1. Analyze and make comments on the following contract. (4 marks)

2. Base on your analysis to correct and perfect the mentioned contract (4 marks)

3. Present detailed steps to perform the mentioned import contract (2 marks)

SALES CONTRACT

No. 03/2020

Date: 21 Dec 2020

Between: Name: Bright Star Group Limited

Address: No.230 Changjiang Middle, Quingdao ETD Zone,

Qingdao, China

Tel: +86 532 6897 Fax: +86 532 2209

Represented by: Lala Manager

Hereinafter called as the SELLER

And: Name: ABC Co., VietNam

Address: 02C Pho Quang St., Tan Binh Dist., HCM city, Vietnam

Tel: +84-8-28335884

Fax: +84-8-28330033

Represented by: Ms. Nguyen Thai Linh - Director2/2

Hereinafter called as the BUYER

The SELLER has agreed to sell and the BUYER has agreed to buy the

commodity under the terms and conditions provided in this contract as follows:

ART.1: COMMODITY QUANTITY - PRICE

No

Size

Pattern

Quantity

(Sets & pcs)

Unit price

FOB Qingdao,

China

Amount

(USD)

1

10R22 16PR

TYRES

30

60.00

1,800

2

1100R20 18RR

TYRES

70

80.00

5,600

3

1000R20 18PR

TYRES

70

80.00

5,600

TOTAL

170

13,000.00

ART.2: PAYMENT

By irrevocable L/C 30 days after sight for 100% total value of contract in

favour of the seller.

Advising bank: BANK OF CHINA LIMITED QINGDAO BRANCH.

A/C No.: NRA209124156852

Accounter: Bright Star Group Limited

Time of opening L/C: not later than Jan. 2, 2021

Documents required:

Payment shall be made upon receipt of the following documents:

- Full set (3/3) of clean shipped on board Ocean Bill of Lading made out to

order of issuing bank, marked Freight Collect and notify applicant.

- Commercial invoice in triplicate issued by manufacturer

- Packing list in triplicate issued by manufacturer.

- Certificate of origin in triplicate issued by manufacturer.

- One copy of sailing telex/ shipping adviceART.3: SHIPMENT

Shipment should be effected within 30 days after opening L/C

Container type: 1x20

Port of loading: Quingdao, China.

Port of discharge: Ho Chi Minh port, Vietnam

Transhipments: not allowed.

ART.4: INSPECTION

The buyer can apply Vinacontrol for inspection after discharge of the goods at

the port of destination and bear inspection charges. The buyer has the right to claim

within 30 days from the discharging date if they find any discrepancy of quality and/or

quantity from Vinacontrols inspection. In this case, Vinacontrols survey report shall

be considered evidence for the claim.

ART.5: FORCE MAJEURE

Strike, sabotage, which may be occur in Origin Country shall be considered

as Force Majeure.

ART.6: ARBITRATION

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.

ART.7: GENERAL CONDITIONS

- By signing this contract, previous correspondence and negotiations connected

herewith shall be null and void.

- 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.

- This contract is made in English into 02 originals, each side keeps 01.

- This contract is signed through fax.

FOR THE BUYER FOR THE SELLER