General Terms and Conditions of Purchase -
Eur-Asia Market Development Co. 

Article 1 - General

1.1   These General Terms and Conditions of Purchase (“Terms and Conditions”) apply to and are part of all offers and agreements with (“Eur-Asia”) related to the delivery of goods (“the Goods”) by the Supplier to  Eur-Asia.

1.2   Deviations from these Terms and Conditions apply only if expressly accepted in writing by Eur-Asia and only pertain to the Agreement for which the deviations have been accepted.

1.3   The applicability of the Supplier’s general terms and conditions and any other general conditions is hereby explicitly rejected.

1.4   In these Terms and Conditions, “Agreement” means any agreement for the delivery of Goods and/or the rendering of Services to Eur-Asia by the Supplier. Insofar as these Terms and Conditions are also drawn up in a language other than English, in the event of any conflict the English text shall always prevail.

1.5   The term 'in writing' shall have the following meaning: by letter, by fax or by e-mail.

Article 2 – Agreements

2.1 Agreements as defined in 1.4 are only binding on  Eur-Asia upon Eur-Asia’s written order confirmation, or if an order of Eur-Asia is confirmed orally, by submission by Eur-Asia of a written order confirmation.

2.2   Upon the issuance by the Supplier of a pro forma invoice or any other form of confirmation of  Eur-Asia’s written order confirmation, the Supplier is hereby deemed to have accepted these Terms and Conditions.

2.3   The order confirmation of Eur-Asia shall be considered to present the contents of the Agreement completely and accurately, unless the Supplier rejects its contents forthwith in writing.  In that case, Eur-Asia shall no longer be bound by the order confirmation.

2.4   The Supplier must procure the permissions, permits and/or licenses needed for the execution of the Agreement at his own expense, and he must see to it that the conditions made therein are observed. The Supplier shall be solely liable for any failure to acquire the permissions, permits or licenses, or to acquire them in time, or for the non-observance of the conditions made therein. The Supplier shall indemnify Eur-Asia for any and all damage and costs arising from such failure.

2.5   Unilateral cancellation from the side of the Supplier shall be null and void, unless Eur-Asia agrees to said cancellation in writing.

Article 3 - Confidentiality

The Supplier shall treat all business information in the broadest sense in connection with  Eur-Asia confidential, which was brought or came to his knowledge through Eur-Asia and/or within the framework of any Agreement and shall not disclose the same to any third party.

Article 4 - Prohibition to make offers and such to Eur-Asia’s client

The Supplier shall refrain completely from stating prices and/or making any offers, either directly or by third-party intervention, to the client of Eur-Asia in connection with the Goods Eur-Asia is negotiating with the Supplier or has concluded an Agreement on.

Article 5 - Intellectual Property Rights

5.1   The Supplier guarantees that (the sale and use of) the delivered Goods do not infringe upon any trademark right, copyright or any other intellectual property right of third parties, or any other rights of third parties.

5.2    The Supplier guarantees that the delivered goods have been brought to market by the IP right holder itself, or with its permission if the Supplier did not buy the goods from the IP right holder itself. The Supplier guarantees that the delivered goods are fit for sale in the appropriate market subject of the Agreement, and that they may be freely traded in that particular market.

5.3   The Supplier shall indemnify Eur-Asia and its client(s) against all claims related to intellectual property rights on the delivered Goods, and will compensate  Eur-Asia, or its client(s) for any loss, as well as the costs, arising from such claims.  If requested by  Eur-Asia, the Supplier will furnish the names and other details of its own suppliers to Eur-Asia if Eur-Asia in turn needs to furnish those details to its clients/prospective clients or to a third party who alleges infringement.

Article 6 - Prices

6.1   All prices shall be fixed and inclusive of all applicable taxes, import and export duties, excise duties and all further levies and taxes in connection with or in relation to the Goods or the delivery. The prices shall be based on the Terms and Conditions of delivery in Article 7 below.

6.2   Any change in prices shall be notified to Eur-Asia at least 60 days before, and must be agreed to by Eur-Asia in writing.

6.3   Subject to 6.2, there shall be no settlement in the event of increase of wages, prices of materials and the like.

Article 7 - Terms and Conditions of Delivery

7.1   Unless explicitly agreed upon otherwise, the delivery shall be made “Delivered Duty Paid" (DDP) at the place indicated by  Eur-Asia. The interpretation of this Article 7 on Terms and Conditions of Delivery shall be determined by the latest edition of the Incoterms issued by the International Chamber of Commerce at the time of conclusion of the applicable Agreement.

