ayment are at party a's option.
(4)shall party b have breach of contract actions under the above “1.2.3” clauses, party a has the right to issue《default advice》 unilaterally to the bank which issue the l/g for transaction deposit payment for party b and deduct 4% value of goods of 《purchase sheet》 form the bank as penalty directly.
(5)party b shall compensate party a the losses caused by party b's failure to deliver according to the 《purchase sheet》. not only the 4% value of goods in default shall be deducted as penalty, but also party a's losses in business profit shall be compensated by party b.
(6)shall the chinese buyer under the 《purchase sheet》refuse to accept the goods or return the goods because of party b's breach of contract, party a could help party b to take the goods back. party b shall pay party a the freight and other related expenses in advance.
11.termination of the agreement
(1)in the situation of clause iv 5,this agreement will be terminated.
(2)party a has the right to terminate this agreement unilaterally and doesn't bear the liability for breach of contract when party b breaks the contract or causes losses to party a or the chinese buyer because of party b's products quality problem.
(3)this agreement will be naturally terminated after the expiry date if both parties do not renew it and both parties have fulfilled all the obligation in the 《purchase sheet》 which is issued by party a and efficient after being accepted by party b before the termination.
12.force majeur
party b shall present party a the certificate issued by its local relevant institution if party b can not perform according to the 《purchase sheet》 due to force majeure events such as natural disaster, war and strike, etc. the 《purchase sheet》 could be extended to fulfill after both parties negotiating about it.
party a shall not deduct 4% value of goods in default from the deposit as penalty.
13.disputes
all disputes in connection with this agreement or the execution thereof shall be settled friendly through negotiation. in case no settlement can be reached between the parties, the case under disputes could be submitted to the china international economic and trade arbitration commission for arbitration in accordance with the substantive law of the people's republic of china in beijing.
14.validity
this contract will come into effect after it is signed by two parties and be valid for one year. engl
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