Terms and conditions of sales

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QUVEON CORPORATION (“QUVEON”) Terms and Conditions of Sales
1. Acceptance. Quveon’s offer to sell product(s) and/or provide services to Buyer is expressly conditioned upon Buyer’s acceptance of these terms and conditions. Any of the following constitutes Buyer’s unqualified acceptance of these terms and conditions: (i) written acknowledgement of these terms and conditions; (ii) issuance or assignment of a purchase order for the product(s) or services, (iii) acceptance of any shipment or delivery of product(s) or provision of services, (iv) payment for any of the product(s); or (v) any other act or expression of acceptance by Buyer. THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL SUPERSEDE ANY CONFLICTING TERMS CONTAINED ON BUYER’S PURCHASE ORDER OR ANY DOCUMENT OR INSTRUMENT SUBMITTED BY BUYER UNLESS EXPRESSLY AGREED TO IN WRITING BY QUVEON.

2. Prices, Taxes and Payment. Quveon reserves the right to change the prices and specifications of its products or services at any time without notice, unless otherwise explicitly specified in a written customer quote. Any tax, duty, custom or other fee of any nature imposed upon this transaction by any governmental or quasi-governmental authority shall be paid by Buyer in addition to the price quoted or invoiced. In the event Quveon is required to prepay any such tax, Buyer will fully reimburse Quveon for such tax prepayment. Payment terms shall be net 30 days after shipment by Quveon, except that Payment by Credit Card must be made at the time of order placement by Buyer and is limited to orders with a total order value equal to or less than ten thousand dollars ($10,000 – US). Quveon reserves the right to charge a late fee to invoices outstanding beyond 30 days after shipment. Interest on all amounts due and unpaid after due date shall run at the maximum rate permitted by applicable law until payment is received. In addition, Quveon reserves the right to require C.O.D. payment terms from any Buyer whose account is overdue for a period of more than 60 days or who has an unsatisfactory credit or payment record, as determined by Quveon in its sole discretion. Quveon may also refuse to sell to Buyer until each overdue account of Buyer and all of its affiliates are paid in full. Buyer is responsible for all of Quveon’s collection costs on Buyer’s past due accounts.

3. Delivery and Shipment. Quveon will make every effort to ship the products or provide the services hereunder in accordance with the requested delivery date, provided that Quveon accepts no liability for any losses or for damages arising out of delays in delivery. All delivery dates are estimates and the time of delivery shall not be of the essence. Quveon shall be entitled to deliver the products in installments. Shipment of all products shall be Free Carrier (FCA) point of distribution by Quveon (INCOTERMS 2010); identification of the products shall occur when they leave Quveon’s point of distribution, at which time title and risk of loss shall pass to Buyer. Except as otherwise agreed, method of transportation will be per Quveon’s policy. All shipment costs shall be paid by Buyer and if prepaid by Quveon, the amount thereof shall be reimbursed to Quveon. Sole exception shall be orders shipped under promotional terms as determined solely by Quveon.

3. Inspection. Buyer shall be responsible for inspecting all products shipped hereunder prior to acceptance, provided, that if Buyer shall not have given Quveon written notice of rejection fully specifying and documenting the reasons thereof within 5 days following shipment to Buyer, the products shall be deemed to have been accepted by Buyer. Quveon may, on Buyer’s premises, inspect any hazardous products claimed not to conform. Alternatively, any claimed non-conformance may be confirmed through analysis by a third-party laboratory reasonably acceptable to both parties and within a reasonable time frame. If, as a result of said analysis, non-conformance is confirmed, the cost for said analysis shall be paid by Quveon; otherwise Buyer shall pay for said analysis.

4. Quveon’s Standard Warranty and Limitation of Liability. Quveon warrants that its products will meet their applicable published specifications when used in accordance with their applicable instructions for a period of five (5) years from shipment of the products. This warranty does not extend to any product which has been subjected to misuse, neglect, or to use in violation of accepted industry practices or instructions furnished by Quveon.
QUVEON MAKES NO OTHER WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS WARRANTY OF MERCHANTABILITY OR WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. The warranty provided herein and the data, specifications and descriptions of Quveon products appearing in Quveon’s published catalogues and product literature may not be altered except by express written agreement signed by an officer of Quveon. Representations, oral or written, which are inconsistent with this warranty or such publications are not authorized and if given, should not be relied upon.

In the event of a breach of the foregoing product warranty, Quveon’s sole obligation shall be to repair or replace, at its option, the applicable product or part thereof, provided the customer notifies Quveon promptly of any such breach. If after exercising reasonable efforts, Quveon is unable to repair or replace the product or part, then Quveon shall refund to the customer all monies paid for such applicable product or part.

Quveon warrants that it shall provide services in a professional and workmanlike manner and that it will attempt in good faith to perform the services to Customer’s reasonable satisfaction. QUVEON MAKES NO OTHER WARRANTY EXPRESS OR IMPLIED. If Quveon breaches this warranty, then Customer shall be entitled to a refund of up to the amount paid for such services. The above represents Customer’s sole remedy for breach of this services warranty.

