SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
———————-
ECONOMIC CONTRACT
No.: ………………
– Pursuant to the Civil Code No. 33/2005/QHXI adopted by the 11th National Assembly of the Socialist Republic of Vietnam at its 7th session dated 14 June 2005 with the effect from 01 January 2006;
– Pursuant to the Commercial Law No. 36/2005/QHXI with the effect from 01 January 2006,
– Based on the capacities and needs of both parties,
Today, dated ………………….., at ………………………………………….,
We are:
SELLER (PARTY A):
Represented by : Position:
Address :
Tel. : Fax:
Account No. :
Tax code :
BUYER (PARTY B):
Represented by : Position:
Address :
Tel. : Fax:
Account No. :
Tax code :
After discussion, the two parties hereby agree to enter into this economic contract with the terms as follows:
ARTICLE 1: GOODS
No. Name of goods – specifications Unit Qty Unit price (VND/kg) Amount
(VND)
Total payment:
(In words: ………………………………………………………………/.)
The above price is inclusive of 10% VAT.
ARTICLE 2: QUALITY – DELIVERY AND RESPONSIBILITIES OF EACH PARTY
a. Quality:
– The goods are similar to those checked and accepted by Party B.
– Place of delivery: At the seller’s warehouse.
b. Time of delivery: Delivery shall be made upon the contract signing.
c. Responsibilities of each party:
– Responsibilities of Party A: Delivering the goods in sufficient quantity and issuing VAT invoice to Party B after Party B’s receipt of the goods in sufficient quantity.
– Responsibilities of Party B: + Complying with article 1 hereof.
+ Making full and on-time payment to Party A.
ARTICLE 3: METHOD OF PAYMENT
– Form of payment: By bank transfer.
– Term of payment: The Buyer shall make full payment to the Seller after 60 days of receipt of goods in sufficient quantity according to respective delivery note and VAT invoice.
ARTICLE 4: VALIDITY PERIOD OF CONTRACT
The contract shall be valid from the date of contract signing until the two parties’ full payment and settlement; then the contract shall automatically be liquidated.
ARTICLE 5: OTHER TERMS AND GENERAL UNDERTAKINGS
– Both parties undertake to fully comply with the terms set forth herein. If a party violates and causes damage to the other party, the party shall have to fully compensate and take responsibility to the law.
– During implementation, if a dispute arises, the two parties shall give each other a 03 days’ prior notice for mutual discussion and settlement in the spirit of cooperation. Should no settlement be reached by the two parties, the dispute shall be referred to the competent court for settlement. The decision of the Court shall be final and binding on both parties. Court fee and other expenses arising from the dispute settlement shall be borne by the losing party.
– The contract is made in 02 original copies signed by hand and via fax with equal legality. Each party keeps 01 copy.
REPRESENTATIVE OF BUYER REPRESENTATIVE OF SELLER
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