Triton International Enterprises Sales Terms and Conditions
1. For transactions concluded on D.D.U. basis it is understood that the insurance amount will be for 110% of the invoice value against the risks specified in the Sales Confirmation. If additional Insurance amount of coverage is required, the Buyers must have the consent of the Sellers before Shipment and the additional premium is to be borne by the Buyers.
2. The covering Letter of Credit shall stipulate the Sellers’ option of shipping the indicated percentage more or less than the quantity hereby contracted and be negotiated for the amount covering the value of quantity actually shipped. The Buyers are requested to establish the L/C in amount with the indicated percentage over the total value of the order as per this Sales Confirmation. The contents of the covering Letter of Credit shall be in strict conformity with the stipulations of the Sales Confirmation. In case of any variation thereof necessitating amendment of the L/C, the Buyers shall bear the expenses for effecting the amendment. The Sellers shall not be held responsible for possible delay of shipment resulting from awaiting the amendment of the L/C and reserve the right to claim from the Buyers for the losses resulting there from.
3. Quality/Quantity/Weight Discrepancy: In case of quality discrepancy, claim should be filed by the Buyers within 21 days after the arrival of the goods at port of destination, while of quantity/weight discrepancy; claim should be filed by the Buyers within 15 days after the arrival of the goods at port of destination. The Buyers shall be entitled to lodge claims mentioned above with the Sellers on the basis of the inspection certificate from the Import-Export Commodity Inspection Authority in the Buyers’ country. It is understood that the Sellers shall not be liable for any discrepancy of the goods shipped due to causes for which the Insurance Company, Shipping Company, other transportation, organization/or Post Office are liable. Seller is entitled to inspect or to have inspected any product claimed to be defective in quality and/or quantity. In case of justified claims, Seller’s liability shall be limited to the replacement of the product or to a reduction of the price acceptable to both parties, such at Seller’s option. In case of replacement Buyer shall, at Seller’s request and at Seller’s expense, return the defective product to Seller. Seller shall not be responsible for any further damages including consequential damages.
4. Seller warrants that the product shall meet the agreed quality and specifications. Any other warranty or representation shall only be binding if agreed by the parties in writing. Seller is not liable for any advice that may be given by it with respect to the transportation, storage, use or application of the products neither for loss or damage that might result therefrom. Seller shall not be responsible for the infringement by Buyer of patents, registered trademark or immaterial rights belonging to third parties arising from the use or sale of the product by Buyer.
5. Force Majeure: The Sellers shall not be held responsible if they fail, owing to Force Majeure cause or causes, to make delivery within the time stipulated in this Sales Confirmation or cannot deliver the goods. However, the Sellers shall inform immediately the Buyers by fax or email. The Sellers shall deliver to the Buyers by registered letter attesting the existence of the said cause or causes. The Buyers’ failure to obtain the relative Import License is not to be treated as Force Majeure.
6. The Buyer is requested to sign and return one copy of this Sales Confirmation immediately after receipt of the same; Objection, if any, should be raised by the Buyer within five days after the receipt of this Sales Confirmation, in the absence of which it is understood that the Buyer has accepted the terms and conditions of the Sales Confirmation.
7. The prices under the Contract shall be net prices. Payments by Buyer shall be made on the due date into the account designated in the agreed currency without deduction of transfer charges or other costs. The value date of the credit into Seller’s bank account shall be considered as the date of payment. Invoice outstanding after the due date will bear interest at the overdraft rate, charged by the Seller’s bank, on the due date for the currency in which the payment is to be made, increased by 2 % for the first 30 days after the due date and 4% from the 31st day until or before actual payment date. This provision or the application thereof does not entitle the buyer to delay payments under any circumstance. If any tax, duty, charge or fee imposed or increased after the date of the Contract by any governmental authority or agency upon the product or upon the raw materials from which it is derived or upon production, sale transportation or delivery thereof is required to be paid or collected by Seller, directly, the amount there of shall be added to sales price and shall be paid by Buyer.
8. Arbitration: All disputes arising in connection with this Sales Contract or the execution thereof shall be settled by way of amicable negotiation. These General Terms shall be governed by the law of the country where the Seller is domiciled without recourse to conflict principles of such jurisdiction, and the parties shall accept the relevant commercial court as venue or at Sellers option; the parties shall refer any dispute or difference arising out of relating to this Contract to arbitration in accordance with the Arbitration Rules of the International Chamber of Commerce (ICC).