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")
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
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.
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
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.
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
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.
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.
1. The Company is so concerned
with the Customer¡¯s satisfaction of the Company¡¯s
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
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.
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.
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.
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.