General conditions of sale

1. The Purchaser’s General Conditions of Purchase shall be regarded valid for us only if confirmed in writing expressly.

2. Patent rights of third parties have to be regarded when using delivered goods.

3. All our quotations are made without any legal obligation. Orders are valid only if confirmed by us in writing or if executed by us by delivery of goods. Unless confirmed in writing, any verbal accords are null and void.

4. If a definite price has not expressly been confirmed as a fixed price for the execution of an order, prices prevailing at the date of dispatch shall apply. Should the price be higher than at the time of the conclusion of the contract, the purchaser may, at his option, cancel the contract in regard to the quantities still to be delivered within 14 days after having been informed of the price increase.

5. Unless otherwise expressly agreed, the prices are quoted “ex-works”, packing not included.

6. Unless otherwise agreed, the basis of prices quoted free destination or port shall be the freights, insurance premiums and additional charges valid at the time of our offer. In the event of any increases, they shall be adjusted to the altered rates of freight, insurance and additional charges.

7. Our invoices shall be due and payable in the currency stated therein to one of our bank accounts listed here below without any deduction within the terms stated therein. Any incidental expenses shall be charged to the purchaser.

8. If a due date of payment has been exceeded, interest for default shall become due and payable at the rate of the usual debit interests. We reserve the right to claim further damages.

9. Unless otherwise agreed upon by virtue of a specific agreement (by reference to INCO-terms, or otherwise) the risk of transport from the point of delivery is in all circumstances for the account of buyer, even when seller takes care of the forwarding and the insurance. Prices inclusive of insurance charges do not include war risk.

10. In case of delayed return (i.e. exceeding the usual time for unloading) of loading instruments, rental tanks or private tanks or bulk wagons we reserve the right in any case to charge the costs and hires arising to the purchaser.

11. We shall be suspended of any delivery obligations as long as the purchaser is in default of a due payment.

12. Only uncontested or legally stated claims entitle the purchaser to compensation or retention.

13. The purchaser is obliged to examine the goods delivered immediately after receipt on damages regarding quality and purpose of application, in case even by a trial processing. Otherwise the goods are regarded as accepted.

14. Complaints are only taken into consideration if and when being claimed in writing and with vouchers added, within 14 days from the receipt of the goods as to hidden faults immediately after their discovery, at the latest, however, within 6 months from the receipt of the goods. Any goods claimed defective shall be returned only upon our express consent.

15. Properties of the goods shall only be deemed to be guaranteed if such guarantee is given by us expressly and in writing.

16. Our obligation to payment of damages, whatever legal reason for, shall be limited to the value of the goods directly having caused those damages. This does not apply where, due to compulsory statutory legislation, we are liable for willfulness or gross negligence respectively have expressly guaranteed any properties of the goods in writing and where, due to compulsory statutory provisions of the Product Liability Act, we are liable.

17. Force Majeure comprises all circumstances and occurrences which are beyond control of one of the partners. They suspend the partners’ contractual obligations for the period they last and to the extent of their effect. Should the delays caused exceed a period of 6 weeks, both partners shall be entitled to rescind the contract regarding the extent of performance concerned. Other claims do not exist.

18. If delivery has been made before payment of the whole sum payable under this contract, the goods delivered shall, to the extent permitted by the law of the country where the goods are located after delivery, remain our property until such payment has been effected. If such law does not permit the vendor to retain the property in the goods, but does allow him to retain other rights in the object delivered which serve the purpose of security in a similar way as a retention of title does, we hereby declare that we shall be entitled to the benefit of such other rights in respect there of as such law permits us to retain. The purchaser shall give us any assistance with regard to the fulfillment of any formalities, tenders and other measures which may be required for this purpose.

19. Unless otherwise agreed in these conditions, commercial terms shall be interpreted in accordance with the latest version of the “INCO-terms” issued by the International Chamber of Commerce valid at any time.

20. The originating point of the goods shall in each case be the place of performance for delivery. Biella shall be the place of performance for payment.

21. The joint use of a “Trade-mark” of the seller or of a “Trade-mark” for which the seller has obtained a license, is only permitted if a written license is obtained from the seller. Such license shall only be granted on conditions to be determined by the seller.

22. All sales contracts shall be governed by the Italian laws, and the competent Court will be the one of Biella.

Biella, October 1st 2003

IBAN IT52 R 06090 22300 000028201271
IBAN IT52 R 06090 22300 000028201271 CRBI IT 2B011
IBAN IT90 L 02008 01178 000004743301
IBAN IT90 L 02008 01178 000004743301 UNCRIT MMON2
IBAN IT78 Z 01005 22300 000000016677
IBAN IT78 Z 01005 22300 000000016677 BNLI IT RR BIE
IBAN IT51 B 03069 22304 100000011100
IBAN IT51 B 03069 22304 100000011100 BCITITMME35

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