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GfreshSellers' Terms and Conditions

Effective as of April 1, 2016

1. Joining TheGfresh Platform

1.1. "Sellers" or "Seller" refers to any and all entities who sell produce on the Gfresh platform.

1.2. By selling on the Gfresh platform, Sellers agree to abide by and adhere to the policies in this terms and conditions statement.

1.3.Sellers must provide documents to verify that they are a legal entity.

1.4. Sellers who are primary producers (e.g. processors) must provide relevant verification documents.

1.5. Trading companies and other agents of primary producers, who wish to act as exclusive agents for the primary producer on Gfresh, must complete the Gfresh Agency Form. Where an exclusivity agreement is in force, only the agent may be registered as a Seller. If no exclusivity agreement is in force, then the primary producer may also register as a Seller.

2. Selling On Gfresh

2.1. Required Information

2.1.1. All products listed for sale on the Gfresh platform must include the following information regarding the products':

- English and scientific names

- Catch area

- Grades and sizes

- Packing method

- At least 3 high quality pictures and/or videos of the product for marketing purposes

2.2. When all information is provided to Gfresh, the Seller's new product list will go online within 48 hours.

2.3. Credit claim policies:

2.3.1. Sellers must also indicate credit claim policies for each product type they list on Gfresh, including the mortality, shrinkage, and damaged product allowance rates.

2.3.2. Gfresh sets default rates for each type of credit policy. Sellers must maintain these rates as a minimum. However, they are free to adjust the allowance rates upwards.

2.3.3. The credit claim policies set by each Seller are displayed on the Seller's product listing page for Buyers to see.

2.4. Claims:

2.4.1. Gfresh inspects all goods as part of its order fulfilment service inline with the seafood inspection guidelines for each type of product.

2.4.2. Upon inspection, if the products are certified by Gfresh inspectors so that a credit claim policy is triggered, then the Seller must make a credit note according to the following policies:

- Mortality: if the actual mortality rate on arrival exceeds the Seller's specified mortality allowance rate, then the Seller must credit the Buyer an amount based on the formula: 50% of CNF value of the actual mortalities in excess of the Seller's mortality allowance rate.

- Shrinkage: if the actual weight on arrival is inspected to be less than the weight allowed by the Seller's specified shrinkage allowance rate, then the formula for a shrinkage claim is calculated based on: (Actual shrinkage rate, Shrinkage allowance rate) * CNF price * (100% + Customs tax + VAT + 4.5%).

- Spoiled/Rotten Products: if products on arrival are spoiled/rotten in an amount exceeding the Seller's spoiled/rotten product allowance rate, then the Seller must credit the Buyer an amount based on the formula: Total CNF Value + Customs Tax + VAT + 4.5%.

- See Appendix for more information on specific products.

2.4.3. Auction times:

- Live/fresh products are place on auction daily at a set Beijing time.

- Frozen products do not have a set auction time.

- Products that are not submitted in time to meet the set listing times may still be placed online via the Gfresh 'Dutch style' auction system. The Seller must fulfil orders from auction at the price and volume that the auction dictates.

- See Appendix for more information on specific products.

3. Order Requirements

3.1. Minimum Order Quantities are set by Sellers.

4. Price Protection

4.1. When a Seller updates prices after a portion of product has already been sold:

- Upward price adjustment to a price higher than the previous sale price: there will be no price change to sold products.

- Downward price adjustment to a price lower than the previous sale price: the price of goods already sold are adjusted to reflect the new, lower pricing.

- The exception to this rule is if the lower price is produced via sales at auction. In this case, goods already sold receive no price adjustment.

5. Setting Parameters For Order Confirmations

5.1. Time settings:

- Times at which product & pricing expire.

- Lead times between confirmed order and arrival date.

- Platform default settings of order cut-off times. See Appendix for more information on specific products.

- Once the cut-off time arrives, the system will automatically generate all Sellers' purchase orders. Sellers can view their purchase orders and begin to prepare their shipments accordingly. If there are any orders that do not meet the Seller's Minimum Order Quantity, the Seller should notify Gfresh at this time that they will not be fulfilling the order.

