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Memorandum of Gerneral Terms and Conditions of Business

This memorandum made and entered into between wilson&Col., xxx(hereafter called the Buyer) and Haesung Ind. Co., Ltd, xxx(here after called the Seller) witnesses as follows :

1) Business :	All business transactions entered into between the parties shall be as Principals to Principals.
2) Quality :	All shipments shall be confirming to samples in regard to description, quality and state.]
3) Prices :	Unless otherwise specified in cables, letters or telexes, all prices by Sellers or Buyer shall be quoted in US Dollars on the basis of CIF, xxx.
4) Quantity :	An order shall be accepted so long as the quantity exceeds 500dozen.
5) Delivery :	(a) Shipment : All the goods sold shall be shipped within the time stipulated in each contract. The date of bills of lading shall be taken as a conclusive proof of the date of shipment. Unless specially arranged, the port of shipment shall be at Seller' option. Sellers shall not be responsible for late shipment caused by the delay of arrival of a letter of credit. (b) Force Majeure : Sellers shall not be responsible for any delay in shipment directly or indirectly to force majeure, such as fires, earthquakes, tempests, trikes, lockouts, wars riots, civil commotions, hostilities, blockades, requisition or vessels, embargoes, and to any other causes beyond the control of Sellers. In the event of any of these accidents or contingencies which prevent shipment within the stipulated time, Sellers shall inform Buyers of its occurrence or existence and furnish a certificate substantiated by the xxx Chamber of Commerce and Industry.
6) Payment :	Draft(s) shall be drawn at sight, documents attached, for the full invoice amount under an irrevocable credit which shall be established within10 days after the conclusion of the contract. Business against D/P draft without L/C should be subject to Sellers' previous consent in each case.
7) Insurance :	Sellers shall effect marine insurance on all shipments on ICC (B) including War Risks for 110% of the invoice amount. Risk of theft, pilferage and non-delivery or another additional insurance if required shall be covered by Sellers for account of buyers. Insurance Polices or Certificates shall be maded out in US currency, and claims payable in xxx.
8) Firm Offer :	Unless otherwise stipulated, all firm offers shall be valid for 72 hours from the time dispatched, excluding Sunday and national holidays.
9) Order :	Except in cases where firm offers are accepted, no orders shall be binding until acceptance is cabled by Sellers. All orders shall be confirmed in writing, and orders thus confirmed shall not be cancelled unless by mutual consent.
10) Marking and Numbering :	In the absence of any special instructions, all cases shall be marked, We in triangle, with the port mark, running case numbers and country of origin.
11) Claims :	Buyers' claims, if any, shall be made by cable or telex within 20 days after arrival of the goods at destination. Certificates by recognized surveyors shall be sent by mail without delay. All claims which can not be amicably settled between Sellers and Buyers shall be settled by Arbitration in Seoul, in accordance with the rules of the xxx Commercial Arbitration Board, whose award shall be final and binding upon Sellers and Buyers.

Please acknowledge by signing and returning the separate sheet, retaining the original for you.

Buyers

Sellers