Contract Clause Details
Summary
The contract clause outlines the obligations and penalties for both buyer and seller in a transaction. Upon presentation of the buyers Proof of Funds (POF) and signed Commercial Invoice (CI), the seller must issue the Proof of Product (POP) and Fresh SGS within 3-5 days. If the buyer fails to issue the POF, they will be charged one percent of the total purchasing amount. Conversely, if the seller fails to send the POP and Fresh SGS, they will be charged two percent. Additionally, if the purchase is canceled after receiving the POF, a thirty percent charge of the total received POF amount will be imposed.Full Conversation
Contract Location Will be on Singapore... Could you please transfer into clause
Sure! Here is the clause based on the information provided:
Contract Clause:
*. Proof of Funds (POF) and Proof of Product (POP)
- Upon presentation of the buyer's POF and the signed Commercial Invoice (CI), the seller (Satee) will issue the POP and Fresh SGS within *-5 days.
*. Failure to Issue POF
- If the buyer fails to issue the POF, a charge of one percent (*%) of the total purchasing amount will be imposed on the buyer.
*. Failure to Send POP and Fresh SGS
- If the seller fails to send the POP and Fresh SGS to Satee, a charge of two percent (*%) of the total purchasing amount will be imposed on the seller.
*. Cancellation of Purchase
- Upon receiving the POF, if the purchase is canceled, a charge of thirty percent (*%) of the total received POF amount will be imposed.
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