6. Fulfilling An Order

6.1. Sellers must fill and ship orders according to the related purchase order.

6.2. Sellers must pack standard net weights in accordance with the weights indicated on the relevant pricing quote.

6.3. Sellers have the right to refuse any order that does not meet their Minimum Order Quantity.

6.4. If the Seller 'short ships' an order (does not fulfill quantities as ordered), the Seller must compensate the Buyer for 5% of the CNF value of goods not shipped. *Extenuating circumstances aside

6.5. In the case of a Seller not being able to ship due to logistical issues, the Seller must provide full documented proof of the issue preventing the order from being shipped.

- If documents of proof cannot be produced within 4 hours following the notification, the Seller must compensate the Buyer 5% of the CNF value of the invoice.

6.6. In the event that a Seller over ships an order:

- The goods in excess will be sold at market until 12.00 PM on the day of their arrival.

- Any goods unsold after that time will be sold at auction.

- The starting auction price will be set as the Seller's quoted price + customs declaration costs + logistical costs.

- If the final auction price is not enough to off-set the declaration and logistical costs, the difference will be deducted from the related invoice's payment.

- Any profit generated at auction above the quoted price will be surrendered to Gfresh.

6.7. Sellers must number each box in correspondence with the relevant packing sheet, including the size of the product. Gfresh will allocate the products randomly. The Seller is not permitted to allocate a specific box to a designated Buyer.

7. Policies Related To Documents For Clearing Customs

7.1. Sellers must provide Gfresh with the following documents within 4 hours of shipping an order:

- Air Waybill

- Health Certificate / Certificate of Origin

- Packing List

- Invoice

- Signed Contract

- Special Circumstances

7.2. If the Shipper is not the Seller indicated on the contract, then there must be supplemental documentation indicating who the Shipper is, the relationship between the Shipper and Seller, and a note regarding the relationship made on the invoice.

7.3. The weight displayed on a Health Certificate can be more than what is shown on the related invoice, but never less than what is shown on the invoice.

7.4. Actual quantities shipped may be more than what is indicated on the related contract, but never less than what is indicated on the contract.

7.5. If a Seller is unable to provide the above documentation in a valid format, within the time frames indicated, Gfresh will not be held responsible for customs clearance, unless Gfresh has made an agreement with the Seller to receive supplemental documentation after the fact.

7.6.Fines for delayed documentation (from ETA):

- 1-7 days / No penalty

- 8-13 days / US$50

- 14-20 days / US $100

- 21-27 days/ US $150

- A penalty of US $50 will be incurred for every additional 7 day period of lateness.

7.7. Payment for related invoices will be held until final documentation is received.

7.8. If the documentation cannot be produced, the Seller will be penalized US $2000, which will be deducted from their payment for goods sold.

7.9. The original Health Certificate should be placed with documents to accompany the shipment. If this is not possible, then the original Health Certificate should be placed into one of the boxes, marked indicating as such, and a photo taken and sent to Gfresh showing what number box contains the documentation. Failing to do so will result in a 'searching fee' of US $100 per document assessed.

7.10. In order to provide unparalleled service in delivering perishable products globally and in a timely manner, Gfresh has created a timetable indicating specific time requirements for the preparation of customs documents based on particular flight details (see image above):

