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Jewellers Trade Services Partners, London

Terms and conditions of business, delivery and payment for use in business dealings with companies

I. General

1) All deliveries, services rendered and quotations on our part will be executed exclusively in accordance with the following terms and conditions. These are valid for all future business transactions even when not expressly renegotiated and agreed. At the latest, with the acceptance of our service and/or delivery, the Company accepts these Terms and Conditions.

2) Any acknowledgement of the validity of the terms and conditions of the contractual partner is herewith contradicted. These Terms and Conditions may not be varied or waived except with our express written agreement.

3) Companies in the sense of these Terms and Conditions are natural or legal persons or legally recognized private companies who exercise commercial or self-employed activities with whom we enter into a business relationship.

II. Quotation and Conclusion of the Contract, Prices

1) Our quotations are subject to change and are non-binding. These Terms and Conditions come into force when received together with the confirmation of order or invoice, provided the contract was not concluded by telephone, and otherwise on delivery of the goods to the Company.

2) The agreed prices are those prices in Euro plus the respective compulsory value added tax valid on the date of contract closure.

III. Delivery, Passing of Risk

1) The agreement of binding delivery dates must be made in writing.

If non-compliance with the agreed delivery period is due to force majeure e.g. mobilisation, war, riots, force of nature or similar occurrences e.g. strike, lockout, the delivery period will be extended appropriately.

We reserve the right to execute part-deliveries and part-services at any time unless the part-delivery or part-service is of no interest to the contractual partner.

2) The risk for a freight-paid delivery is transferred to the contractual partner as soon as the shipment has been dispatched to the transport company or has left our warehouse for delivery purposes. Should the contractual partner request a delay in shipping, the risk is transferred to him as from the notice of readiness for delivery. The transfer is considered complete even if the customer defaults acceptance.

IV. Terms of Payment, Default, Counter-claims

1) The invoiced value is due in full immediately upon receipt of the invoice. Should the contractual partner not pay within two clearing days after the due date, he is in default of payment without a reminder.

The customer must pay an interest rate of 5% above basic interest rate on arrears.

2) In the case of a delayed payment the contractual partner must pay the compulsory interest rate. We reserve the right of assertion of a higher interest rate and/or further damage on our part with appropriate evidence. In this case the contractual partner can exonerate himself if he furnishes evidence that no further losses were incurred.

3) The exercising of the right of retention of payment by the contractual partner is excluded in that the right of retention has no bearing on the said contractual relationship.

The contractual partner is entitled to the right to offset only in the case that a valid counter claim has been legally ascertained, is indisputable or has been approved by us.

4) Should we learn of circumstances which question the creditworthiness of the contractual partner, we reserve the right to demand immediate payment of all outstanding amounts, to withhold undelivered orders and/or to demand a payment bond as security.

V. Reservation of proprietary rights

1) Until all outstanding debts pertaining to the Contractual Partner, including the current account balance, to which, on all legal grounds, we are entitled, now or in future, have been settled, the following securities are granted to us. These must be floated on our request insofar that their value effectively exceeds the debts by 20%.

2) The goods remain our property. Processing and alteration are always carried out for us but with no obligation on our part. If our right of (co-)ownership expires through connection, it is here and now agreed that (co-)ownership of the contractual partner to the single commodity on a value basis (invoice value) shall pass to us. The contractual partner stores our (co-)ownership free of charge. The goods to which we are entitled to a (co-)ownership will hereafter be called “goods subject to retention of title”.

3) The contractual partner has the right to trade or sell the goods subject to retention of title in an orderly manner as long as he is not in arrears. Pledging or security transfers of title are not acceptable.The contractual partner will cede all existing outstanding accounts (including all current account balances) pertaining to the resale of the goods subject to retention of title, on whatever legal ground, to us by way of security. We hereby grant the contractual partner revocable authorization to collect payments/receivables assigned to us, in his own name on our behalf. This direct debit authorisation can be revoked if the contractual partner does not satisfy his payment obligations in an orderly manner.

4) Should a third party have access to the goods subject to retention of title, garnishments in particular, the contractual partner will advise of our ownership and inform us immediately so that we are in a position to enforce our right of property. In so far as the third party is not in the position to reimburse usof the generated (out of-) court costs, the contractual partner is liable.

5) We reserve the right to terminate this Agreement and demand the return of the delivery item in particular upon any breach by the Customer to pay undisputed amounts after he has been given an adequate period of grace and the procedure has remained unsuccessful; the legal regulation of the dispensability of a period of grace remains unaffected. The contractual partner is obliged to deliver.

VI. Defects

We are liable for material defects as follows:

1) We shall choose to repair or rectify free of charge, deliver or supply replacements of all parts or services which are proven to have defects within the limitation period in so far as the cause existed before the transfer of risk.

2) The statutory period of limitations expires after 12 months.

This is not valid in so far as the law prescribes longer terms such as in cases of injury to life, body or health due to intent and gross negligence of our obligations and malicious silence pertaining to a defect. The legal regulation of expiry, suspension and resumption of the terms remain unaffected.

3) The Customer must inform us in writing of any evident defects within a period of two days of establishing that the condition of the delivery item is contrary to contract. Material to ensuring this period is the receipt of the information. Should the Customer neglect to give this written information, the right of warranty expires two months after establishing the defect. This is not valid in the case of maliciousness on our part.

The burden of proof of defect detection and of the time of defect establishment rests on the Customer as does the responsibility of informing us in good time, in order to fulfil all claim requirements.

4) Initially we grant a supplementary performance within an appropriate period of time.

Should the supplementary performance fail, the Contracting Party may withdraw from the Agreement or reduce payment.

Should the Customer choose to withdraw from the Agreement after a failed supplementary performance, he forfeits his right to any claim of compensation for the defect.

Should the Customer claimcompensation after a failed supplementary performance, the object of agreement remains with him in so far as it is reasonable. The compensation is limited to the difference between the purchase price and the value of the faultless object. This is not validif we have caused a malicious breach of agreement.

5) Descriptions of properties, given, for example during meetings or as information in pamphlets or advertisements, are not binding, on our part, in a guarantee case.

VII. Limitation of Liability, Compensation Claims

1) Claims for compensation and reimbursement of expenses on the part of the Customer (hereafter called Compensation Claims) whatever the cause in law, in particular the injury of responsibilities pertaining to the contractual obligation and unauthorized activity, are excluded.

2) This is not valid unless liability is compulsory e.g. according to Product Liability Law, in cases of intent, an act of gross negligence, injury to life, body or health, due to a breach of the constitutiveresponsibilities according to the Agreement. The Compensation Claim for the breach of constitutive responsibilities according to the Agreement is, however, limited to contract- typical, predictable injuries in so far as no premeditation or gross negligence exists or liability for injury of life, body or health.

A change in the burden of proof to the disadvantage of the Customer is not adjunctive to the preceding regulations.

VIII. Final Clause

1) This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany.

2) The court of jurisdiction for all litigation pertaining to this contract is our business location.

3) If any part of these conditions shall be found to be unlawful, void or unenforceable it shall not affect the validity or enforceability of the remainder of the conditions. This is not valid if the adherence to this contract means unreasonable hardship for one of the parties.