Terms and Conditions of Trade

INCORPORATION OF TERMS
The following Terms of Conditions shall be deemed incorporated in and shall form part of all contracts invoicing goods supplied by Kee Sang Corporation (herein called ¡°the Company¡±) to the ¡°Customer¡±(being any legal entity purchasing from the ¡°Company")

PRICE
1. Unless otherwise stated all prices quoted are exclusive of insurance/ freight/ handling charges. The Customer shall pay insurance/ freight/ handling charges in addition to the quoted prices. The Company reserves the right to revise its prices at anytime prior to accepting an order.
2. The prices quoted may be revised by the Company subsequent to accepting an order in the event of any occurrence affecting delivery caused by War, Government action, variation in Customs duties, increased shipping charges, and any other matter beyond control of the Company. In that event the Customer shall have the right to withdraw its order.

SHIPMENT
1. Date of bill of loading shall be accepted as conclusive of the date of shipment.
2. Any quotations of delivery times by the Company are made in goods faith, but as estimates and not commitments.
3. The Company will not be responsible for non-delivery or performance nor for any loss or damage whatsoever caused directly or indirectly by any force majeure.

PAYMENT
Irrevocable and confirmed letters of credit negotiable at sight draft shall be established through a prime bank satisfactory to the Company immediately after conclusion of contract with validity of least 7 days after the day contracted, confirmed by returning the copy of contract form signed the authorized person or company.

OWNERSHIP
The Property and ownership in the goods will not pass to the Customer but will remain in the Company until payment in full of the purchase of the goods and all other amounts owing to the Company by the Customer.

INSPECTION
The inspection of quantity shall be done according to the exporting regulation of the Republic of Korea and/or by the manufactures which shall be considered as final. Should any specific inspector be designated by the Buyer, all additional charges thereby incurred shall be borne by the Customer and shall be added to the invoice amount, for which the letter of credit stipulates accordingly.

PACKING
Packing shall be at the Company¡¯s option. In case special instructions are necessary the same should be intimated to the Company in time so as to enable the Company to comply with it.

INSURANCE
1. In case of CIF or CIP basis, 110% of the invoice amount, will be insured, unless otherwise agreed.
2. Any additional premium for insurance coverage over 110% of the invoice amount, if so required, shall be added to the invoice amount for which the letter of credit shall stipulate accordingly.

PRODUCT QUALITY
1. The Company is so concerned with the Customer¡¯s satisfaction of the Company¡¯s products.
2. If the product quality and condition varies from the Customer¡¯s requirements and specifications informed, all defective products may be returned for refund or replacement subject to the Company¡¯s discretion like followings.

CLAIMS
1. Any complaints or claims shall be made in cable or through email within 15 days after arrival of the cargo in the destination port. Full particulars of such defective products shall be made in writing and forwarded by email within 15 days after the first notification by cabling or email from the Customer.
2. A claim made after the said 30-day period shall have no effect and the Company be liable for indirect or consequential damages.

RETURNS
Defective products may products must be returned in original condition, including a copy of the original invoice and the product serial plates attached separately attached on each products. Goods must be sent freight prepaid in turn will be dispatched freight free back to the Customer. Failure to provide accurate documentation or original product condition is liable to cause delays in processing the return.

ARBITRATION
All disputes, controversies, or differences Defective which may arise between the parties out of or in connection with this contract of for the breach thereof, shall be finally settled by arbitration in Seoul, Korea in the accordance with the Commercial Arbitration Rules of the Korean Commercial Arbitration Board and under the Laws of Korea. The award rendered by arbitrators shall be final and binding upon both parties concerned.

PATENTS, TRADE MARKS, ETC.
The Customer is to hold the Company harmless from liability for any infrineent with regard to the products patent, trade mark, copyright, product design, etc., originated or chosen by the Company.

WE RESERVE THE RIGHT TO ALTER PRICES OR SPECIFICATIONS WITHOUT NOTICE IF EXTERNAL CIRCUMSTANCES DICTATE