Conestoga College OLRN Legal Terminology -PART A – Term Sheet Assignment F21 (20 marks) DETAILS of how the term will operate in the contract

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PART A – Term Sheet (20 marks) Name of CONTRACT TERM or CLAUSE DETAILS of how the term will operate in the contract (use simple English as you would want it reflected in the contract) (1 mark... ) REASONS why the term is important to include (1 mark) Example: Delivery Date: Coastal Coffee will make its first delivery to Canada Coffee Roasters no later than August 21, 2022. A confirmed delivery date is essential. Coffee retailers often market seasonal blends (such as pumpkin spice flavoured coffee in the Fall) and the producers will need to have the appropriate raw materials in stock in order to manufacture the seasonal coffee blends on time. 1. Price of the product The rice has been negotiated to be $30 per kg for import of 100000kg. However, if the quantity exceeds 1 million kg, then the price will come down to $28 per kg and if it exceeds 10 million, the price will be $25 per kg. Price of the product is a key factor to be considered while negotiating as it is crucial for business relations. By giving discounts, it will be a win-win for both the parties as the quantity of exports will increase for the exporter and at the same time the price per kg will reduce for the importer. 2. Payment terms 20% of the total price should be paid up-front and the remaining amount should be paid within 30 days of each delivery. Payment should be done through wire transfer. It is important to come in terms with payment details such as payment duration and the payment method. Both parties can avoid conflicts by setting payment terms. 3. Sales target The minimum import will be 1 million kg at $28 per kg for 3 years. Moreover, the importer can place more orders based on their requirements with a prior notice of 45days. Sales target will help Coastal Coffee Corporation to prepare the goods for export on time. In addition, this will serve as a baseline for sales and retaining the customer. 4. Sales promotion and advertising The sales promotion and advertising will be done by Canada Coffee Roasters Corp. However, the payment for such will be shared in the ratio 70:30 by importer and exporter respectively. Sales promotion and advertising is very important as both the parties are entering into a new business relation. This would be beneficial to both the parties as it will increase the demand for the product and improve the overall sales. 5. Copyrights and trademarks. The product will be registered by Canada Coffee Roasters Corp. However, the origin of the cocoa beans and the name of the exporter must be mentioned on each product by Canada Coffee This will enable Canada Coffee to sell products legally in Canada and generate different products based on cocoa beans imported from Coastal Coffee Corporation. Moreover, this will ensure that Coastal Coffee Corporation is given T Roasters Corp. due recognition for their product. 6. Shipping terms It is decided that the consignment will reach the importer on a quarterly basis. 250000 kg will be delivered during each delivery. The shipment will be handled by Eurosender shipping company. Shipping terms will enable for the parties to come to an understanding abut the quantity and the duration of the delivery of goods. This will enable Canada Coffee to plan their production, sales and marketing efficiently. Moreover, Eurosender is a well known shipping company who handles goods efficiently and delivers on time. [Show More]

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