1. Order Placing & Accepting

a. Customer must provide accurate product specifications such as raw material mix, raw material sizes, slab size and bag cutting information such as plant hole size, number of plant holes, sizes and number of drain slits, sizes and number of stick holes and other relevant information to Coco Labs for price quotes.
b. Customer must provide the expected delivery time and the delivery terms with the initial information to Coco Labs.
c. Coco Labs will provide the prices for the requested products based on the information provided by the customer.
d. The quoted prices are for the given details of the buyer through email or official WhatsApp number.
e. Both parties agree to finalize the FOB prices within 14 days from the price quotation date.
f. Both parties agree to the delivery terms when finalizing the FOB prices.
g. Coco Labs will generate a Proforma Invoice for the consignment based on the agreed delivery term.
h. Customer must send the signed and duly stamped Proforma Invoice to Coco Labs and/or the official Purchase Order to Coco Labs for Production Initiation.
i. Customer must forward the Duly complete Purchase Order and/or signed and stamped Proforma Invoice with the expected delivery terms and the dates to Coco Labs.

2. Order Cancelation & Alteration

a. Customer and Coco Labs both are able to cancel & alter the initially placed order/orders depending on market conditions.
b. Cancellation & alteration must be conducted on or before the 7th day from the date of the Purchase Order and/or duly signed and stamped Proforma Invoice.

3. Payment Terms

a. Default payment terms: 50% advance payment against finalized Proforma Invoice within the 7th day of the Proforma Invoice date and 50% balance payment after confirming the scanned freight document by the customer.
b. Payment must be conducted through the TT method to the account details mentioned in the finalized Proforma Invoice.
c. Coco Labs and Customer both agree to 100% from workable irrevocable LC payment from a reputed bank as a payment method for the consignment/s.
d. Both parties agree to the negotiation and finalizing of alternative payment terms before finalizing the Proforma Invoice.

4. Product Pricing and Delivering Policy

a. Coco Labs and Customer agree to the finalized FOB prices and both agree to unchanged prices under any circumstances.
b. In the event of changing freight and/or destination delivery charges, Coco Labs will quote FOB price/s to the Customer and the company will quote the Ocean Freight and Destination delivery charges separately with transparency.
c. The company will present the invoices received from the third-party ocean freight and destination delivery service providers to secure the transparency of the charges.
d. Coco Labs agree to acknowledge the Customer on the delivery timelines with clear information such as vessel schedules and dispatched dates from Sri Lanka.
e. Coco Labs is unable to hold the responsibility for delays caused by ocean freight and/or destination deliveries.

5. Representations and Warranties

a. It shall comply with all relevant laws and regulatory requirements, and obtain and maintain for the Term all permits and licenses applicable or necessary for the performance of its obligations under selling and purchasing of Coco Labs products in any destination.
b. It shall comply with all federal, state, provincial, local or foreign laws that regulate, apply to, or otherwise govern the purchase, sale, and shipment of the Products, as contemplated under selling and purchasing of Coco Labs products in any destination.
c. Customer holds the responsibility of passing the Customer requirements clearly to Coco Labs and must be provided with the additional information required by Coco Labs for production/s.
d. Coco Labs is responsible for the product quality and accepts any damage claims that occur due to the product quality.
e. Customer must inform the quality issues within 90 days of the consignment received and must provide the facilities to Coco Labs designated officials to visit the respective premise/s and physically evaluate the root causes for the damages and/or claims.
f. Both parties agree to evaluate the damage and/or claims through an independent accessor assigned by the mutual understanding and acceptance of both parties.
g. In the event of damage and/or claims, both parties agree to settle the losses from product replacement and/or monetary settlement in USD.

6. Force- Major

a. The parties will not bear any responsibility for any force-major situations (wars, epidemics, floods, government acts, etc.) that may affect the execution of this contract. However, the party suffering this situation must inform the other party about the beginning and expected duration of these circumstances in any possible way. If these circumstances last more than 3 months each party will have the right to cancel the contract. The Certificate issued by the Chamber of Commerce will be sufficient proof of the existence and duration of such circumstances.

7. Arbitration

a. The parties shall use all possible measures to amicably resolve disputes and disagreements arising out of or in connection with this trading activity.
b. Disputes and disagreements arising from this contract that cannot be resolved by mutual agreement shall be settled by the Economic Court, Singapore. The Court’s decision is binding on the parties. All claims are considered by the “Parties” within one month from the date of receipt.