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General Terms & Conditions

KORINOX will be always with you on your way to success in the future. 'Creative Thinking, Proactive Movement, Utmost Devotion'

  • 1. DEFINITION
    a. Buyer shall mean any person, firm or company who issues a Purchase Order or on whose behalf a Purchase Order is issued.
    b. Company shall mean Korinox Co., Ltd. , 93 Noksansandan 407-ro, Gangseo-gu, Busan, Korea.
    c. Products shall mean all or any part of the goods, materials, products or services supplied by the Company to the Buyer.
    d. Purchase Order (“PO”) shall mean any request sent in writing or by electronic means for the purchase of Products.
    e. Contract shall mean any contract formed by the Company’s acceptance of a PO.
  • 2. SCOPE
    These general terms and conditions apply to all our current and future legal relationships with our Buyers and shall take legally the precedence over Buyer’s general terms and conditions. Buyer accepts these general terms and conditions as legally binding at the latest when delivery of our Products are accepted by the Buyer without objections.
  • 3. OFFERS
    a. All our price quotations are always without obligation, unless otherwise expressly indicated, and are subject to the general terms & conditions.
    b. Price quotation showing a validity term shall be understood as binding for our company if the Buyer's acceptance is received within the set date. In the event acceptance is received after the set date, the company reserves to accept it or not. In default of deadline indication a maximum validity period of seven (7) days must be assumed.
    c. Prices quoted in price quotation does not include the value added tax or any other taxes/duties.
  • 4. ORDERS
    a. The sending of the order commits the Buyer to the prices and to all the conditions of the price quotation in force and implies the complete acceptance of our general terms & conditions.
    b. POs shall be understood to be accepted only after our written confirmation.
    c. All conditions attached to the order by the Buyer or any other remark will be valid only in case we confirm it in writing.
    d. Nominal weights and dimensions, however and wherever shown, are indicative allowing for the tolerance in use. Fulfillment of the order allows tolerances of plus or minus 10% on the ordered weight. If necessary, this weight tolerance could be agreed by mutual consent as well.
  • 5. DELIVERY OF PRODUCTS
    a. Company shall use its reasonable endeavors to deliver the Products by any stated or agreed delivery date(s). Hwever if the delivery is delayed or suspended for reasons beyond the control of the Company, it shall not be liable for any loss, if any, arising as a result of the delay or suspension in delivery of Products. The Buyer shall not refuse to accept Products whose delivery has been delayed or suspended.
    b. The agreed delivery date(s) means the date on which the Products shall be ready for dispatch from the Company. The Company is entitled to divide and deliver the Products in lots. If no delivery time is agreed, delivery shall be made according to the Company's capacity planning. If no delivery terms are agreed, Ex Works (Incoterms 2010) the mill of the Company’s choice shall apply.
    c. In the event of the Buyer not taking delivery of Products within a week of their arrival at the destination port, the Company reserves the right to deal with the Products as it desires including diverting them to other Customers. The Buyer shall, without any demur, issue a No Objection Certificate for the said purpose. The Buyer shall be liable to pay the Company the actual costs accrued on account of the buyer’s failure/refusal to take delivery of the Products from the Buyer.
  • 6. PAYMENT
    a. Payment shall be made according to terms and conditions indicated on the invoice. The Buyer undertakes to pay the Company as per payment terms set out in the invoice and is not entitled to hold any payment even in any event including any quality claims/disputes.
    b. Unpaid invoices or delayed payments entitle the Company, except any other action, to demand for advanced payment of eventual open invoices or to suspend the contract, or to rescind any eventual current contract. The Buyer has no right to pretend any fee or indemnity or reserve. For the Buyer decays any benefit (i.e. deferment, if agreed) and shall compensate all damages caused by contract breach.
  • 7. RESERVATION OF PROPRIETARY RIGHTS
    a. The Company sells with a reservation of title clause. The Company remains the owner of any product delivered until payment in full of all sums due in application of article 5 above. As caretaker of the item, the Buyer is liable for any damage or loss incurred after delivery, and must take all necessary steps, at its own cost, to permit identification of the Products ordered from the Company at any time. The Company reserves the right to mark the Products with a number or reference.
    b. The Company reserves the right to reclaim all or part of the Products concerned, as it deems fit, in case of failure to pay any installment or in the cases referred to in paragraph c. The Buyer undertakes to return the said Products to the Company, all expenses paid, upon the Company’s first request. In the event that the Products are out-of-date or damaged, the resulting depreciation shall be taken into account to determine the Company’s residual debt to the Buyer.
    c. In case of petition for bankruptcy, suspended payment or any legal procedure concerning receivership or compulsory liquidation of companies or in case of application of the insolvency law, the Buyer must notify the Company immediately and provide forthwith, at its own cost, a full and honest inventory of the Products in stock, which must be held for the Company so that the reservation of title clause may be invoked.
    d. In the cases referred to in paragraphs b and c, the Buyer shall refrain from selling the Products without the Company’s prior written agreement or from using title to the Products as a lien or security.
    e. The Company may also claim from sub-buyers all or part of the price of the Products it has sold with reservation of title clause, unless paid in cash or kind or written off on the account between the Buyer and the sub-buyers. To exercise this right, the Buyer undertakes to supply the Company forthwith, on first request, all information or useful documents concerning its sub-buyers (name and address, quantity sold, sales statement, payment method and terms, etc., bills, sales ledger, etc.).
    f. This reservation of title clause shall be valid for the full duration of the commercial relations between the Company and the Buyer, for all sales of Products of any brand and type, made or to be made between these two (2) companies.
    g. The fact of ordering from the Company implies the Buyer’s full acceptance of this reservation of title clause.
    h. This clause constitutes, in all its provisions, a decisive condition, without which the Company would not have agreed to contract with the Buyer, which the latter expressly acknowledges.
