China Business – SAMPLE OF SALES CONTRACT

SALES CONTRACT

Contract NO:
Signed at:
Date:
The Buyers
The Sellers

The Buyers agree to buy and the Sellers agree to sell the following goods on terms and conditions as set forth below
1 Name of Commodity ,Specifications and Packing
2 Quantity
3 Unit Price
4 Total Value
Shipment Quantity %more or less allowed
5 Time of Shipment
6 Port of loading
7 Port of Destination
8 InsuranceTo be covered by the___for 110% of the invoice value against_______.
9 Terms of PaymentBy confirmed, irrevocable, transferable and divisible letter of credit in favour of _____payable at sight with TT reimbursement clause/___days’/sight/date allowing partial shipment and transshipment. The covering Letter of Credit must reach the Sellers before _____and is to remain valid in _____.China until the 15th day after the aforesaid time of shipment, failing which the Sellers reserve the right to cancel this Sales Contract without further notice and to claim from the Buyers for losses resulting therefrom.
10 InspectionThe Inspection Certificate of Quality / Quantity / Weight / Packing / Sanitation issued by_______of China shall be regarded as evidence of the Sellers’ delivery.
11 Shipping Marks

OTHER TERMS

1. DiscrepancyIn case of quality discrepancy, claim should be lodged by the Buyers within 30 days after the arrival of the goods at the port of destination, while for quantity discrepancy, claim should be lodged by the Buyers within 15 days after the arrival of the goods at the port of destination. In all cases, claims must be accompanied by Survey Reports of Recognized Public Surveyors agreed to by the Sellers. Should the responsibility of the subject under claim be found to rest on the part of the Sellers, the Sellers shall, within 20 days after receipt of the claim, send their reply to the Buyers together with suggestion for settlement.

2. The covering Letter of Credit shall stipulate the Sellers’s option of shipping the indicated percentage more or less than the quantity hereby contracted and be negotiated for the amount covering the value of quantity actually shipped. (The Buyers are requested to establish the L/C in amount with the indicated percentage over the total value of the order as per this Sales Contract.)

3. The contents of the covering Letter of Credit shall be in strict conformity with the stipulations of the Sales Contract. In case of any variation there of necessitating amendment of the L/C, the Buyers shall bear the expenses for effecting the amendment. The Sellers shall not be held responsible for possible delay of shipment resulting from awaiting the amendment of the L/C and reserve the right to claim from the Buyers for the losses resulting therefrom.

4. Except in cases where the insurance is covered by the Buyers as arranged, insurance is to be covered by the Sellers with a Chinese insurance company. If insurance for additional amount and /or for other insurance terms is required by the Buyers, prior notice to this effect must reach the Sellers before shipment and is subject to the Sellers’ agreement, and the extra insurance premium shall be for the Buyers’ account.

5. The Sellers shall not be held responsible if they fail, owing to Force Majeure cause or causes, to make delivery within the time stipulated in this Sales Contract or cannot deliver the goods. However, the Sellers shall inform immediately the Buyers by cable. The Sellers shall deliver to the Buyers by registered letter, if it is requested by the Buyers, a certificate issued by the China Council for the Promotion of International Trade or by any competent authorities, attesting the existence of the said cause or causes. The Buyers’ failure to obtain the relative Import Licence is not to be treated as Force Majeure.

6. ArbitrationAll disputes arising in connection with this Sales Contract or the execution thereof shall be settled by way of amicable negotiation. In case no settlement can be reached, the case at issue shall then be submitted for arbitration to the China International Economic and Trade Arbitration Commission in accordance with the provisions of the said Commission. The award by the said Commission shall be deemed as final and binding upon both parties.

7. Supplementary Condition(s)(Should the articles stipulated in this Contract be in conflict with the following supplementary condition(s) the supplementary condition(s)should be taken as valid and binding.)

Sellers:Buyers

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