7.2    The Supplier shall deliver the goods on the date mentioned in the Agreement, or not later than the last day of the term mentioned therein, and if failing an agreed date or term, within 30 days from the conclusion of the Agreement. Said date or term shall apply as a strict and final delivery date or term. A term of delivery mentioned in the Agreement shall apply as of the date of conclusion of the Agreement.

7.3   The Supplier shall be obliged to timely inform Eur-Asia of the exact time of delivery and about any threatening exceeding of the time of delivery.

7.4   The Supplier shall do his utmost to deliver the goods at the agreed date or an earlier date than the agreed date.  At the request of  Eur-Asia, the Supplier shall be obliged to deliver the goods at a later date than the agreed one in the event that  Eur-Asia considers this desirable, without being entitled to any compensation of damage and costs because of this.

7.5   The Supplier shall only be entitled to make partial deliveries after prior written consent from  Eur-Asia.

Article 8 – Transportation/Unloading

8.1   Transportation and unloading of goods shall be at the expense and risk of the Supplier in accordance with the Terms and Conditions of Delivery mentioned in Article 7.

8.2   The Supplier can on no account claim any compensation of damage and costs as a result of any possible delay arising at the unloading of delivered Goods.

8.3   The Supplier must present a delivery note immediately at the unloading of the goods, so as to have said note signed for by a person authorized on behalf of Eur-Asia to do so. The signing of the delivery note shall solely be a confirmation of the receipt of the delivered Goods and does not imply any approval of the quality or the quantity of the delivered Goods, and does not discharge the Supplier of any guarantee and/or liability. Nor can the signing of the delivery note result in a change of the Agreement in any way.

8.4   In any and all cases and notwithstanding the agreed Terms and Conditions of Delivery, the Supplier shall be obliged to provide the documentation which is needed to transport the Goods to the place of destination.

Article 9 - Packaging

9.1 The Supplier shall pack the goods with proper care. He shall be liable for damage and costs caused by insufficient packaging of and/or damage to and/or destruction of this packaging.

9.2   Eur-Asia shall not be obliged to pay the costs of packaging, unless explicitly agreed otherwise.

9.3   The Supplier shall take back any possible packaging of the goods at demand by Eur-Asia and shall collect said packaging at his expense at Eur-Asia's premises or nominated destination, at the same time refunding any costs charged for said packaging by the Supplier to  Eur-Asia.

Article 10 - Quality

The Supplier shall guarantee that the delivered Goods are:

a.      original and originating from the manufacturer and/or IP right holder stated on the packaging and labels, as well as in accordance with the quality intended by said manufacturer and/or IP right holder and without any faults;

b.      regarding shelf life as well as quality - and taking into consideration usual terms - that the Goods are suitable for sale to re-sellers and (finally) for sale to and use by consumers;

c.      provided to Eur-Asia in the original and latest design and coloring of packaging and labelling of the manufacturer and/or IP right holder;

d.      in accordance with the demands made in the Agreement, the documents belonging to the Agreement and/or made available according to the Agreement, as well as with the norms and specifications set by Eur-Asia and samples approved by it; and

e.      in accordance with national, European and other international rules and regulations, including the requirement of the presence of the original batch or code numbers (identical on the packaging and on the labels) enabling the identification of the goods.

Article 11 - Inspection

11.1    Eur-Asia or any third party designated by it shall at all times have the right to inspect or to test the goods, wherever these may be. The results of inspection or test or the omission thereof shall not discharge the Supplier of any guarantee and/or liability.

11.2    The Supplier shall provide all information and facilities needed for an inspection or test, including the necessary help regarding employees and materials.

11.3    The personnel costs of Eur-Asia or the designated third party concerned made in connection with an inspection or a test, shall be payable by Eur-Asia. Any other costs shall be at the Supplier's expense.

11.4    Eur-Asia shall inform the Supplier forthwith of any failure of the Goods to pass the inspection or tests. In this case, the Supplier shall be bound to repair or to replace the rejected Goods at his expense within a time-limit to be stipulated by  Eur-Asia , and in such a way that said Goods do fulfil the approval requirements, without prejudice to any other rights of  Eur-Asia. In case of rejection, Goods already delivered must be returned to the Supplier at Eur-Asia's request and at the expense of the Supplier. Rejection shall also entitle Eur-Asia to suspend payment of the agreed price or instalment, if any.

