Article 1 (Purpose)

The purpose of these Terms of Use is to set forth the basic terms and conditions for ESCROW transactions between Taegwang International Ltd (hereinafter, "we" or "us") and member corporations to use ESCROW service provided by us thru our Site, "Allparts" so that fast and efficient processing of the transactions may be promoted and the interests of the parties to the transactions are reasonably adjusted.

Article 2 (Definition)

1. "Service" means all the activities processed and provided by Allparts system related with ESCROW process which consists of the purchase order, the deposit of price of goods, shipment of goods, transmission of price to the seller.

2. "Member" means an individual or a corporation who acquires eligibility to use Allparts' service after completing registration procedures to use it.

3. "Non-member" means an individual or a corporation who use Allparts' service without being registered as members.

Article 3 (Effectuation of ESCROW Service)

The ESCROW service shall take effects in the case when the buyer and seller companies make a contract by completing the below step-by-step procedures ended finally with confirmation on seller's supply of goods according to buyer's order sheet.

1. The buyer company sends the Request for Quotation to the seller thru on-line process provided by Allparts.

2. The seller company sends the estimate sheet to the buyer thru on-line process provided by Allparts.

3. The buyer company places the order for purchase in the base of the estimate received from the seller thru on-line process provided by Allparts.

4. The seller company approves the order for the purchase of the buyer thru on-line process provided by Allparts.

Article 4 (Deposit of the price of Goods)

1. In case that the contract takes effects, we shall request the deposit of the price of goods and the buyer company shall remit that amount to us within five (5) days without any specific provisions on order sheet for purchase.

Article 5 (Supply of Goods)

1. The seller company shall ship goods to the buyer company within the date of supply on contract paper, in the case when takes the notification of deposit of goods price and the request for shipment of goods from Allparts.

2. The seller company shall use the reliable delivery company possible for verifying shipment in the shipping of goods and in the case of direct shipping, shall receive and keep the delivery form.

3. The seller company shall register information of shipping thru on-line process provided by Allparts, right after shipping of goods.

4. In case that the dispute on shipping occurs, the seller company shall prove the shipment.

Article 6 (Verification of Receipt of Goods)

1. The buyer company shall register information of receipt thru on-line process provided by Allparts, after verifying on receipt whether or not those goods received are normal.

2. The buyer company shall verify receipt of goods within five (5) days on basis of working days from date of receipt.

Article 7 (Payment for Goods)

1. We shall remit the price of goods to the seller company right after notified the confirmation of receipt of goods from the buyer company.

2. In case that the buyer company does not confirm the receipt of goods, we shall verify the date of buyer's receipt of goods from both the seller and delivery company and remit the price of goods to the seller company after five (5) days on basis of working day from the date of receipt.

3. The price shall be paid thru bank and be remitted to the account established in the name of corporation in the event of a corporation and in the name of company or representative in the event of individual business company.

Article 8 (Postponement of Payment for Goods)

We shall postpone payments for goods in the following cases.

1. In case we receive the report for receipt of different goods with ordered goods.
2. In case we receive the report for receipt of goods delivered as damaged.

Article 9 (Return Shipping)

1. The return shipping shall be processed in accordance with related laws on the preferential basis.

2. In case of the dispute of return shipping incurred by goods delivered as damaged, the seller shall prove the fact goods have been shipped as not damaged from the seller.

3. In case that the buyer and seller reach the mutual agreement of return shipping, we shall remit the price of goods to the buyer after verifying the return shipping to the seller.

Article 10 (Refund by Cancellation of Order)

1. In case the seller cancels the order, we shall refund the price of goods to the buyer.

2. In case the buyer cancels the order, we shall refund the price of goods to the buyer by the seller's agreement or in accordance with the mutual agreement between the buyer and seller.

Article 11 (Service Fee)

1. The fee for ESCROW service provide by Allparts shall be fixed in the separate statement with these terms of use.

2. We shall provide notification about service fee on our Site for our member to recognize it without fail.

3. We shall receive the service fee, according to contract, from the buyer and/or the seller and issue the tax sheet only after the transaction by using Allparts ESCROW service completes.

Article 12 (Member Management)

1. We shall manage the information that the buyer and seller company have made a use of Allparts ESCROW services.

2. In case that a member cancels the order after completion of the purchase order and refuses supply of goods after completion of confirming order over three (3) times one-sidedly, we shall deprive him/her of membership to be withdrawn.

3. In case of withdrawal by deprival of membership, the individual or corporation concerned shall not be re-joined within one (1) year.

Article 13 (Dispute Resolution)

1. We shall not guarantee the quality of supplied goods and so the indemnity and dispute for trouble in quality, delay of supply and damages regarding dealing goods, shall be settled in principle between buyer and seller company. In case that the dispute between buyer and seller occurs, we shall strive to do our best to help it resolved amicably.

2. In no event will we be liable, nor do we assume responsibility, for trouble in quality, delay of supply and damages regarding dealing goods and so shall not be claimed with any compensations or disadvantaged.

3. In case of the occurrence of an electronic commerce dispute between us and users, we may follow the mediation of the Electronic Commerce Mediation Committee which is established in accordance with Article 28 of Framework Act on Electronic Commerce of Republic of Korea and Article 15 of Enforcement of Republic of Korea of the same Act,

Article14 (Jurisdiction and applicable law)

1. The lawsuits on an electronic commerce dispute between us and users shall be instituted to the competent court under the Civil the Procedure Act of Republic of Korea.

2. The laws of the Republic of Korea shall be applied to electronic commerce dispute between us and users.


Article 15. Effective Date

These Terms of Use shall take effect on November 1, 2005.