Contract for fertilizer

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Contract for fertilizer

No: 16/VNX-IDM

Date: Sep. 07 1999

Between: VNEXPORT

Address:.HCM Vietnam

Email:vnexport@hotmail.com

Telex:................Fax:................

Represented by Mr.Vu Duc Hoan

Hereinafter called The Buyer

And:IndoIMPORT

Address:Japan

Tel:......................

Telex:...................Fax:...................

Represented by Mr.Okabe

Hereinafter called The Seller

It is mutually agreed between both sides to sign this contract with terms and specifications specified hereunder:

ARTICLE 1: COMMODITY & SPECIFICATION

1.1 Commodity: UREA FERTILIZER

1.2 Origin: INDONESIA

1.3 Specification: - Nitrogen: 46% min.

- Moisture: 0.5% max.

- Biuret: 1.0% max.

- Color: White

- Free flowing: treated with Anti- Caking

1.4 Packing: - 50 kg net in Polypropylen Woven bag with polythylene inner liner - 2% of total bag as empty spare bags to be supplied free of charge

ARTICLE 2: UNIT PRICE - QUANTITY & TOTAL AMOUNT

2.1 Unit price: USD 178/ MT C&F Hochiminh City Port

2.2 Quantity: 10,000 MT ( plus or minus 10% at seller's option)

2.3 Total amount: USD 1,780,000 (+/- 10% at seller's option)

Say: US Dollars one million seven hundred eighty thousand.

ARTICLE 3: SHIPMENT - DELIVERY

3.1 Time of shipment: not later than September 1993

3.2 Port of loading: Indonesia main ports

3.3 Destination port: Hochiminh City Port

3.4 Notice of shipment:

Within 2 days after the sailing date of carrying vessel to S.R Vietnam, the Seller shall notify by cable to the Buyer the following information:

+ L/C number

+ Amount

+ Name and nationality of the vessel

+ Bill of Lading number/ date

+ Port of loading

+ Date of shipment

+ Expected date of arrival at discharging port

3.5 Shipping mark:

UREA

46% NITROGEN MINIMUM

1% BIURET MAXIMUM

0.5% MOISTURE MAXIMUM

50 KGS NET

USE NO HOOKS

MADE IN INDONESIA

One side printed in green color

3.6 Discharging terms:

- When Notice of Readiness tendered before noon, lay time shall be commenced from 13:00 on the same date

- When Notice of Readiness tendered afternoon, laytime shall be commenced from 8:00 on next date

3.7 Discharging term: 900MT/ day WWDSHEX EIU

Dem/ Des: USD 2,000/ half

ARTICLE 4: PAYMENT

4.1 By irrevocable Letter of Credit at sight from B/L date for the full amount of the contract value

4.2 L/C Beneficiary: KOLON INTERNATIONAL CORP.
45 Mugyo- Dong, Chung Gu, Seoul - Korea

4.3 L/C advising Bank: KOREA FIRST BANK
Seoul - Korea

4.4 Bank of Opening L/C: VIETCOMBANK/ EXIMBANK

4.5 Time of opening L/C: within Sep. 15 1999

4.6 Payment documents:

Payment shall be made upon receipt of the following documents:

- 3/3 of clean on board Bill of Lading marked FREIGHT PREPAID

- Commercial invoice in triplicate

- Packing list in triplicate

- Certificate of origin issued by manufacturer

- SUCOFINDO's Certificate on quality/ weight

- One copy of sailing telex/ shipping advice

- Remark: the shipping document acceptable

- 1/3 B/L ( the top copy ) and transport documents sent by DHL

ARTICLE 5: FORCE MAJEURE

Strike, sabotage, which may be occure in Origin Country shall be considered as Force Majeure

ARTICLE 6: ARBITRATION

6.1 In the execution course of this contract, all disputes not reaching at amicable agreement shall be settled by the Economic Arbitration board of Hochiminh City under the rules of the International Chamber of Commerce whose awards shall be final and binding both parties

6.2 Arbitration fee and other related charges shall be borne by the losing party, unless otherwise agreed.

ARTICLE 7: PENALTY

7.1 To delay shipment/ delay payment

In case delay shipment/ delay payment happens, the penalty for delay interest will be based on annual rate 15 percent

7.2 To delay opening L/C:

In case delay opening L/C happens, the Seller has the right to delay shipment

7.3 To cancellation of contract

If Seller or Buyer want to cancel the contract, 5% of the total contract value would be charged as penalty to that party.

ARTICLE 8: GENERAL CONDITION

8.1 By signing this contract, previous correspondence and negotiations connected herewith shall be null and void

8.2 This contract comes into effect from signing date, any amendment and additional clause to these conditions shall be valid only if made in written form and duty confirmed by both sides.

8.3 This contract is made in 6 English originals, each side keeps 3.

FOR THE BUYER

FOR THE SELLER

 you can down load Contractforfertilizer.doc

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