Terms of purchase order

Submission

Submission of formal document PO is required from the Buyer to SEAWARD (the "Seller") as a commitment to purchase. Seller shall in good faith be committed to undertake the process of fulfilling that PO in the expectation of payment to be received in due time as per credit terms provided to the Buyer.

To limit the extent of exposure by the Seller, there should be no other outstanding or incomplete payments by the Buyer on past PO's.

Validity

Validity of quotation and its terms such as price, quantity, etc. as offered by the Seller will be held for the number of days stated and commences from the date of quotation submitted.

It shall not be valid should there be Force Majeure occurring. Upon expiration of the validity period, re-validity is required.

Seller reserves the right to amend quotation pricing, and/or submit a revision in the event of sudden currency devaluation, or onerous customs duty charges imposed on goods or services exceeding five percent of existing rate prior to adjustment.

Delivery

Delivery of goods in full shall be carried out as soon as practically possible within the specified lead time set out in the PO. As these are not fully precise, should there be delays the Seller shall inform the Buyer as soon as practically possible on alternative arrangements. Likewise should early delivery be made possible and mutually acceptable Seller shall proceed with an advised delivery date.

For blanket order PO's having multiple delivery dates for specified product, quantity and location, there can be some flexibility of adjusting dates (only) with limitation of up to 7 (Seven) Singapore Business Days which shall be mutually agreed.

Unless mentioned in the original quotation by the Seller, no other extension, delay, storage or split quantity of goods is allowed.

Any further alteration requests are to be submitted in writing by Buyer to Seller for written approval within 5 (Five) Singapore Business Days from the date of PO. Seller reserves the right to pass on any additional charges from transportation and/or storage costs to the Buyer as a result of such requests so as to fulfill such requests.

Force Majeure

Force Majeure events are described as: War, riots, fire, flood, hurricane, typhoon, earthquake, lightning, explosion, strikes, lockouts, slowdowns, prolonged shortage of energy supplies, currency devaluation or stock market collapse, and acts of state or governmental action prohibiting or impeding any party from exporting or importing goods in order to be performing its respective obligations.

event of "Force Majeure

In the event of "Force Majeure" - the Seller reserves the right to alter the terms and conditions of the PO, including pricing, lead time and quantity which may, or may not result in the partial or full cancellation of the said PO or the unfulfilled portions.

Full cancellation or partial cancellation

reduction in quantity

In the event where the Buyer deems it necessary to fully cancel or partially cancel (reduction in quantity) the PO, a written request must be received by Seller within 5 (Five) Singapore Business Days from the date of PO beyond which cancellation charges shall apply. These cancellation charges are for the recovery of initial expenses incurred by Seller that would have been paid out in advance for the production, shipment, delivery, distribution and/or storage of the said products that had been caused by the PO from the Buyer.

14May2020