  • 8. PACKAGING
    a. The Company will provide packaging according to experience and usage and is moreover explicitly exempt from all and any liability for losses and damages.
    b. Packaging (including standard packaging) will be included in final price of price quotation.
    c. The use of particular packaging, or the exclusion of packaging in the case of goods for which it is normally used, shall be requested by the buyer when placing the order.
    d. For particular types of packaging an extra price will be confirmed by both parties before shipment.
  • 9. DELIVERY TIMES
    a. In any case the delivery deadline is observed with communication that the goods are ready for shipment.
    b. Among the cases such as to free the Company from all and any liability for non-delivery or delayed delivery are those relative to breakdowns to machinery, interruptions of rail or other services connected with the transport of goods, embargo or war in states supplying raw materials, labor strike, flooding, public calamity etc.
    c. The maximum delay in delivery cannot exceed 4 weeks.
    d. In case of delay in delivery, our company should inform the Buyer with written notification (by Fax or E-mail) not later than 2 weeks before the delivery date.
  • 10. GUARANTEES
    a. The Company guarantees material responding in every way to the characteristics and conditions specified in the price quotation. However, it does not assume any responsibility, unless otherwise agreed, regarding applications and operations to which the supplied material is subjected by the buyer or any third party.
    b. Any technical specifications and/or guarantee requests by the Buyer shall be confirmed before placing an order.
    c. The Buyer is obliged to carry out tests on the products to determine if these are suitable for processing and for the use to which they are destined.
  • 11. CLAIMS
    a. In the event of any visual defects or shortages in goods, the buyer shall give notice to us in writing within one week of the goods arriving at their named place of destination by giving details of the defects/shortages. For defects that could not reasonably have been detected upon arrival of the goods at the named place of destination, the buyer shall notify us in writing within four weeks of the goods arriving at their named place of destination. However, if the said notification is made after the expiry of four weeks, it will not have any legal effect and we will not be obliged to perform any remedy or compensation.
    b. If the Buyer has notified us of any defects or shortages in the goods within the stipulated time, in accordance with the terms stated above, the Company shall, either conduct a joint inspection of such goods by the representatives of us and buyer at buyer’s premises and/or at its sole discretion, ask for photographs, samples and other similar evidence supporting buyer’s claim or any other method deemed suitable of verify the claim.
    c. Apart from the remedies and compensation expressly set out in these General Terms and Conditions, the Buyer is not entitled to any other compensation or remedies with respect to any defect or shortage in the Products. However if there are any other agreements for claims between the Buyer and Company, these argeement shall take precedence over these General Terms and Conditions.
    d. Claims give the Buyer no right to suspend payment of the contested goods.
  • 12. FORCE MAJEURE
    a. Force majeure circumstances (fire, natural disaster, war, military actions of any kind, strike, blockade, import/export embargo, or any other circumstances beyond the Parties’ control) shall relevantly put off the dates of the goods’ delivery but only if these circumstances do have considerable influence on the fulfillments of the contract.
    b. The parties shall immediately notify each other by fax or e-mail of the beginning and cessation of the circumstances of force majeure, which delay the fulfillment of the contract. This notification shall be confirmed by the local Chamber of Commerce in writing or by any other authorized state or public organization within 3 (three) days.
  • 13. INDEMNITY
    The Buyer shall indemnify and keep indemnified the Company against all actions, claims, costs, damages, demands and expenses or other loss arising out of:
    a. defect in the Products arising from the use, modification, adaptation of the Products or incorporation of the Products into other products by the Buyer.; or
    b. any claim by any third part of any intellectual property rights of such third party arising from the use, modification, adaptation of the Products or incorporation of the Products into other products by the Buyer.
  • 14. GOVERNING LAW
    These general terms and conditions shall be governed by Korean Law, as this contract is considered to have been concluded in Korea.
  • 15. ARBITRATION
    a. All disputes arising in connection with this contract or its fulfillment shall be settled amicably by mutual compromise for both parties. If the disputes cannot be settled amicably, then they shall be submitted for consideration to the Arbitration Court in the country of the part bringing an action.
    b. Notwithstanding the arbitration clause as set out hereinabove, the Company shall at its sole discretion be entitled to choose and have recourse to competent courts and execution authorities under the laws of the buyer’s country, or elsewhere, for purposes of collecting debts of the buyer.
  • 16. GENERAL PROVISIONS
    a. Any amendments and changes to the present contract shall be valid only when being made in writing and signed by the authorized representatives of the Buyer and Company.
    b. Both Company and Buyer shall keep this contract in English.