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ILSC BYK18-011

  This AGENCY AGREEMENT is made by and between BYK Lines, Inc. located as below and Global Sea & Air Co., Ltd. (GSA), called and located as below with respect to the agency agreement defined in the following articles.

1. Scope of Agreement

  a. Each party is to act as an official agent for the other in the field of FREIGHT FORWARDING by Sea and Air.
  b. Each party shall issue Bills of Lading(hereafter Bs/L) as to the Shipping Request and send its agent the Bs/L by mail, by email or by fax. The counter party shall be responsible for collecting the original Bs/L from the consignee.
  c. Both parties will protect mutual benefits by avoiding the extra-charges, and supplying its agent the necessary information such as freight rates, clients' details, market situation, etc.

2. Profit Split, Agency Fee and Refund (vice versa)
  a. agency fee free(receiving agency fee)
     POL side sales and routes shipments to agency at POD.
  b. if not case #a
   1. POL 50-50 POD half share basis: mutually developed
   2. shipment routing party 70-30 its agency share
  c. minimum agency fee (if not #a + #b)
     mutual development case or nominated case
 how box share per remarks
     air         free  AWB
     sea FAK     usd15 W/M refund  (consolidated box)
     sea FCL 20' usd50 box
     sea FCL 40' usd50 box
     sea LCL     usd50 B/L
3. Invoice and Payment(Telegraphic Transfer: TT)
   Each party shall send the invoices within 7 days after occurrence.
   Each Party shall settle down the invoice amounts monthly by TT.
   Prefer to keeping the balance Zero by adjusting the freight term of MB/L and HB/L to avoid the TTF.
   For a special, each shall invoice and remit right away.

4. Data interchange and security
   Each Party is to interchange the data so as to manifest, invoice, etc for efficient business. Each party is also to keep the data secured to avoid any damage or loss from the leakage of data.

5. Liability and Indemnity
   Both parties must act in strict accordance with this contract, decrees and laws, both national and regional respectively.
   Liability and Indemnity is respectively to hold and indemnify each other responsible for damage, delay or loss caused by negligence, omission, misconduct or misrepresentation by the other party. In the event of proven negligence, the liability shall not exceed the value of the merchandise or invoice value of goods lost, damaged or delayed, whichever is less.

6. Arbitration + Jurisdiction
   All disputes, which cannot be solved amicably, shall be settled by arbitration. Both parties agree to put the case to the board of arbitrators acceptable both parties.
   Action against each party may only be instituted in the country where the counter party has his principal place of business and shall be decided according to the law of that country.

7. Report + Presenting
   If a party has any problems in proceeding with its job, or if it has any thing to report, it shall report it to its agent.
   If one party receives a claim from shipper or consignee, the counter party shall present all concerned documents to its agent.

8. Liability with Servants and Sub-contractors
   Without counter party's consent a party cannot hand over the duty and/or right to another party. Both parties shall be responsible for any loss or damage resulting from handing over duty and/or rights to Servants and Sub-contractors.

9. Lien
  Both parties shall have a lien on the goods for any amount due under this contract including storage and for the cost of recovering the same, and may enforce such a lien in any reasonable manner.

10. Effective Period
  This agreement shall be effective on and after the signature date below and shall remain in force unless amendment or termination by either party with written notice to the counter party.

11. Amendment and Termination
  It can be amended at any time by mutual consent in writing.
  If there is no shipment for 1 year since the last shipment, this agreement automatically expires. Or the termination will be effective after 30 days of the written notice that be presented by any of parties by fax, email or mail to terminate.

  In witness whereof the parties have caused this agreement to be executed in duplicate by their respective duly authorized officers as of the date below written.


BYK Lines, Inc. (BYK)


 Global Sea & Air (GSA)


5F, 17-1 Namdaemunro4ga, Jung-gu, Seoul 04526 KOREAsouth
tel: +82-2~779-2030
web: www.byklines.co.kr







AHN Ji Hyun











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