Cutoff Time of Documentation
FlightDepartureDocuments Cutoff     FlightDepartureDocuments Cutoff
KA80210:2014:00(the day before) GA8947:106:00(the same day)
CX36811:1514:00(the day before) UA08614:008:30(the same day)
KA80413:2015:00(the day before) EA30215:058:30(the same day)
KE3353:2516:00(the day before) AC08715:308:30(the same day)
PO9973:4516:00(the day before) TG66415:508:00(the same day)
MU5985:0016:00(the day before) AA18315:558:00(the same day)
MU7365:0016:00(the day before) MU58216:008:30(the same day)
MU7805:3016:00(the day before) SQ83216:058:00(the same day)
SQ8266:3016:00(the day before) AF11617:408:00(the same day)
NZ2897:0016:00(the day before) KA83417:558:00(the same day)
MH3867:0016:00(the day before) MU59018:108:00(the same day)
MU5547:0016:00(the day before) CK22218:108:00(the same day)
MU50307:1516:00(the day before) KA89618:308:00(the same day)
AF1127:5016:00(the day before) CI50318:358:00(the same day)
LX1887:5516:00(the day before) KA80819:458:00(the same day)
VS2508:3016:00(the day before) AC02514:30/16:408:30(the same day)
BA1699:2516:00(the day before) SQ82812:459:00(the same day)
HO13129:3016:00(the day before) HU795615:309:00(the same day)
KE8759:4016:00(the day before) KA89017:309:00(the same day)
KE8939:4516:00(the day before) MH38814:309:30(the same day)
OZ36110:1016:00(the day before) CX36016:209:30(the same day)
CI50110:5016:00(the day before) AF11617:409:30(the same day)
OZ36311:5516:00(the day before) SQ36014:3510:00(the same day)
BR71212:0516:00(the day before) QF12918:3010:00(the same day)
NH91912:1016:00(the day before) CA17819:2510:00(the same day)
JL87312:2016:00(the day before) MU73819:3010:00(the same day)
KA87612:2016:00(the day before) DL58918:0512:00(the same day)
5X008012:3016:00(the day before) BR72218:2012:00(the same day)
KE89712:5016:00(the day before) HU796219:3012:00(the same day)
CA840616:00(the day before) NH92121:3012:00(the same day)
CA106616:00(the day before) MU20819:1512:30(the same day)
CA105416:00(the day before) KE89520:1012:30(the same day)
JL87921:5013:00(the same day)
EK30420:5513:30(the same day)

7.11. Certificates of Origin must be produced in accordance with Chinese Customs requirements. If the documentation is not produced accordingly, the shipment may be unavailable for retrieval from customs and higher tax rates may be applied to the shipment. If this occurs, the additional costs will be taken on by the Shipper.

7.12. Gfresh strives to provide both Buyers and Sellers with the most comprehensive services available. In order to do so, shipments must arrive within the time-frame of 5:00 AM – 23:00 PM Beijing time. If a shipment arrives outside of this timeframe, there will be an overtime fee of US $100/per invoice assessed.

8. Inspection Standards

Gfresh stands to equally protect the interests of Buyers and Sellers alike. When it comes to performing inspections of products, we adhere to strict standards. If there are cases of mortality, water shrinkage or damaged product, the Seller will be notified via email within 24 hours of the product's arrival. Proof of inspection in the form of video footage and photos will be included, as well as a report detailing the associated claim. The Seller has 24 hours to indicate acceptance or interest in the dispute (no response will be deemed as a form of acceptance). Claim amounts will be deducted from the payment made for the order.

8.1. Gfresh captures inspection video footage and photographs to substantiate any claims made. Below are the guidelines followed:

- Clearly captured image of the packaging and packer's label.

- Photos are taken of dead products, measuring scales with an empty container (set to 0) and a clear photo of the final weight on the scale's display when the product is weighed.

- Video: beginning with a closed box, capturing the packer's label, and continuous filming as the box is opened for the first time, temperature monitor is retrieved (if applicable), net weight taken, product unpacked, and product inspected.

- If dead products are discovered during the inspection, the animal must be flipped upside down (belly facing up), and scanned over slowly with the video camera.

- All dead products must be filmed together in a short clip no less than 10 seconds long.

8.2. If mortality exceeds the specified default mortality rate, then two Gfresh inspectors are required to sign off on the inspection report.

8.3. Gfresh inspectors are permitted to implement sampling in order to determine the quality of an entire shipment.

Sampling guidelines depend on the size of the shipment and are as follows:

- 5 or less boxes: inspect all boxes.

- More than 5 boxes: inspect 20% of the shipment (a minimum of 5 boxes are inspected, but no more than 10):

- If mortality exceeds 20% on first sample inspection, products must be reinspected and the sample size will be doubled. § If mortality exceeds 50% on first sample inspection, the entire shipment must be reinspected.

