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Section‑7 PROMISE BY THE COMPANY TO PURCHASE THE GOODS FROM ITFC

1. 
   The Company undertakes to purchase the Goods from ITFC after it has taken delivery thereof on behalf of ITFC on the terms specified in Section 7.2 to Section-17 of this Agreement.
   
2. 
   The Sale Contract shall be concluded by an exchange of faxes/telexes/email as soon as the Company has taken delivery of the Goods on behalf of ITFC. The said exchange will consist of an offer from the Company in the form provided for in Appendix-I to this Agreement and an acceptance in the form provided for in Appendix-II to this Agreement.
   
3. 
   If the Company does not communicate with ITFC for the finalization of the conclusion of a Sale Contract within 3 (Three) weeks from the date it has taken delivery of the Goods on behalf of ITFC without a good excuse, the Company will be liable to ITFC for any damage caused by the breach of its undertaking to conclude the contract.
   
4. 
   Once the Sale Contract takes place, ITFC shall be deemed to have fulfilled its obligation to deliver the Goods to the Company in accordance with the Sale Contract.
   

Section‑8 SALE PRICE OF THE GOODS SOLD TO THE COMPANY
The Sale Price shall consist of the total cost of the shipment and a mark-up corresponding to 4.6% (four-point six percent) per annum i.e. 360 days. For the purposes of this Agreement, the total cost of shipment means the Purchase Price of the Goods paid by ITFC to the Supplier plus any expenses or charges paid by ITFC in relation to the shipment, including bank charges.

Section‑9 SALE OF THE GOODS TO THE COMPANY WITHOUT RESPONSIBILITY OF ITFC FOR DEFECTS
As the Company has selected the Goods relying solely on its own skill and judgment, it is expressly agreed between ITFC and the Company that the Company shall purchase the Goods from ITFC “As - Is” on delivery without responsibility on the part of ITFC for any defect therein. The Company also agrees and acknowledges that ITFC shall be under no liability whatsoever for breach of any obligation relating to the condition of the Goods whether such obligation is expressed or implied by law or recognized by custom. However, if any defect appears in the Goods, ITFC will assign to the Company the rights and warranties to which ITFC may be entitled under the Purchase Contract and all other rights and warranties which may be implied by law or custom in favor of a purchaser.