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ˇ@ ˇ@ CHAPTER 12 BUSINESS CONTRACT
A business contract is an agreement, enforceable by law. It may be formal or informal. The business contract which is generally adopted in international trade activities is the formal written one.
The composition of a formal business contract usually consists of three parts; preamble, body and witness clause.
The preamble usually includes tittle, number, date of signing, signing parties, place of signing, each partyˇ¦s authority, recitals where are so on.
The body of business contract usually includes definition clause, general terms and conditions, basic conditions, duration, termination, assignment, force majeure, governing law, arbitration, jurisdiction, notice, entire agreement clause, amendment and so on.
The witness clause usually includes language validity, copies, in presence of annex, signature, sealˇK etc.
The contents involved in a business contract are as following:
- Tittle and Reference - Preamble - Name of Commodity - Quantity Clause - Quality Clause - Price Clause - Packing Clause - Delivery Clause - Payment Clause - Insurance Clause - Inspection Clause - Claim Clause - Arbitration Clause - Force Majeure Clause - Breach and Cancellation of Contract Clause - Miscellaneous Clause.
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