- Gfresh can provide a fee-for-service to Sellers where inspectors will open more boxes based on the Seller's instruction. Gfresh charges RMB ¥20 per box for this service.

9. Payments

9.1. Gfresh serves as the guarantor for both Buyer and Seller. Sellers can view their account balances within the Gpay system, and funds may be withdrawn within 24 hours of being deposited into their account.

9.2. Sellers must provide accurate banking information that is in line with the registered entity detailed within Gfresh contracts. Otherwise, payments may not be made. No third parties are allowed to withdraw funds on the Seller's behalf.

10. Suspension from Gfresh's Services

10.1. If a Seller does not fulfill their end of a contractual agreement to ship goods based on orders taken (not including circumstances outside of the Seller's control e.g. flight cancellations), penalty actions will be taken against the Seller.

- If improper behavior (as noted above) is exhibited more than 3 times within 1 week, or 10 times within a month, then the Seller will be suspended from all Gfresh activity for a 1 month period (30 days).

10.2. If a Seller refuses to accept valid and credible proof of a credit claim made against their shipments more than 2 times, the Seller will be suspended from all Gfresh activity for a 1 month period (30 days).

10.3. If actual mortality rates of orders exceed 50% more than 3 times within a 1 month period, the seller will be suspended from all Gfresh activity for a 1 month period (30 days).

10.4. If the Seller's shipments exhibit weight shortages greater than 5% less than specified on more than 3 occasions within a 1 week period, or 10 times within a month, the Seller will be suspended from all Gfresh activity for a 1 month period (30 days).

10.5. During a busy season, if a Seller's inventory is seen to be less than 150% of their slow season's listed inventory (for a sustained 1 month period), the Seller will not be permitted to sell at the fixed marketplace during the busy season.

10.6. If within a 1 week period, a Seller ships product with incorrect sizes or grades more than 3 times, and the scope of the infractions are more than a 20% difference from their original orders, then the Seller will be suspended from all Gfresh activity for a 1 month period (30 days).

10.7. If at any time a Seller is suspended from Gfresh (because of any of the conditions listed above), the Seller must deposit US $2000 with Gfresh before becoming active again. If they make another infraction, then they will be suspended for 2 months, and forfeit their US $2000 deposit. After the 2 months, the Seller may reactivate their account again with a US $4000 deposit to Gfresh. If they infract again further, they will forfeit the deposit and a new, increased deposit will be required accordingly.

11.Customs Clearance Delays

11.1. Gfresh customs clearance and logistical services guarantee delivery times depending on the delivery's location within a certain radius of the port of arrival:

- If within a 100 km radius, delivery will be within 7 hours.

- For every additional 100 km in delivery radius, there is an additional 2 hours delivery time.

11.2. Customs offices open at 8.30AM. For flights arriving before this time, delivery times will be calculated using 8.30AM as the start time.

11.3. Delays due to natural forces, bad weather or traffic patterns may occur and Gfresh will not be held responsible for deliveries made outside of guaranteed timeframes caused by these external factors.

11.4. If delays occur during customs inspections, delivery times will be extended by 2 hours.

11.5. If Gfresh is responsible for delays in clearing customs and the delivery process, Gfresh will compensate the Seller US $5.00 per box per hour delayed.

12.Any changes to the Sellers' Terms and Conditions will be communicated 2 weeks in advance.

13.The right of final interpretation of the Sellers' Terms and Conditions belongs to Gfresh.

Appendix I

Brown Crab / Jonah Crab / Blue Crab / Green Crab / Mud Crab

1. Mortality

1.1. Mortality Default Allowance:

ProductMortality Allowance
Brown Crab / Jonah Crab / Blue Crab / Green Crab / Mud Crab10%

1.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- For Brown Crab and Jonah Crab; the Seller credits the Buyer for 50% CNF value of mortality exceeding the specified allowance rate.

- For Green Crab, Blue Crab and Mud Crab; the Seller credits the Buyer for 100% CNF value of mortality exceeding the allowance rate.

