2. The Buyer agrees to pay a 30% deposit before production and the remaining 70% upon receipt of a copy of the Bill of Landing to the bank account specified on the invoice. Any applicable bank fees will be covered by the Buyer. Goods and documents will only be released after payment has been made by the Buyer and funds have been cleared by all banks involved.

 

3. Quda Autoparts will package all goods according to the Buyer's standards, as agreed upon in writing.

 

4. The goods will be delivered on behalf of Quda Autoparts 45 working days after receipt of the deposit, unless specified otherwise in writing between the Buyer and Quda Autoparts (public holidays are e.g. Mid-Autumn Festival, Chinese New Year). Should payments not be received by the due date, the account will be put on hold and the supply of goods suspended, also non-payment of invoices by the due date will attract an interest charge calculated on a daily basis at the rate of 3% per 30 days.

 

5. Quda Autoparts reserves the right to amend and/or withdraw credit facilities at any time at its sole discretion, and any outstanding sums will become payable immediately.

 

6. Goods ordered shall be at the risk of the Buyer as soon as they are delivered to his/her premises/port of landing or otherwise to his/her order. Any claim relating to goods delivered or supplied must be made in writing within 48 hours of the event giving rise to the claim. No claims will be considered outside these time limits.

 

7. Goods may only be returned with Quda Autoparts' express permission. Any applicable charges need to be agreed upon in writing before any goods can be returned.

 

8. Quda Autoparts guarantees good quality of its products for a period of 12 months. This guarantee does not include any liability, loss and expense (including legal fees) for any damages and/or bodily injuries (including death) resulting from the use of its products.

 

9. The goods shall remain the sole and absolute property of Quda Autoparts as legal and equitable owner and shall not pass to the Buyer until Quda Autoparts has received payment in full.

 

10. Quda Autoparts may at any time recover and resell the goods (if in the Customer’s possession or under its control) if any sum owed by the Buyer to Quda Autoparts under any contract is not paid on the due date for payment and/or if at any time Quda Autoparts becomes concerned about the financial standing of the Buyer.

 

11. Vehicle and/or component manufacturer’s names, product and equipment names descriptions, identifications and part numbers are used for reference purposes only.

 

12. The intending Buyer acknowledges that before entering into any agreement/order for purchase or delivery of any goods from Quda Autoparts that he/she is deemed to have made a fresh representation and warranty on each and every occasion that he/she is not insolvent and has not committed any act of bankruptcy, or being a company with limited or unlimited liability, knows of no circumstances which would entitle any debenture holder to appoint a Terms and Conditions – Applicable as of 01.11.2012 Receiver, present a petition for the winding up of the company, or the exercise any other rights over or against his/her company’s assets.

 

13. While Quda Autoparts will do its utmost to keep to its promised delivery dates they are to be treated as estimates only. Quda Autoparts accepts no responsibility for loss or damage resulting from delay in delivery of goods. Delays due to circumstances outside the control of Quda Autoparts shall not entitle the Buyer to cancel any order or to refuse to accept delivery. The Buyer will not be entitled to terminate the agreement for late delivery of goods.

 

14. The applicable law is the law of the People's Republic of China, and any laws applicable to Zhejiang Province and any laws applicable to Ningbo City. The legal venue for any and all claims or other legal matters pertaining to the performance of this invoice shall be the local courts for the City of Ningbo, Zhejiang Province, People's Republic of China.

 

15. Should any part of this agreement be invalid for any reason, it is to be replaced with a corresponding text, which is valid and equivalent to the intended meaning. The rest of the agreement shall remain unaffected and valid. Terms and Conditions – Applicable as of 01.11.2012