General Conditions of Sale of Voelkel GmbH

Version 2011

§ 1 General / Area of application

(1) These Conditions of Sale apply exclusively. The Seller does not recognise any conditions to the contrary or which vary from these conditions issued by the Customer, unless the Seller has confirmed their validity expressly in writing.

(2) These Conditions of Sale are only applicable to undertakings as defined in § 310 paras. 1 BGB (German Commercial Code).

§ 2 Prices / Conditions of payment

(1) Prices are net prices plus deposit and the statutory rate of VAT applicable on the date of invoicing.

(2) Delivery conditions are “ex works”.

(3) Euro pallets will be invoiced at a cost of 10.00 €uro each.

(4) This price list replaces all previous price lists without reservation.

(5) Unless otherwise agreed in writing, the purchase price becomes due within 10 working days of the invoice date with 2% discount or within 30 working days net. Deduction of the discount for an invoice is permitted only when all other due invoices have been paid.

(6) Goods supplied up to a value of 100.00 € must be paid for without deduction.

(7) Interest will become due for delayed payment (failure to meet the target payment date) at a statutory rate of 8% above base rate.

(8) If the Seller has justifiable doubts about the ability of the Purchaser to pay, he is entitled to consider all open claims as due and payable and only

to make deliveries against prior payment or the provision of security.

§ 3 Taking back empties

Empty containers which are subject to a deposit will be paid for only to the amount for which they were sold.

§ 4 Transfer of risk

(1) Unless otherwise specified in the order confirmation, delivery is agreed to be on the basis “ex works”.

(2) At the Customer’s request, the Seller will take out transport insurance cover for the delivery. All costs associated with this will be paid by the Customer.

Goods with quality defects which are the subject of proper complaints by the Purchaser must be sent back to the Seller without delay with the next delivery of empties. Only in this case will the rights of the Purchaser to make a complaint be upheld.

§ 5 Liability for defects

(1) Claims made by the Customer for defects are subject to the latter having fulfilled the obligations which he has under § 377 HGB (German Commercial Code) to investigate and make complaints properly and without delay.

(2) Goods with quality defects about which the Purchaser as complained properly and without delay must be returned to the Seller with the next delivery of empties. Only in this case will the rights of the Purchaser to make a complaint be upheld.

(3) The Seller has liability in accordance with statutory regulations if the Customer pursues claims for compensation based on wilful intent including the wilful intent of the Seller’s representatives or vicarious agents. If the Seller is not being charged with any deliberate breach of the contract, liability for compensation is limited to typical damage whose occurrence could have been anticipated.

(4) The period of limitation for claims for defects is 12 months, calculated from the date of transfer of risk.

§ 6 Securing reservation of ownership

(1) The Seller reserves the right of ownership for the item sold up to receipt of all payments under the contract of supply. If the Customer behaves in breach of the contract, in particular by delaying payment, the Seller is entitled to take back the item sold. Taking back the item sold by the Seller implies withdrawal from the contract. The Seller is authorised to recycle the item sold after taking it back, and the revenue from recycling will be offset against the Customer’s liabilities – with a deduction for reasonable recycling costs.

(2) The Purchaser is entitled to process and sell the goods in normal business transactions, provided he has not delayed payment. Pledges or assignments as security are not permitted. As of now, and as a safeguard, the Purchaser assigns the full extent of claims arising from the onward sale or on any other legal basis in respect of the goods to the Seller. The Seller authorises the Purchaser irrevocably to collect claims assigned to the Seller for payment by him in his own name. This authorisation to collect claims may be revoked only if the Purchaser fails to fulfil his payment obligations correctly.

(3) The Customer must inform the Seller in writing without delay of any pledges or other interventions by third parties, so that a suit may be filed under the terms of § 771 ZPO (Code of Civil Procedure). If the third party is not in a position to reimburse the court and out-of-court costs of legal action under the terms of § 771 ZPO, the Customer is liable for the financial loss we have incurred.

(4) The Seller undertakes to release the securities to which he is entitled at the Customer’s request if the realisable value of our securities exceeds the claims to be guaranteed by more than 10%.

§ 7 Court of jurisdiction / Place of performance

(1) The court with jurisdiction is the court at the Seller’s Head Office; the Seller is, however, entitled to pursue legal action against the Customer at his place of residence also. German law applies to the contractual relationship.

(2) The Seller’s Head Office is the place of performance, unless otherwise stated in the order confirmation.

§ 8 Saving clause

Should any clause of these terms of business be or become inoperable, the validity of all other clauses is not thereby affected.