2. Shrinkage

2.1. Shrinkage Default Allowance:

ProductShrinkage Allowance
Brown Crab / Jonah Crab / Blue Crab / Green Crab / Mud Crab3%

2.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- If the actual shrinkage rate is within 2 times of the default allowance – credit is calculated as the difference between invoiced weight and actual weight on arrival, less allowance. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

- If the actual shrinkage rate is over 2 times the default allowance – credit is calculated based on the actual weight on arrival. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

** Customs Tax: 14%

** VAT: 13%

** Delivery Charges: 4.5%

3. Damaged Product

3.1. Damaged Default Allowance:

ProductDamaged Product
Brown Crab / Jonah Crab / Blue Crab / Green Crab / Mud Crab15 damaged legs allowed per box (not including single crabs with 3 or more damaged legs)

3.2. Damaged legs over default allowance: Seller compensates the Buyer US $0.20 per damaged leg. Total claimed amounts should not exceed the CNG value of whole order.

3.3. Individual crabs that have damaged legs in excess of allowance rates are to be compensated at the rate of US $0.35/kg x CNF Price.

4. Spoiled/Rotten Product

4.1.Claim valued at 132% of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:14%

** VAT: 13%

** Delivery Charges: 4.5%

5. Auction Time

ProductTime Prices Go LiveAuction Start Time
Brown Crab / Jonah Crab / Blue Crab / Green Crab / Mud Crab14.00 PM Beijing time(T-1 days to arrival)15.00 PM Beijing time(15.00 PM Beijing time(T-1 days to arrival)

6.Cut-off Time of Documentation

ProductCutoff Time
Brown Crab / Jonah Crab / Blue Crab / Green Crab / Mud Crab23.00 PM Beijing time (T-2 days to arrival)

7.Discrepancies arising from quality

7.1. If product shipped is determined to be of higher quality than product ordered, the original pricing will prevail.

7.2. If product shipped is determined to be of lower quality than of that ordered, the Seller must honor pricing for lower quality product and pay 5% of the invoice value based on the lower quality product's pricing. In addition, the Seller must compensate the Buyer for 5% of the value of the ordered goods.

7.3. If the Seller does not have a listed price for a lower quality product, the Seller will automatically be subjected to pay the Buyer compensation based on 35% of the value of the goods ordered.

Appendix II

Dungeness Crab

1. Mortality

1.1. Mortality Default Allowance:

ProductMortality Allowance
Dungeness Crab10%
Dungeness Crab (cull)10%
Dungeness Crab (with broken legs)10%

1.2. When product arrives with mortality rates exceeding any of the above, the Seller must pay credit according to the following policies:

- Seller credits Buyer for 750% CNF value of mortalities exceeding the allowance rate.

2. Shrinkage

2.1. Shrinkage Default Allowance:

ProductShrinkage Allowance
Dungeness Crab3%
Dungeness Crab (cull)3%
Dungeness Crab (with broken legs)3%

2.2. When product arrives with shrinkage rates exceeding any of the above, the Seller must pay credit according to the following policies:

- If the actual shrinkage rate is within 2 times of the default allowance – credit is calculated as the difference between invoiced weight and actual weight on arrival, less allowance.Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

- If the actual shrinkage rate is over 2 times the default allowance – credit is calculated based on the actual weight on arrival.Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

** Customs Tax: 14%

** VAT: 13%

** Delivery Charges: 4.5%

3. Damaged Products

3.1. Damaged Default Allowance:

ProductDamaged Product
Dungeness Crab5 damaged legs allowed per box (not including single crabs with 3 or more damaged legs)
Dungeness Crab (cull)15 damaged legs allowed per box
Dungeness Crab (with broken legs)No compensation for damaged legs)

3.2. Damaged legs:

- 1-3 damaged legs: Seller compensates Buyer US $2/ea

- 4-6 damaged legs: Seller compensates Buyer US $4/ea

- 6+ damaged legs: Seller compensates Buyer US $6/ea

3.3. The total claims amount cannot exceed the total CNF value of the invoice

3.4. Individual crabs that have damaged legs in excess of allowance rates are to be compensated at the rate of US $0.35/kg x CNF Price

4. Spoiled/Rotten Product

4.1.Claim valued at 132% of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:14%

** VAT: 13%

** Delivery Charges: 4.5%

5. Discrepancies arising from quantity

5.1. If product shipped is determined to be more than that which was ordered, the quantities in excess are to be compensated at the rate of US $0.35/kg x CNF Price.

