Frozen Krill Contract

Only available on StudyMode
  • Topic: Force majeure, Contract, Arbitration
  • Pages : 7 (1576 words )
  • Download(s) : 77
  • Published : April 8, 2013
Open Document
Text Preview
CONTRACT No. FRKL145

Between the undersigned:

Bradiaga Krills Ltd, a company whose head office is located at 5 Profsouznaya st., Murmansk, Russian Federetion, represented by General Manager Mr. Ivan Ivanov hereinafter referred to as the “Seller”

on the one hand

and

Bizzard Ltd, a company whose head office is located at 34 King st., Aberdeen, United Kingdom, represented by General Manager Mr. Elton John hereinafter referred to as the Buyer

on the other hand

WHEREAS the Seller is a major finishing company operating in the Antarctic sea; WHEREAS the Buyer is the main European supplier of sea products to the pharmaceutical and cosmetic industry; WHEREAS the Seller wishes to sell frozen krill’s in Europe via a highly qualified distributor with a large European network; WHEREAS the Buyer has been selected by the Seller;

THE PARTIES have concluded this Contract as follows:

1.Subject of the Contract

1.1 Seller has sold, and Buyer has bought frozen krill are produced in 2009, Russian origin. 1.2 The duration of the present Contract (hereinafter « the Contract ») shall be 1 year, starting May 1st 2009. The Buyer shall acquire from the Seller a minimum of 350 tons / year of frozen krill’s species Euphausia superba (hereinafter « the Products »). This agreement shall be renewed by tacit renewal if the quota is met.

2. Price and Total Cost of Contract

2.1 Price on goods sold under the present contract are specified in Great British Pounds (GBP). The price per ton shall be 985 (Nine hundred eighty five) GBP. This price has been established based on the Ruble (RUB) / GBP conversion rate as of April 30, 2009. Should the variation of such conversion rate exceed 5%, the parties shall meet to negotiate a new price. 2.2. Cost of packing is included in the price. The packing delivered together with the goods and is irrevocable. 2.3. The total quantity of the contract is 350 tons, 10% more or less at the Seller discretion. Monthly orders shall not exceed 100 tons.

3. Terms of Delivery

3.1. The Seller shall deliver the products within one month from the order. The supplying of the goods will be done in refrigerator container in one shipment by sea.

3.2. The Seller will inform the Buyer in written form about the shipment within 24 hours since the vessel has left the loading port. The information shall include vessel name, shipping date, type of goods, Bill of Lading No., number of packages, gross and net weight.

3.3. In case if terms and(or) condition of delivery are not observed, the Seller must compensate to the Buyer beforehand specified losses at the rate of 0,01% per each of day of delay from cost of ordered goods. 3.4. In case, if shipment delay to Aberdeen is over 2 (two) months, the BUYER has the right to interrupt action of the present contract without any indemnification for the losses, which the SELLER can carry. The value of coordinated and beforehand of certain losses is not subject to reconsideration by Arbitration. At any cases the SELLER does not carry any responsibility for indirect losses. In this case the SELLER return back to the BUYER advance payment amount and full compensation amount in accordance with point 3.3. of the present contract. 3.5 In case if shipped goods will be damaged for any reason or part of it will be absent, the BUYER must inform the SELLER about it in writing during 10 (ten) days from the date of receiving goods by the BUYER. Otherwise the SELLER does not carry the responsibility to the BUYER for such losses.

3.6 In case of revealing the poor-quality or smaller quantity of the goods during of acceptance of the goods the SELLER undertakes to compensate spoilage and shortage during 1 (one) month after granting by the BUYER of the appropriate documents or accordingly to reduce price of the shipped goods.

4. Quality

4.1 The quality of the delivered goods should correspond to the normative documentation on the given grade of the goods. The...
tracking img