【正文】 for 120% of the invoice value. The insurance premium should be borne by the Buyer.Documents:prepared by the Seller and submitted to the Buyer: 1. Commercial Invoice in ____Copies2. Full set of clean on board ocean Bills of Lading3. Insurance Policy Quality Inspection Certificate Certificate of Origin Packing List Notice of Shipment The following other Documents:____Penalty:1) Failure to Make Timely DeliveryThe penalty shall be charged at the rate of 2% of the amount of the delayed goods for every 10 days of delay in delivering the goods, however, the penalty shall not exceed 20% of the total value of goods involved in the late delivery. Any fractional days less than 10 days shall be deemed to be 10 days for the calculation of penalty.2) Failure to Timely Open the Letter of Creditn The penalty shall be charged at the rate of 2% of the amount of the Letter of Credit for every10 days of delay in opening the Letter of Credit, however, the penalty shall not exceed 20% of the total value involved in the Letter of Credit amount. Any fractional days less than 10 days shall be deemed to be 10 days for the calculation of penalty.Force Majeure:n Neither party shall be held responsible for failure or delay to perform all or any part of this Contract due to flood, fire, earthquake, snowstorm, hurricane, war, government prohibition or any other events that are unforeseeable at the time of the execution of this Contract and could not be controlled, avoided or overe by such party.n However, the party whose performance is affected by the event of Force Majeure shall give a notice to the other party of its occurrence as soon as possible and a certificate or a document of the occurrence of the Force Majeure event issued by the relative authority or a neutral independent third party shall be sent to the other party by airmail not later than 15 days after its occurrence. Claims索賠 Except those claims for which a third party is liable, should the quality, specifications, quantity, weight, packing and requirements for safety or sanitation/hygiene of the goods be found not in conformity with the stipulations to this contract, the Buyer shall give a written notice of claims to the Seller and shall have the right to lodge claims against the Seller based on the Inspection Certificate issued by the Inspection Organization provided in Clauses to this Contract within 21 days from the date of pletion of unloading of the goods at the port of unloading. Termination: Except as provided elsewhere, this Contract may be terminated in either of the following case: If the other party fails to perform its obligations within the timelimit agreed upon in this Contract, and fails to eliminate or remedy such breach within 7 days following the receipt of the notice thereof from the nonbreaching party. In such case the nonbreaching party shall give a written notice to the other party to terminate this Contract. Applicable laws/stipulations:Unless otherwise stipulated in this Contract, the terms and conditions of this Contract shall be interpreted in accordance with the International Rules for t