6. Auction Time

ProductTime Prices Go LiveAuction Start Time
Dungeness Crab12.00 PM Beijing time(T-2 days to arrival)15.00 PM Beijing time(15.00 PM Beijing time(T-2 days to arrival)

7. Cut-off Time of Documentation

ProductCutoff Time
Dungeness CrabT-2 23.00 PM Beijing time

8.Discrepancies arising from quality

8.1. If product shipped is determined to be of higher quality than product ordered, the original pricing will prevail.

8.2. If product shipped is determined to be of lower quality than of that ordered, the Seller must honor pricing for lower quality product and pay 5% of the invoice value based on the lower quality product's pricing. In addition, the Seller must compensate the buyer for 5% of the value of the ordered goods.

8.3. If the Seller does not have a listed price for a lower quality product, the Seller will automatically be subjected to pay the buyer compensation based on 35% of the value of the goods ordered.

Appendix III

Lobster

1.Mortality

1.1. Mortality Default Allowance:

ProductMortality Allowance
Lobster(Hard Shell)5%
Lobster(Firm Shell)8%

1.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- Seller credits Buyer for 50% CNF value of mortalities in excess of the allowance rate.

2. Shrinkage

2.1. Shrinkage Default Allowance:

ProductShrinkage Allowance
Lobster(Hard Shell)3%
Lobster(Firm Shell)3%

2.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- If the actual shrinkage rate is within 2 times of the default allowance – credit is calculated as the difference between invoiced weight and actual weight on arrival, less allowance.Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

- If the actual shrinkage rate is over 2 times that of the default allowance – credit is calculated based on the actual weight on arrival.Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

** Customs Tax: 10%

** VAT: 13%

** Delivery Charges: 4.5%

3. Damaged Product

3.1. Lobsters arriving with missing/damaged claws and shells will be considered as secondary products. Claims will be made on the total weight of these products at 35% of the CNF value.

4. Spoiled/Rotten Product

4.1.Claim valued at 128 % of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:10%

** VAT: 13%

** Delivery Charges: 4.5%

5. Auction Time

ProductTime Prices Go LiveAuction Start Time
LobsterEvery Friday at 12.00 PM Beijing timeEvery Friday at 15.00 PM Beijing time

6.Cut-off Time of Documentation

ProductCutoff Time
LobsterT-4 21.00 PM Beijing time

7.Policies regarding shipping incorrect grades of lobster

7.1. If the grade shipped is off by only one grade (i.e. 1.25 lb or 1.75 lb, when 1.50 lb were ordered), the lower of the two prices will prevail.

7.2. If the grade shipped is off by more than one grade (i.e. 1.00 lb or 2.00 lb, when 1.50 lb were ordered), the lower of the two prices will prevail and the Seller will compensate the Buyer 3% of the CNF value of the correct size ordered.

7.3. If the Seller has not notified Gfresh of the incorrect packing within 1 hour of the plane taking off from port of origin, an additional 3% penalty will be incurred in addition to the above penalties.

7.4. If product shipped is determined to be different to what is specified on its packaging, the Seller will automatically be subjected to pay the Buyer compensation based on 35% of the value of the goods ordered.

Appendix IV

Abalone

1.Mortality

1.1. Mortality Default Allowance:

ProductMortality Allowance
Abalone10%

1.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- Seller credits Buyer for 50% CNF value of mortality in excess of the allowance rate.

