5.2 TERMS OF PAYMENT
The PURCHASER agrees to pay to SUPPLIER according to the following terms:
• Down payment - Ten Percent (10%) of CONTRACT PRICE amounting to USD 438,000 by T/T within 7 days after issuing P/O.
• Second payment - Sixty Percent (60%) of CONTRACT PRICE amounting to USD 2,628,000 by T/T within 7 days after machine inspection by the Buyer in KOREA and against shipping advice in written by E-mail.
• Balance payment - Thirty Percent (30%) of CONTRACT PRICE amounting to USD 1,314,000 by TT within 7 days after installation and Test-run at the Buyer side.
If PURCHASER delays in making payment, SUPPLIER may postpone the fulfillment of its obligations until such payment is made.
ARTICLE 6: SHIPMENT
The SUPPLIER shall deliver the IMM to PURCHASER on the basis of CIF Laemchabang in Thailand. The shipment for the IMM shall be made within Twelve (12) weeks after receipt of down payment (DL850S, DL1300S) and within Sixteen (16) weeks after receipt of down payment. (DL2000S)
ARTICLE 7: TITLE AND RISK
The ownership and title of the IMM shall be transferred from SUPPLIER to PURCHASER when the IMM has been fully paid and risk is transferred from SUPPLIER to the PURCHASER when the IMM has been delivered and accepted at PURCHASER’S plant.
ARTICLE 8: INSURANCE
The SUPPLIER shall provide the required insurance certificate that will cover transportation and damage to third party which arise out of SUPPLIER’s negligence.
ARTICLE 9: WARRANTY
9.1 The warranty period of the CONTRACT is 12months for IMM from the date of installation and test run acceptance at PURCHASER’s premises. However, if dispatch or delivery or receipt of IMM is delayed due to reason beyond SUPPLIER’s control, the warranty period shall end not later than 24 months after SUPPLIER’s notification that IMM is ready for dispatch.
9.2 SUPPLIER guarantees that IMM is made of good and careful workmanship and SUPPLIER undertakes to correct and make good any defect or defects which may develop under normal and proper use within the warranty period and which are due solely to faulty design, material, or poor workmanship, provided always that SUPPLIER is notified immediately of the defect within the warranty period.
9.3 Provided that SUPPLIER shall not be responsible for the repair, replacement or making good of any defect or of any damage to the IMM arising out of or resulting from any of the following causes:
(a) Improper operation or maintenance by the PURCHASER or any third party
(b) Operation of the IMM outside the specifications
(c) Erosion or corrosion
(d) Normal wear and tear
5.2 TERMS OF PAYMENT
The PURCHASER agrees to pay to SUPPLIER according to the following terms:
• Down payment - Ten Percent (10%) of CONTRACT PRICE amounting to USD 438,000 by T/T within 7 days after issuing P/O.
• Second payment - Sixty Percent (60%) of CONTRACT PRICE amounting to USD 2,628,000 by T/T within 7 days after machine inspection by the Buyer in KOREA and against shipping advice in written by E-mail.
• Balance payment - Thirty Percent (30%) of CONTRACT PRICE amounting to USD 1,314,000 by TT within 7 days after installation and Test-run at the Buyer side.
If PURCHASER delays in making payment, SUPPLIER may postpone the fulfillment of its obligations until such payment is made.
ARTICLE 6: SHIPMENT
The SUPPLIER shall deliver the IMM to PURCHASER on the basis of CIF Laemchabang in Thailand. The shipment for the IMM shall be made within Twelve (12) weeks after receipt of down payment (DL850S, DL1300S) and within Sixteen (16) weeks after receipt of down payment. (DL2000S)
ARTICLE 7: TITLE AND RISK
The ownership and title of the IMM shall be transferred from SUPPLIER to PURCHASER when the IMM has been fully paid and risk is transferred from SUPPLIER to the PURCHASER when the IMM has been delivered and accepted at PURCHASER’S plant.
ARTICLE 8: INSURANCE
The SUPPLIER shall provide the required insurance certificate that will cover transportation and damage to third party which arise out of SUPPLIER’s negligence.
ARTICLE 9: WARRANTY
9.1 The warranty period of the CONTRACT is 12months for IMM from the date of installation and test run acceptance at PURCHASER’s premises. However, if dispatch or delivery or receipt of IMM is delayed due to reason beyond SUPPLIER’s control, the warranty period shall end not later than 24 months after SUPPLIER’s notification that IMM is ready for dispatch.
9.2 SUPPLIER guarantees that IMM is made of good and careful workmanship and SUPPLIER undertakes to correct and make good any defect or defects which may develop under normal and proper use within the warranty period and which are due solely to faulty design, material, or poor workmanship, provided always that SUPPLIER is notified immediately of the defect within the warranty period.
9.3 Provided that SUPPLIER shall not be responsible for the repair, replacement or making good of any defect or of any damage to the IMM arising out of or resulting from any of the following causes:
(a) Improper operation or maintenance by the PURCHASER or any third party
(b) Operation of the IMM outside the specifications
(c) Erosion or corrosion
(d) Normal wear and tear
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