Indemnity

Date: 2015-10-07; view: 456.

Sanctions

Insurance

10.1.1. Insurance

The Buyers are to take care of and to cover expenses for insurance of the goods under the Contract from the moment of their dispatch from the Sellers' works up to the moment of arrival of the same at the Buyers' works.

The expenses for insurance from the Sellers' works up to the moment of loading at the rate of ______ % the insurance amount are to be charged to the Sellers' account and deducted from the Sellers' invoices at the time payments are effected.

Within ______ months upon signing the Contract the Buyers are to send to the Sellers the Insurance Policy issued in the name of the Sellers covering insurance of the goods from the Sellers' works up to FOB port of ______.

11.1. In the event of delay in delivery of the equipment the Seller is to pay the Buyer a penalty at the rate of 1 % of the total contract value for every week of delay. However, the total amount of penalty for delay in delivery is not to exceed 10% of the total contract value.

11.2. While calculating penalty for delay, the amount of days comprising over half of a calendar week is considered to be a full week.

Example 2.

10.1. The Supplier shall indemnify the Company against any loss, damage or injury to the Company, and claim in respect of loss, damage or injury made against the Company by third parties and any costs and expenses arising in connection with them which result from the Supplier's failure to comply with the Contract (whether negligent or otherwise) and in particular resulting from any defect in the Goods or their materials, construction, workmanship or design (to the extent that the Supplier is responsible for design) or any claim that any Goods prepared or supplied under the Contract otherwise than exclusively in accordance with a design or instruction given by the Company infringe or are alleged to infringe the rights of any third party claimed under or in connection with any patent, registered design, copyright or breach of confidence.

10.2. The Supplier shall be at all times adequately insured with a reputable insurer against all insurable liability under the Contract.

10.3. The Supplier shall provide all facilities, assistance and advice required by the Company or its insurers for the purpose of contesting or dealing with any action, claim or matter arising out of the Supplier's performance or purported performance of or failure to perform the Contract.

Example 3.