2. Shrinkage

2.1. Shrinkage Default Allowance:

ProductShrinkage Allowance
Abalone5%

2.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- If the actual shrinkage rate is within 2 times that of the default allowance – credit is calculated as the difference between invoiced weight and actual weight on arrival, less allowance. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

- If the actual shrinkage rate is over 2 times that of the default allowance – credit is calculated based on the actual weight on arrival. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

** Customs Tax: 9%

** VAT: 13%

** Delivery Charges: 4.5%

3. Spoiled/Rotten Product

3.1.Claim valued at 127 % of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax: 9%

** VAT: 13%

** Delivery Charges: 4.5%

4. Auction Time

ProductTime Prices Go LiveAuction Start Time
Abalone14.00 PM Beijing time(T-1 days to arrival)15.00 PM Beijing time(15.00 PM Beijing time(T-1 days to arrival)

5. Cut-off Time for Documentation

ProductCutoff Time
AbaloneT-5 17.00 PM Beijing time

Appendix V

Oyster/ Sea Urchin

1.Mortality

1.1. Mortality Default Allowance:

ProductMortality Allowance
Oyster/Sea Urchin5%

1.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

- Seller credits Buyer for 100% CNF value of mortalities in excess of the allowance rate.

2. Spoiled/Rotten Product

2.1.Claim valued at 132 % of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:14%

** VAT: 13%

** Delivery Charges: 4.5%

3. Damaged Product

3.1.Damaged Default Allowance:

ProductDamaged Allowance(broken shell)
Oyster/Sea Urchin5%

3.2. If the actual damaged rates are in excess of the allowance: the claim will be valued at 132% of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:13%

** VAT: 14%

** Delivery Charges: 4.5%

4. Auction Time

ProductTime Prices Go LiveAuction Start Time
Oyster/Sea Urchin14.00 PM Beijing time(T-1 days to arrival)15.00 PM Beijing time(15.00 PM Beijing time(T-1 days to arrival)

5. Cut-off Time of Documentation

ProductCutoff Time
Oyster/Sea UrchinT-5 17.00 PM Beijing time

Appendix VI

Geoduck

1.Mortality

1.1. Mortality Default Allowance:

ProductMortality Allowance
Geoduck5%

1.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

1.2.1. Seller credits Buyer for 100% CNF value of mortalities in excess of the allowance rate.

2. Shrinkage

2.1. Shrinkage Default Allowance:

ProductShrinkage Allowance
Geoduck10%

2.2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

2.2.1. If the actual shrinkage rate is within 2 times that of the default allowance – credit is calculated as the difference between invoiced weight and actual weight on arrival, less allowance. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

2.2.2. If the actual shrinkage rate is over 2 times that of the default allow- ance – credit is calculated based on the actual weight on arrival. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

** Customs Tax: 14%

** VAT: 13%

** Delivery Charges: 4.5%

3. Damaged Product

3.1.Damaged Default Allowance:

ProductDamaged Allowance(broken shell)
Geoduck10%

3.2. If the product count posted online differs from the actual total count on arrival (and the difference is within 3 pcs), then a claim will be made at 6% of the CNF value of one entire box.

3.3. If the product count posted online differs from actual total count on arrival (and the difference is over 3 pcs), then a claim will be made at 16% of the CNF value of one entire box.

4. Spoiled/Rotten Product

4.1.Claim valued at 132 % of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:14%

** VAT: 13%

** Delivery Charges: 4.5%

5. Auction Time

ProductTime Prices Go LiveAuction Start Time
Geoduck14.00 PM Beijing time(T-1 days to arrival)15.00 PM Beijing time(15.00 PM Beijing time(T-1 days to arrival)

6.Cut-off Time of Documentation

ProductCutoff Time
GeoduckT-3 21.00 PM Beijing time

7.Discrepancies Arising From Incorrect Specification

7.1. If products arrive with correct box counts, but incorrect grading or sizes, then the Buyer has the right to refuse or accept the incorrect order.

7.2. If the box count is correct, but the sizes contained within are not, the Buyer will have first right of refusal. If the shipment is refused, the unfulfilled orders will be compensated to the Buyer according to the policies in place regarding short shipments. The remaining product will be processed according to the policies in place regarding over-shipments.


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