Background Information
A contract is a legal, binding and enforceable agreement made between two or more parties. We can also define a contract as an exchange of promises which the law will enforce. To be legally binding as a contract, a promise must be exchanged for adequate consideration. On the other hand, to make the contract available, it is essential that the parties to sign a contract have legal power and freedom of signing contract. They must intend it to be binding. They must agree on the purpose of the contract and the purpose must be lawful. There must be valuable terms and the terms of the agreement must be clear enough to be understood.
Business Profile（内容概览）
A Business Contract Sample
CONTRACT
Date:
Contract No.:
The Buyer:
The Seller:
This contract is made by and between the Buyer and the Seller; whereby the Buyer agrees to buy and the Seller agrees to sell the under-mentioned goods subject to the terms and conditions as stipulated hereinafter:
(1) Name of Commodity:
(2) Quantity:
(3) Unit Price:
(4) Total Value:
(5) Packaging:
(6) Country of Origin:
(7) Terms of Payment:
(8) Insurance:
(9) Time of Shipment:
(10) Port of Lading:
(11) Port of Destination:
(12) Marking:
All packaging will be marked with the port of destination, package number and gross and net weights and measurements. In addition, the Buyer may want some special marks to identify the contents. All marks must be stenciled or written conspicuously with fast and indelible pigments on each package. In the case of dangerous and/or poisonous cargoes, the Seller is obliged to ensure that the nature of the poison and its internationally adopted symbol is marked conspicuously on each package.
(13) Terms of Payment:
One month prior to the time of shipment, the Buyer shall open with the Bank of _______ an irrevocable Letter of Credit in favour of the Seller payable at the issuing bank against presentation of documents as stipulated in this contract. The said Letter of Credit shall remain in force till the 15th day after shipment.
(14) Claims:
Within 45 days after the arrival of the goods at the destination, should the quality, specifications or quantity be found not to be in conformity with the stipulations of the contract and excepting those claims for which the insurance company or the owners of the vessel are liable, the Buyer shall have the right on the strength of the inspection certificate issued by the C.C.I.C. and the relative documents to claim for compensation from the Seller.
(15) Force Majeure:
The Seller shall not be held responsible for delay in shipment or non-delivery of the goods due to Force Majeure (unforeseeable circumstances) which might occur during the process f manufacturing or in the course of loading or transit. The Seller shall advise the Buyer immediately of any occurrence within fourteen days. The Seller shall send by airmail to the Buyer for their acceptance certificate of the accident. Under such circumstances the Seller, however, is still under obligation to take all necessary measures to hasten the delivery of the goods.
(16) Arbitration:
All disputes in connection with the execution of this Contract shall be settled through friendly negotiation. In a case where no settlement can be reached, the case may be submitted for arbitration to the Arbitration Commission of the China Council for the Promotion of International Trade in accordance with the Provisional Rules of Procedure promulgated by the said Arbitration Commission. The Arbitration Committee shall be final and binding upon both parties, and the Arbitration fee shall be borne by the losing party.
(17) Other Terms:
Unless otherwise agreed and accepted by the Buyer, all other matters related to this contract shall form an integral part of this Contract. Any supplementary terms and conditions that may be attached to this Contract shall automatically prevail over the terms and conditions of this Contract if such supplementary terms and conditions come in conflict with terms and conditions herein and shall be binding upon both parties.
