide Goods in suitable packing by this Contract to the Buyer.
- Seller is to notify the Buyer about shipment on the day of delivery via telephone, fax or e-mail.
Buyer
- The Buyer is obliged to accept and pay for Goods purchased in due time as specified by the Contract.
- The Buyer guarantees to have all import licenses, customs documents, quarantine documents, clearance and all other import documents in place.
- All consular fees, import duties and/or taxes and expenses, if any, shall be for The Buyer’s account.
- The Buyer shall be responsible for and assume all risks associated with quarantine or other import restrictions present or future, at port of discharge/ country of destination.
- Difficulties or delay associated with quarantine or other import restrictions shall not constitute” Force Majeure”.
FORCE MAJEURE
Force Majeure: During the tenure of this contract if a situation of Force Majeure occurs due to Natural civil disturbance, commotion, riots and any other acts of god or manmade then either party must inform the other within 7 days of such occurrence and if the situation persists for 30 days or more the contract shall be deemed to be null and void without any liabilities on either side.
ARBITRATION
All disputes arising out of or in relating to this contract shall be finally settled by the VIAC (Vietnam International Arbitration Center) at the Vietnam Chamber of Commerce & Industry in accordance with its Arbitration rules.
TERM OF PAYMENT: TTR or LC
For TTR: Advance payment amount of 20% will be settle after the signing of the contract and the amount of 80% will be settle after the copies of full documents (scanned version) was sent to the Buyer.
For LC: 100% irrevocable LC at sight.