11.5    The Supplier shall give Eur-Asia the right to use or to put into use the delivered Goods even before inspection or test has taken place.

Article 12 - Property and Risk

12.1    The Supplier shall bear the risk for the Goods until the said Goods have been delivered and signed for by Eur-Asia in accordance with the previous articles.

12.2    In the event that Eur-Asia shall make any payment to the Supplier before the delivery of the Goods, the Goods said payment refers to, or is attributable to, shall be Eur-Asia's property as of the time of payment.

12.3    In the event that Eur-Asia will be or will become the owner of (a part of) the Goods already before the delivery, the Supplier shall then be obliged to identify these Goods on behalf of Eur-Asia and to take proper care of said identified Goods, as well as to insure them and keep them insured for the benefit of those concerned.

Article 13 - Payment and Settlement

13.1    Unless another term has been explicitly agreed upon, and subject to any (suspension) rights Eur-Asia is entitled to, payment shall take place within sixty days after the last of the following times:

a.      the time of delivery of the goods;

b.      the time the Goods are received and signed for by  Eur-Asia;

c.      the time of receipt by Eur-Asia of an invoice that fulfills the requirements stated in the following article.

13.2    Payment by Eur-Asia of the delivered Goods shall not discharge the Supplier of any guarantee and/or liability.

13.3    In the event that it has been agreed that Eur-Asia shall make any payments in advance, Eur-Asia shall have the right at all times, before making said payments, to require from the Supplier the provision of a security which is sufficient at  Eur-Asia's discretion.

13.4    In the event that Eur-Asia has a well-founded fear that the Supplier will not fulfil his obligations, Eur-Asia shall be entitled to suspend the fulfilment of  Eur-Asia’s own obligations upon written notice to the Supplier.

13.5    Eur-Asia shall be authorized to settle any amounts payable to the Supplier, or to companies associated with the Supplier, with any claims Eur-Asia (or any party associated with  Eur-Asia) has on the Supplier or on any companies associated with the Supplier, irrespective of the fact whether the amounts concerned are due or not.

Article 14 - Invoicing

14.1    The invoices shall be sent to Eur-Asia by the Supplier in the original hard copy with original signature/company stamp by post or courier.

14.2    Invoices not fulfilling the requirements set out in the previous paragraphs of this article shall not be dealt with nor paid.

14.3    If the Supplier is new and is not yet in  Eur-Asia’s system, the Supplier is obliged to fill up a Supplier Form and submit the same with a copy of the Supplier’s Certificate of Incorporation/ Business Registration Certificate or its equivalent.

Article 15 - Return of Goods

15.1    Eur-Asia shall be entitled to return the Goods bought from the Supplier, thereby crediting and requiring refund of the price originally charged by the Supplier to Eur-Asia for said Goods, if as a result of actions or failure to act by the Supplier, the situation in the market and/or the marketability of these acquired Goods is essentially different from what it was at the time of the formation of the Agreement.

15.2    Furthermore, Eur-Asia shall be entitled to return the Goods bought from the Supplier within twelve months after the delivery, in the event the Goods deviate regarding packaging or labelling from what is usual for the Goods concerned (for instance so-called action lots), thereby crediting and requiring refund of the price originally charged by the Supplier to Eur-Asia for said Goods.

Article 16 - Guarantee

16.1    The Supplier shall repair forthwith any and all defects, shown by the Goods after the delivery, and in the event that in Eur-Asia's opinion repairs are not possible, the Supplier shall replace said Goods at no extra cost to  Eur-Asia, without prejudice to the Supplier's liability and any further rights of  Eur-Asia.

16.2    Any and all costs of repairing the defect or replacing the Goods shall be payable by the Supplier.

16.3    In the event that the Supplier does not repair the defect or insufficiently repairs the defect, or if the reparation of the defect cannot be postponed, Eur-Asia shall have the right to carry out the necessary actions or have these carried out at the Supplier's expense. In the event that Eur-Asia exercises this right, Eur-Asia shall inform the Supplier in writing.

16.4    Any obligations under   the   guarantee   shall apply unimpaired after the   reparation or replacement of the goods.

16.5    The Supplier shall hold harmless and indemnify Eur-Asia against any and all claims by third parties with regard to defects or anything affecting the quality of the Goods.

16.6    A report of an independent expert concerning the relevant defects shall be conclusive evidence between parties in the event of a claim by Eur-Asia based on the guarantee referred to hereby. Said report need not include any information on the identity of the clients of  Eur-Asia, nor on the place where the Goods are. Moreover, Eur-Asia shall not be bound to inform the Supplier of such data unless mandated by law.

