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1Á¶ SERVICES
2Á¶ TERM AND TERMINATION
3Á¶ PAYMENT
4Á¶ WARRANTIES
5Á¶ EXCLUSIVE AGREEMENT
6Á¶ CONFIDENTIALITY AND ANNOUNCEMENTS
7Á¶ LIABILITY AND INSURANCE
8Á¶ ASSIGNMENT
9Á¶ GOVERNING LAW
10Á¶ COMPLIANCE WITH LAW AND EKL POLICIES AND SECURITY POLICIES
11Á¶ NOTICES
12Á¶ TERMS AND CONDITIONS
13Á¶ EXHIBITS
edwards korea ltd c2 offsite warehouse services agreement
this agreement is entered into as of this 01 day of october, 2014(the ¡°effective date¡±), by and between edwards korea ltd located at 96 chaam-dong, 3 kong-dan 1ro, seobuk-gu, cheonan city, chungcheongnam-do, south korea (¡°ekl¡± or ¡°customer¡±) and dream logistics co.located at xxx-xxx gomae-dong, kiheung-gu, yongin-city, kyunggi-do, south korea (¡°contractor¡±)
this c2 offsite warehouse services agreement (¡°agreement¡±) sets out the general conditions and pricing to apply to certain package of warehouse facilities and operation services provided by contractor to ekl.the services themselves will be performed by contractor and affiliated and/or contracted companies of contractor (as applicable) that operate as independent service contractor in korea.
services
ekl engages contractor to perform the c2 offsite warehouse services (¡°services¡±) described in exhibit a hereto.
term and termination
the initial term (the ¡°initial term¡±) of this agreement shall begin as of the effective date and shall continue for one (1) year thereafter.this agreement shall be renewed for an additional four (4) years term (the ¡°renewal term¡±) during the period of exclusive agreement in the clause 5 provided either party gives the other party written notice of its intent to renew this agreement at least sixty (60) days prior to the expiration of the initial term.notwithstanding the foregoing, either party may terminate this agreement upon written notice to the other if the other fails to perform or otherwise breaches any of its obligations under this agreement, files a petition in bankruptcy, becomes insolvent, or dissolves.in addition, either party may terminate this agreement at any time for any reason upon six (6) months written notice to the other after the period of exclusive agreement in the clause 5.
payment
as full consideration for the performance of services, ekl shall pay contractor the amounts agreed upon and specified in exhibit a hereto. if contractor required to pay any taxes, duties or levies on behalf of ekl, that amount will be payable by ekl upon request
ekl shall pay the invoiced amount within sixty (60) days after the receipt of a correct, complete and valid invoice. if ekl disputes or queries part of an invoice, ekl shall nevertheless pay the undisputed part within the time set out above
all invoices shall be deemed to be accepted as issued, unless requests for invoice adjustment are received in writing by contractor within thirty (30) days from the invoice date.
except as set out herein, prices may not be increased during the initial term of this agreement. if this agreement is renewed for a second or subsequent term, new prices shall be negotiated prior to the end of the initial term
rates may be increased only when and if significant cost increases can be documented by contractor (i. e
, fuel, labor, etc. )
any rate increase must also be agreed upon and accepted by ekl in writing at least thirty (30) days prior to the effective date of such increase.
in the event of a worldwide economic calamity (such as 2007 subprime mortgage crisis), the parties may determine that it is appropriate to negotiate an increase prior to the expiration of the initial term or renewal term. said increase will be permitted only if contractor can document a substantial increase in costs, and will be assessed as a separate surcharge on each invoice
increases of any kind will be made only by mutual agreement of the parties in advance and in writing.
any rate increase must be agreed upon and accepted by ekl in writing at least six (6) months prior to the effective date of such increase.
ekl will not be liable for any surcharges or additional costs not expressly provided for in this agreement. where any surcharges or additional costs are sought to be claimed by the contractor and recovered from ekl, they should only relate to a proportionate pass-through (at cost) of the surcharges or additional costs directly incurred by the contractor in relation to the relevant c2 offsite warehouse operations
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