Buyer assumes all risk and liability for loss, damage or injury to persons or to property of Buyer or others arising out of the presence or use of the products or Quveon’s provision of services. Except as expressly provided otherwise herein, Quveon shall not indemnify nor be liable to Buyer, Buyer’s customers, successors, or to any person or entity for any claims, damages or losses arising out of the sale or use of products or the provision of services, where liability is premised upon any theory including, but not limited to, warranty, negligence or strict liability. QUVEON SHALL NOT IN ANY EVENT BE LIABLE FOR INCIDENTAL, CONSEQUENTIAL, INDIRECT, EXEMPLARY OR SPECIAL DAMAGES OF ANY KIND RESULTING FROM ANY USE OR FAILURE OF THE PRODUCTS OR SERVICES INCLUDING, WITHOUT LIMITATION, LIABILITY FOR LOSS OF USE, LOSS OF WORK IN PROGRESS, LOSS OF REVENUE OR PROFITS, OR ANY LIABILITY OF BUYER TO A THIRD PARTY. THE TOTAL LIABILITY OF QUVEON UNDER THESE TERMS AND CONDITIONS OF SALE SHALL NOT EXCEED THE PURCHASE PRICE OF THE PRODUCTS OR SERVICES INVOLVED. All claims must be brought within one (1) year of delivery, regardless of their nature.

5. Authorized Use. BUYER ACKNOWLEDGES THAT THERE ARE HAZARDS ASSOCIATED WITH THE USE OF THE PRODUCTS, THAT IT UNDERSTANDS SUCH HAZARDS, AND THAT IT IS THE RESPONSIBILITY OF BUYER TO WARN AND PROTECT ALL THOSE EXPOSED TO SUCH HAZARDS.

The purchase of Quveon products conveys to Buyer a non-transferable right to use the purchased product(s) in compliance with the intended use statement listed on the product data or product information that accompanies each product. Each product also may be accompanied by limited use information or limited use label licenses. In the event of resale of product by Buyer, and where Quveon has affixed warnings on the exterior of potentially dangerous products, Buyer is prohibited from changing, deleting, or obscuring such warnings in any way unless Buyer shall suitably reproduce the same warnings on the packaging. The foregoing shall not preclude Buyer from adding any additional warnings or disclaimers as may be appropriate and/or required by law as a condition to Buyer’s resale or use of the products. As stated in the documentation accompanying the product(s), certain products are intended for research use only and are not to be used for any other purpose, which includes but is not limited to, unauthorized commercial uses, in vitro diagnostic uses, ex vivo or in vivo therapeutic uses or any type of consumption or application to humans or animals.

Buyer shall at all times be solely responsible for: obtaining any necessary intellectual property permission, compliance with any and all applicable regulatory requirements, and conducting all necessary testing prior to use of product(s) purchased from Quveon.

Buyer shall indemnify and hold Quveon, its agents, employees, and representatives, harmless from and against any and all claims, damages, losses, costs or expenses (including attorney’s fees), arising in connection with Buyer’s sale or use of the products, including Buyer’s breach of the covenants and representations contained in these Terms and Conditions of Sale, or arising from the negligence, recklessness or misconduct of Buyer.

6. Returned Goods. Buyer may not cancel any order without Quveon’s written consent. No products shipped under this contract may be returned without the express prior written authorization of Quveon and all products must be returned with Quveon’s approved Return Material Authorization form. Title to the returned products shall pass to Quveon upon delivery of the products to Quveon’s facilities. The products shall be returned in their original containers with the original Quveon label affixed and unaltered in form and content. Product returns may be subject to a restocking charge at the sole discretion of Quveon.

7. Technical Advice. Quveon may, at Buyer’s request, furnish technical assistance, advice and information with respect to the products, if and to the extent that such advice, assistance or information is conveniently available. It is expressly agreed, however, that Quveon is under no obligation to provide such technical assistance and/or information. To the extent that such technical assistance and/or information is provided to Buyer, the disclaimers and limitations of liability contained herein shall be applicable.

8. Agents, etc. No agent, employee or other representative has the right to modify or expand Quveon’s standard warranty applicable to the products or services to make any representations as to the products other than those set forth in Quveon’s product literature and any such affirmation, representation or warranty, if made, should not be relied upon by Buyer and shall not form a part of this contract.

9. No Assignment. Orders are not assignable or transferable, in whole or in part, without the express written consent of Quveon.

10. Typographical Errors. Stenographical, clerical or computer errors on the face of any Quveon invoice shall be subject to correction by Quveon.

11. Third Parties. Nothing in this document is intended to create any rights in third parties against Quveon.

12. Fair Labor Standards. Quveon represents that the products or services provided hereunder were produced and/or performed in compliance with the requirements of all sections of the Fair Labor Standard Act of 1938, as amended.

