Article 21. TERMINATION
(1) If Seller ceases to conduct its operations in the normal course of business, including inability to meet its obligations as they mature, or if any proceeding under any bankruptcy or insolvency laws is brought by or against Seller, or a receiver for Seller is appointed or applied for, or an assignment for the benefit of creditors is made by Seller, TDK may terminate all or any part of this Agreement or the Purchase Order without liability, except for deliveries previously made.
(2) TDK may terminate all or any part of this Agreement or the Purchase Order at any time by written notice to Seller. Upon termination, TDK and Seller shall negotiate reasonable termination charges which will be identified by Seller within thirty (30) days of termination. Upon receipt of notice of such termination, Seller shall, unless such notice otherwise directs, immediately discontinue all work on the Purchase Order and deliver, if and as directed, to TDK, all completed and partially completed articles, work in process and materials purchased or acquired for performance of this Agreement and the Purchase Order. The provisions of this paragraph shall not limit or affect the right of TDK to terminate this Agreement or the whole or part of any Purchase Order as otherwise set forth in this Agreement.
Article 22. SUBCONTRACTOR
Seller shall not, without obtaining the prior written consent of TDK, subcontract in whole or in part the manufacture of Products. If Seller intends to subcontract the manufacture of Products with the prior written consent of TDK, Seller shall impose the obligations that it assumes hereunder on such subcontractor. In such event Seller’s obligations hereunder shall remain and Seller shall be jointly and severally liable for any breach by the subcontractor.
Article 23. CSR ACTIVITIES
Seller warrants that Products shall be manufactured and delivered to TDK in full compliance with the TDK Code of Ethics (to be revised and/or updated from time to time by TDK) which requires that Seller shall:
(a) observe applicable laws, regulations, and standards of society and conduct business in a fair and sound manner.
(b) contribute to society by providing excellent products and services.
(c) respect each member's personality and individuality and ensure a safe and comfortable work environment.
(d) maintain a strong and amicable relationship with its customers, sellers, employees, shareholders and other stakeholders.
(e) seek constantly to be a good corporate citizen by contributing to society and the community.
(f) contribute to protecting the global environment and to building a secure and comfortable society.
Article 24. IRRESISTIBLE FORCE
Unless otherwise specifically provided in this Agreement or the Purchase Order, neither party shall be liable for failure to perform any provision of this Agreement or the Purchase Order when such failure is due to fires, floods, strikes, war, legal restrictions, government orders or any other causes beyond the control of the parties. If as a result of the occurrence of any of the foregoing, Seller fails to deliver the Products for an unreasonably long period of time, in the sole judgment of TDK, TDK may forthwith cancel this Agreement, any unfulfilled portion thereof or the Purchase Order, or immediately cancel it upon the lapse of such length of time as TDK in its sole discretion may allow.
Article 25. NON-ASSIGNMENT AND CORPORATE AUTHORITY
(1) Assignment by Seller of this Agreement or any interest therein or of payment due or to become due hereunder, without the written consent of TDK is prohibited and any attempt to do so, shall be null and void.
(2) Seller hereby warrants that it has full corporate power and authority to enter into and perform this Agreement and such execution and performance does not violate or conflict with any agreements or instruments to which it is bound.
Article 26. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties relating to the Products sold and purchased hereunder, and it supersedes all previous communications, representations or agreements, either oral or written, with respect to the subject matter hereof. No representations or statements of any kind made by any representative of TDK or Seller, which are not stated herein, shall be binding on the parties. No addition to or modification of any provisions of this Agreement shall be effective unless made in writing and signed by duly authorized representatives of the parties. No course of dealing, usage of trade, or course of performance shall be relevant to explain or supplement any terms expressed in this Agreement.
Article 27. APPLICABLE LAW
(1) All matters connected with this Agreement, a Purchase Order or other document related to the purchase of the Products hereunder, and the performance thereof shall be construed, interpreted, applied and governed in all respects exclusively by the laws of Thailand without regard to the principles of conflict of laws. The parties expressly agree that the United Nations Convention on Contracts for the International Sale of Goods will not apply to this Agreement or to their relationship.
(2) In the event of any controversy or claim arising out of or relating to this Agreement, or a breach thereof, the parties shall consult and negotiate with each other and, recognizing their mutual interests, attempt to reach a satisfactory solution. If they do not reach settlement within a period of sixty (60) days, then, upon written notice by any party to the other, any unresolved controversy or claim shall be settled by arbitration in Bangkok of Thailand in accordance with the rules of Office of Court of Justice on Institute of Arbitration. The languages of the arbitration shall be English language. The award thereof shall be final binding upon the parties. Judgment upon such award may be entered in any court having jurisdiction.
Article 28. NO WAIVER
The failure of either party to exercise any of its rights or enforce any requirements of the other party hereunder shall not be deemed a waiver of such rights or requirements.
Article 29. TERM
This Agreement shall be valid for a term of one (1) year after the date hereof and shall be automatically extended on a yearly basis until or unless terminated by either party by giving to the other party ninety (90) days prior notice.
Article 30. SURVIVAL
The obligations under this Agreement which, by their nature would continue beyond the termination, cancellation or expiration of this Agreement, including by way of illustration only and not by limitation those in the articles containing warranty, intellectual property infringement, confidentiality, indemnification, liability and applicable law provisions, shall survive termination, cancellation or expiration of this Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized representatives as of the date set forth above.
TDK (Thailand) Co., Ltd. Taksin Engineering and Tools Co.,Ltd,
Name: Mr.Katsuji Yamada Name : Mr.Thanit Janthawiset
Title : General Manager Tiitle : Managing Director
Date: Date: