Q1. Find out the mistakes including the errors and missing of the following sales contract and explain?
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Q1. Find out the mistakes including the errors and missing of the following sales contract and explain?

SALES CONTRACT

Date: March 25, 2020

Party A: ABC Trading Co, Ltd. (Vietnam)

Hereinafter referred to the Seller

Party B: Zin Co, Ltd. (Japan)

Hereinafter referred to the Buyer

Both parties have agreed to sign the contract with the following terms and conditions:

1. Commodity: Coffee

2. Quality: as export coffee

3. Quantity: 100 tons more or less 5%

4. Price: USD1,300/T CIF Saigon port

5. Payment: By L/C to be opened not later than March 23, 2020.

• Issuing bank: Vietcombank, Vietnam.

• Notifying bank: HSBC Bank, Japan.

The buyer will present following documents:

- Pro Forma Invoice

- Certificate of Quality and Quantity

- Packing List

- Bill of Lading marked Freight to collect at destination made out to order of bank

- Certificate of Origin form D

- Insurance Certificate

- Other documents

6. Delivery: not later than March 24, 2020. Partial shipment: allowed. The buyer will advise the seller

the name of vessel not later than five (05) days before shipping date by fax

7. Insurance: will be covered by the Buyer

8. Arbitration: all disputes arising out of this contract or breach thereof which cannot be settled

amicably by the parties concerned shall be settled by the Arbitration.

9. Force majeure: will be informed.

10. Effective date: the contract will come into force from the signing date. The contract is made in two

(02) copies in English.


Q2. Base on question 1, write the sales contract correctly and completely.


Q3. As seller, discuss the steps to implement the sales contract as in question 2.

Subject: Business, Economics

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