Equipment Sales Agreement - Gravity Corp. and Gravity Interactive LLC
EQUIPMENT SALES AGREEMENT
Between
GRAVITY CORPORATION, hereinafter called Seller
And
GRAVITY INTERACTIVE LLC, hereinafter called Buyer
This Selling Agreement is between Seller and Buyer dated 04.01.2003, contains
the following terms:
1. Sale
Seller hereby sells to Buyer and Buyer hereby purchases from Seller, all
equipment listed on section 2 of this agreement. Seller and Buyer hereby affirm
to have the ability to perform responsibly in connection with this Selling
Agreement.
2. Description of Equipment
Followings are the list of equipment that seller agrees to provide according to
the sales agreement:
Make Item Description Quantity Memo
---- ---------------- -------- ----
Dell Severs-pe1650 24 Server
Dell Severs-pe2650 4 Server
Dell 2940 Cisco switchbox 9
Dell 73GB HDD 4
Dell 36GB HDD 4
Dell KVM switch box with cable 1
Dell Other parts 1
3. Delivery of Equipment
1) Seller agrees to promptly deliver all above mentioned Equipment and
request for an inspection for an approval. Buyer shall inspect each
item of Equipment after the delivery and the completion of delivery
shall be at the time of succeeding inspection.
2) In the case of delivering equipment on installment basis either due to
contract
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term or based on buyer's instruction, the inspection shall be
processed on first come first inspection basis.
3) Any expected delay on delivery shall be notified to the buyer on a
timely manner. Seller shall provide a specific reason for postponement
and the next expected delivery date. Any breach on this term might
result in cancellation of a contract.
4. Quality and Assurance
All equipment must be compatible with the buyer's specifications and the purpose
of purchasing equipment.
5. Buyer's Inspection and Acceptance
1) The inspection shall be conducted on the buyer's standard inspection
regulations.
2) Buyer shall inspect each item of equipment. The buyer may perform
random sampling for inspection if it's necessary.
3) The Buyer's acceptance of equipment shall be evidenced by succeeding
inspection, but the buyer has a right to reject for any non-compatible
equipment according to Buyer's specification. The buyer may ask the
seller to re-assemble or re-produce equipment at the seller's cost.
4) An additional inspection shall be conducted for the re-assemble or
re-produced equipment.
5) Any compatible equipment shall be returned to the seller immediately
at Seller's cost to re-assemble or re-produce the equipment until it
becomes compatible with the buyer's specifications. The Seller is
responsible to withdraw any un-approved equipment from the seller
within 30 days after the result of unsuccessful inspection. If the
seller does not withdraw the un-approved equipment within 30 days
period, it would consider as a forfeiture of equipment by the Seller
and the Buyer has right to deal with un-approved goods according to
the Buyer prescribed Purchase return policy unless if there is a
separate agreement between the Seller and Buyer in handling
un-approved equipment.
6) The inspection procedures and regulations shall be based on the
buyer's judgment, if otherwise separately denoted.
7) Inspection procedure may change on a mutual agreement between the
buyer and the seller.
6. Assignment
Seller shall not transfer ownership, or manufacturer, or assign a third party
for production.
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7. License and Trademark
Seller is responsible for the costs and the administrative issues that may
generate while issuing license, or trademark, and or permit.
8. Payment
1) Seller shall be entitled to the 90 days inspection period after the
delivery date, and if equipment is acceptable shall promptly execute
an invoice. Payments shall be made on Net 30 term.
2) The total selling amount on this agreement shall be $110,293.00.
9. Payment exemption
Buyer may make partial payments on the contract before the final production, in
favor of the seller's financial and business conditions.
THIS AGREEMENT IS SUBJECT TO THE TERMS AND CONDITIONS WRITTEN ABOVE AND WHICH
SELLER AND BUYER ACKNOWLEDGE HAVING READ. THIS AGREEMENT SHALL BE EFFECTIVE UPON
ON THE DATE WRITTEN FIRST ABOVE.
SELLER : GRAVITY CORP.
BY: HWI YOUNG, JUNG
----------------------
/S/ JUNG HWI YOUNG
TITLE: CEO 04/01/2003 DATE
BUYER : GRAVITY INTERACTIVE LLC
BY: JUNG R. KIM
----------------------
/S/ JUNG RYOOL KIM
TITLE: CEO 04/01/2003 DATE