Article 17 - Liability

17.1    The Supplier shall be liable for all and any damage and costs, inclusive of business and other indirect damage (whereby loss of profit), arising from defects of the delivered Goods or other shortcomings, whether attributable or not to the Supplier and/or caused by natural persons or legal entities working for the Supplier or by any employed, directly or indirectly, by (one of) said natural persons or legal entities.

17.2    The Supplier shall hold harmless and indemnify the Eur-Asia against any and all claims by third parties he is liable for arising from the Goods.

17.3    The Supplier shall insure his liability as described in this article for a sufficient amount and shall allow Eur-Asia inspection of a copy of said insurance upon request.

Article 18 - Complete or Partial Dissolution

18.1  In the cases provided for by law, as well as in the event that the Supplier does not, not in time or not sufficiently fulfil one or more obligations arising for him from the Agreement(s), or in the event  that  there  is serious doubt  as to the Supplier being able to fulfil his contractual obligation  towards  Eur-Asia,  as  well  as  in  the  event  of bankruptcy,  suspension  of payments, complete or partial stoppage of work, liquidation, transfer or encumbrance of the Supplier's business, including the transfer or pledging of an important part of his debts receivable and furthermore  in the event that any goods of the Supplier are attached  before judgement  or in execution, Eur-Asia shall have the  right  to  dissolve the Agreement(s) partially or wholly without notice of default or judicial intervention, by means of a written notice  sent  to  the  Supplier,  and  all  this  without Eur-Asia being  liable  to  any compensation and without prejudice to  Eur-Asia’s further rights.

18.2    In the event that Goods have already been delivered in connection with the execution of an Agreement, Eur-Asia shall have the right to keep these Goods in case of dissolution, subject to the payment  of the part of the price referring to said Goods, or to return  these Goods to the Supplier at the Supplier’s risk and expense and to reclaim the payments already made for these  Goods, all this at  Eur-Asia's discretion and without  prejudice to  Eur-Asia’s further rights.

18.3    The claims, which Eur-Asia may have or get as a result of the dissolution of an Agreement and/or any claims for compensation of damage and costs inclusive, shall be immediately and fully payable.

Article 19 – Subcontracting/Transfer

19.1    Without explicit prior written consent of  Eur-Asia, the Supplier shall not subcontract its obligations under any Agreement or any part thereof to third parties, nor transfer his obligations arising from the Agreement or a part thereof to third parties, nor use any other employees than his own staff for the execution of the agreement. Eur-Asia shall have the right to attach conditions to any consent to be given by  Eur-Asia. Consent given by Eur-Asia shall not release the Supplier from any obligation arising from the Agreement.

19.2    The Supplier shall compensate any and all damage and costs caused by non-observance of the provisions of the previous paragraph of this article to Eur-Asia and shall hold harmless and indemnify Eur-Asia against any claims by third parties in this respect.

Article 20 - General

In the event that one or more stipulations of an Agreement or these Terms and Conditions are null and void or become legally invalid, the rest shall remain in force. Parties shall consult on the stipulations which are null and void or have become legally invalid, in order to make an alternative arrangement.

Article 21 - Disputes and Governing Law

21.1    These Terms and Conditions and any Agreements entered into by Eur-Asia shall be solely governed by and construed in accordance with the law of Cyprus.

21.2    No delay in exercising or non-exercise by Eur-Asia of any of its rights under or in connection with the Agreement(s) or these Terms and Conditions shall operate as a waiver or release of that right.  Rather, any such waiver or release must be specifically granted in writing signed by  Eur-Asia.  The single or partial exercise of any right, power or remedy provided by law or under the Agreement(s) or these Terms and Conditions shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

21.3    All disputes arisen under the Agreement between Eur-Asia and the Supplier shall be submitted to the exclusive jurisdiction of the competent courts of  Cyprus, unless Eur-Asia would elect to submit the dispute to the competent court in the place where the Supplier has its registered offices, without prejudice to each party’s right to file for provisional measures with another competent court.

21.4    The provisions of article 21.3 leave intact the right of the parties to obtain a settlement by means of arbitration at the International Chamber of Commerce (ICC) under the Rules of Conciliation and Arbitration of the ICC by one or more arbitrator(s). The place of arbitration will be in Hong Kong. The arbitral procedure shall be conducted in the English.