Contract Australia Research Paper 2022

CONTRACT
THIS CONTRACT executed on ____day of____,2019 at________ between Ms. Farima Smith
owning a shop named “ World Spice” in Turkey (Hereinafter called the “VENDOR”) of One Part
and Mr. XY, owning a shop named “_______” in Australia (hereinafter called the “Purchaser” )
of other part.
WHEREAS the Vendor is the manufacturer and dealer of a spice blend called Exotic Melange
(mixed herbs and spices).
WHEREAS the Buyer intends to start a new business as an importer of exotic herbs and spices
around the world.
WHEREAS both parties declare an interest in the sale and purchase of spices (product) under
this Contract and undertake to observe the following Contract:
1. Description of Product: The product named ‘Exotic Melange" from World Spice is a blend
of herbs and spices and will be used extensively for cooking in Kamloops as people here
have the great appetite of international foods.
2. Quantity: Subject to terms and condition of this contract, Buyer shall purchase at least 3
Kg of “Exotic Melange" at the initial stage, subject to further terms and condition between
the parties , the buyer may increase or decrease the quantity of the product, Provided
the buyer shall inform the Seller about the Quantity of the product to be delivered
3. Quality: The quality of the product is the essence of the Contract, and in the event of
failure to maintain the quality of the product, the buyer may dissolve the contract by
giving 15 days' notice.
4. Pricing: The pricing of the product shall be $20 per K.g of the product, whereas, on order
of at least 2 k.g of the product, an additional discount shall be provided.
5. Payment: The buyer shall pay the principal or interest (if any) on or before the due date.
6. Deadline: The goods shall be delivered by the Vendor until the 20th of every month. In
case of any delay in delivery of goods, the buyer is entitled to claim the damages equal
to 1% of the amount of the contract at that period Provided the buyer notifies the seller
about the delay within 10 days from the agreed date of delivery.
7. Liquidated damages Clause: In the event of a buyer fails to comply with the terms and
conditions under the Contract, the vendor's damages would be uncertain, depending
upon the future interest rate or trading volumes.