About Payment

Prices
 Subject to Condition  below, in respect of the Goods supplied by the Vendor, the Vendor shall charge to the Purchaser the prices current at the relative port or port-area at the time of delivery.

 The Vendor may, if requested by the Purchaser, send to the Purchaser a list stating the prices of Goods and the period for which such prices are to apply. If such a list has expired and not been renewed, Condition shall apply. Goods which cannot be offered at a price fixed in advance shall be clearly so marked on any such list and in this case Condition  shall apply.

 The purchaser shall pay, or arrange for payment of, the invoiced amount or amounts before the ship's departure at the rate of exchange on the day of payment.

 Without prejudice to Condition , in the event that payment of the whole or any part of the purchase price and any other sums due to the vendor by the purchaser be made at a date subsequent to the ship's departure, then in such event, the vendor shall be entitled to collect interest from the purchaser on all overdue or unpaid sums due to the vendor at a rate of interest per annum equivalent to the commercial prime lending rate customarily charged at the time by the vendor's bank in the vendor's country.

 Without prejudice to Condition , in the event that the vendor has to arrest a ship for non-payment of debt, the vendor shall be entitled to collect from the purchaser all costs or expenses resulting from the arrest.

 The property in the goods delivered to the ship shall not pass to the purchaser until he has made full payment for same.

 The provisions of this Condition  apply where goods are ordered by the purchaser as agent (hereinafter called "the agent") for a ship owner (in this Condition called "the principal"), whether named or un-named. In consideration of the vendor supplying goods at the request of the agent. The agent irrevocably and unconditionally guarantees to the vendor the due performance by the principal of the of the obligations of the purchaser under these Conditions on the following terms:-

(i) Whenever the principal makes default in the performance of any of those obligations, the agent shall, within 7 days of written notice being given to the agent by the vendor, perform the same;

(ii) The agent shall not be exonerated by time being given or by any concessions being granted to the principal by or with the consent of the agent or by anything the agent may do or omit or neglect to do or by any other dealing or thing which but for this provision would or might operate to exonerate the agent or by any modification to the conditions;

(iii) This guarantee is to be a continuing guarantee and accordingly, it is to remain in operation so long as the principal has or may have any obligation or liability under these Conditions;

(iv) The agent hereby irrevocably waives any right or rights to require proceedings first against the principal for the enforcement of the obligations of the purchaser under these Conditions.

Three Five Shipping Co. 

Our agent in Korea can organize any kind of ship's service for your ships at all Korean ports.

E-mail:   tfive@chollian.net 

Tel:+82-51-4668702

Fax:+82-51-4666166

Mob:+82-11-8444945