Purchase policy

Cheng Yuan Steel Co., Ltd.

1. Scope of Application

This Purchase Policy applies to all orders placed with Cheng Yuan Steel Co., Ltd. for structural steel fabrication products and services. It is designed to ensure a clear and transparent purchasing process between Cheng Yuan Steel and its customers.

2. Quotation and Order Confirmation

• All quotations issued by Cheng Yuan Steel are valid for 30 days unless otherwise specified.

• Orders are only considered confirmed once both parties sign a commercial contract or issue a formal purchase order (PO) acknowledged in writing by Cheng Yuan Steel.

• Any changes to the order (quantity, specification, delivery schedule, etc.) must be mutually agreed upon in writing.

3. Pricing and Payment Terms

• Prices are quoted in the agreed currency (usually USD or VND) and are exclusive of VAT, duties, or shipping costs unless otherwise noted.

• Standard payment terms: 30% deposit upon order confirmation, 70% before delivery, or as per the contract.

• Late payments may incur interest charges as stated in the agreement.

4. Lead Time and Delivery

• Estimated production and delivery timelines are stated in the contract and are subject to material availability and manufacturing capacity.

• Cheng Yuan Steel will make reasonable efforts to meet delivery schedules but is not liable for delays caused by force majeure or circumstances beyond its control.

• Delivery terms (FOB, CIF, DDP, etc.) will follow the agreed Incoterms 2020.

5. Inspection and Acceptance

• Customers may inspect products at Cheng Yuan Steel’s factory before delivery.

• Any claims regarding missing, damaged, or incorrect items must be reported within 5 working days of receipt.

• If no claim is made within this period, the goods will be deemed accepted.

6. Cancellation and Modifications

• Orders may not be canceled once production has started unless otherwise agreed.

• Any changes requested by the customer may result in revised pricing or delivery dates.

7. Governing Law and Dispute Resolution

• This policy and any associated contracts are governed by the laws of Vietnam, unless otherwise agreed.

• In case of disputes, both parties shall first attempt to resolve the issue amicably. If unresolved, the matter will be referred to arbitration in accordance with the rules of the Vietnam International Arbitration Centre (VIAC).