ask for translation of standard terms and conditions in contract
2.Force Majeure
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Neither party shall be liable to the other for any loss or damage which might be suffered by the other party as a result of the fulfillment of any obligation under this Contract being prevented, hindered or delayed by reason of circumstances or events beyond the reasonable control of the party relying on such prevention, hindrance or delay, whether foreseeable or not, including but not limited to Acts of God, War, whether declared or not, war-like operations, riot, insurrection, strike, lock-out, trade disputes or labor disturbance, industrial action, accident, break-down of plant or machinery, fire, storm, difficulty or increased expense in obtaining workmen, materials or transport.
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0Y+r"}7p:`8S;^4`&?www.fobshanghai.com3.Events of Default [A Professional Business Forum]6O-`9G%U6h+h
:z1d(e2{7K9qFOB Business Forum3.1 The occurrence of any of the following Events shall constitute an `Event of Default' under this Contract by Buyer or the Seller, as the case may be:
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3.1.1.If Buyer or Seller, as the case may be, fails to perform, comply with or observe any term, covenant or agreement applicable under this Contract or under any other contract and/or agreement between Buyer and Seller;
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3.1.2.if Buyer or Seller (i) discontinue or abandon operation of its business, (ii) apply for or consent to or suffer the appointment of a receiver, trustee, custodian or liquidator over it any of its property, (iii) fail to pay its debts or admit in writing its inability to pay its debts as they mature, (iv) make a general assignment for the benefit of creditors, (v) file, or has filed against it, a petition for relief and/or for the protection from creditors under the laws of any country, (vi) file, or have filed against it, a petition in bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or if corporate action shall be taken for the purpose of effecting any of the foregoing all which are not remedied within fifteen (15) days, (vii) become insolvent, (viii) have liabilities which exceed the fair value of its assets or (ix) fail to provide adequate assurance of its ability to perform all of its outstanding obligations to the other party, whether under this Agreement or otherwise, within forty eight (48) hours (but at least one Business Day) of a demand therefore when such other party has reasonable grounds for insecurity;
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3.1.3.Buyer or Seller, as the case may be, is or becomes subject to any governmental action, rule or regulation of any kind and nature, which prevent and/or prohibit them from performing the Contract and/or any other relevant contract or agreement with the other in accordance with their terms and conditions, except for the cases caused by reason of Force Majeure;www.fobshanghai.com&f:g2a*|*z
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3.1.4.Any representations, warranty or undertaking made by Buyer or Seller, as the case may be pursuant to this Contract shall prove to be at any time incorrect in any respect.
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3.2.In the occurrence of any of the Events of Default described in Clause 4. herein, the party not in Default shall have the following rights to:FOB Business Forum._'|1a.p0\
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3.2.1.Terminate the performance of any or all of its obligations under this Contract and all other Contracts and Agreements;
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3.2.2.With respect to a default by the Buyer the Seller may sell the remaining Material in any commercially reasonable manner and demand payment in cash for any difference between the resulting sales price and the price set forth above or demand payment in cash for any difference between the market price for the Material remaining to be delivered under this Contract and the price set forth above, which shall become the prima facie measure of the loss;www.fobshanghai.com"D7O-}7f-Q&Q
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3.2.3.Any amount which is not paid by the Defaulting party when due shall bear interest until paid at the publicly announced London Interbank Borrowing rate (LIBOR) one (1) month., as from time to time in effect, plus two percent (2%) per annum (but not to exceed the maximum rate permitted by law).[A Professional Business Forum]3j:X0G6B#u5V/W6W
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3.2.4.The Defaulting party shall be responsible for any other costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) incurred by the performing party in connection with such Default, and shall pay the same on demand.
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