13. Modification, Waiver of Breach. This contract may be modified and any breach hereunder may be waived only by a writing signed by the party against whom enforcement thereof is sought. The waiver by either party at any time to require performance by the other of any provision of these Terms and Conditions shall not operate as a waiver of such provision at any other time.

14. Governing Law. This contract shall be governed by and construed in accordance with the laws (other than those relating to conflict of laws questions) of the State of California.

15. Arbitration. Any and all disputes or controversies arising under, out of or in connection with this contract or the sale or performance of the products or services, except for collection matters, shall be resolved by final and binding arbitration in Los Angeles, California under the rules of the American Arbitration Association then obtaining. The arbitrators shall have no power to add to, subtract from or modify any of the terms or conditions of this contract. Any award rendered in such arbitration may be enforced by either party in either the courts of the State of California or in the United States District Court for the City of Los Angeles, to whose jurisdiction for such purposes Quveon and Buyer each hereby irrevocably consents and submits.

16. WEEE Directive. Buyer hereby agrees to bear any costs and conduct any required operations associated with the environmentally sound management of waste resulting from the products in accordance with all provisions, including any specific conditions, laid down by any national legislation, including legislation relating to electrical and electronic waste.

17. Compliance with Foreign Corrupt Practices Act. Buyer acknowledges that Quveon is a United States corporation and, as such, is subject to the provisions of the Foreign Corrupt Practices Act of 1977 of the United States of America, 91 Statutes at Large, Sections 1495 et seq., which prohibits the making of corrupt payments (the “FCPA”). Under the FCPA, it is unlawful to pay or to offer to pay anything of value to foreign government officials, or employees, or political parties or candidates, or to persons or entities who will offer or give such payments to any of the foregoing in order to obtain or retain business or to secure an improper commercial advantage. Buyer further acknowledges that it is familiar with the provisions of the FCPA and hereby agrees that it shall take or permit no action which will either constitute a violation under, or cause Quveon to be in violation of, the provisions of the FCPA.

18. Compliance with Export Restrictions. Buyer acknowledges that the merchandise covered by this contract is subject to the export control laws of the country from which shipment is made, as well as possibly those of the United States. Buyer further acknowledges that, depending on the product, its country of destination, its end use, and the identity of the parties to the transaction, such laws may require Buyer, either for the further transfer of the product being exported to it by Quveon, or for the transfer of any item into which Buyer may incorporate such product, to seek and obtain export licenses/authorizations issued pursuant to those laws. Where Buyer reexports the merchandise in question, it is the legally responsible party for determining its correct export classification, and for obtaining any necessary export licenses/authorizations, as a courtesy, to aid Buyer in ascertaining the export classification and the potential applicability of U.S. export control laws, on its invoice, Quveon shall provide Buyer (i) with what it believes is the correct classification, under local and U.S. laws, of the product being shipped and (ii) a statement as to the country of origin of the product. Buyer agrees to hold Quveon harmless from any and all liabilities or costs incurred by Quveon or its affiliates for any reason arising from or in connection with any export, import, regulatory, governmental or treaty violations in any jurisdiction, incurred intentionally or unintentionally.

19. Force Majeure. Neither party hereto shall be in default in the performance of its obligations hereunder (other than its obligation to make any payment of money hereunder), or be liable in damages or otherwise for any failure or delay in performance which is due to causes beyond its reasonable control. Either party affected by such an event shall promptly give notice to the other, stating the nature of the event, its anticipated duration and action being taken to avoid or minimize its effect. Neither party hereto shall be required to grant any demand or request to bring to an end any strike or other concerted act of workmen. If, at Buyer’s request or for any reason for which Buyer is responsible, the production or shipment of products is delayed, Quveon may immediately invoice Buyer for the products produced, and costs and expenses incurred up to the time of the delay.

20. Proprietary Rights. Quveon, or its affiliates, is the owners of certain proprietary brand names, trademarks, trade names, logos and other intellectual property. Except as otherwise expressly permitted by Quveon, no use of Quveon’s or its affiliates’ brand names, trademarks, trade names, logos or other intellectual property is permitted, nor the adoption, use or registration of any words, phrases or symbols so nearly resembling any of Quveon’s or its affiliates’ brand names, trademarks, trade names, logos or other intellectual property as to be likely to lead to confusion or uncertainty, or to impair or infringe the same in any manner, or to imply any endorsement by Quveon of another entity’s products or services.

21. Severability. If any provision of these terms and conditions is held illegal, invalid, inapplicable or unenforceable, such provision shall be deemed severed from these terms and conditions, the remainder of which shall remain in full force and effect.

22. Entire Agreement. These Terms and Conditions of Sale shall constitute the final, complete, and exclusive statement of the terms of the agreement between the parties pertaining to the sale of Quveon products and the provision of Quveon services and supersedes all prior and contemporaneous understandings or agreements of the parties.

Rev. 1/25/2017