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TERMS AND CONDITIONS GOVERNING IMPORT AND EXPORT SHIPMENTS It is agreed that the handling and forwarding of all goods by PENSON & CO., (hereinafter called the Company) and the consignee, or shipper (hereinafter called the Customer) is upon the following terms and conditions: DUTY SUBJECT TO LIQUIDATION ON APPRAISER'S REPORT. If the dutiable value shown on this invoice is not correct, please notify us immediately to enable us to rectify with the U.S. Customs. A bond has been given on your account guaranteeing the redelivery to the Customs of unexamined goods not conforming to the various regulations. Goods should not be disposed of until packages retained for examination have been passed. The amount of duty shown is estimated and is payable to Customs prior to examination of goods by U.S. Appraiser. On examination changes may possibly be made which may compel us to call for additional duty. If duty is overestimated, a refund will be made in due course. 1. The Company assumes no liability as a carrier, and is not to be held responsible for any loss or damage to the goods, but undertakes only to use reasonable care in the selection of carriers, truckmen, lightermen, forwarders, agents, warehousemen and others to whom it may entrust the goods for transportation, handling and/or delivery and/or storage or otherwise. 2. The Company is authorized to select and engage carriers, truckmen, lightermen, forwarders, agents, warehousemen and others, as required to receive, forward, transport, store, deal with and deliver the goods, all of whom shall be considered the agents of the Customer, and the goods may be entrusted to such agencies subject to all conditions as to limitation of liability for loss or damage, and to all rules, regulations, requirements and conditions, whether printed, written or stamped, appearing in bills of lading, receipts or tariffs issued by such carriers, truckmen, lightermen, forwarders, agents, warehousemen and others. 3. Inasmuch as Carriers limit their liability for loss or damage unless increased freight charges based on valuation are paid, it is agreed that if the Customer desires the Company to pay such increased charges, based on valuation, the Customer must give the Company special written instructions so to do, otherwise the value placed on the goods by the Customer will be considered a solely for customs purposes and the goods will be delivered to the Carriers subject to all limitations of liability. Such special written instructions as to value shall not in any way relate to insurance, nor values specifically provided for in paragraphs numbered 4, 5 and 6. 4. Marine, fire, theft and other insurance will be effected upon the goods only after special written instructions have been received by the Company, in sufficient time before forwarding the goods, and the Customer at the same time states specifically the amount of insurance to be placed upon the goods, and the kind of insurance desired; insurance premium and charge of the company for arranging for the same to be at the Customer's expense. If for any reason the goods are held in warehouse, or elsewhere, the same will not be covered by any insurance, unless the Company receives written instructions from the Customer, in which event the Company will use reasonable efforts to effect the insurance desired at Customer's expense. Insurance when ordered by the Customer as referred to herein, is to be effected with one or more insurance companies or other underwriters to be selected by the Company, and such insurance shall be governed by the certificate or policy issued and will only be effective when accepted by such insurance companies or other underwriters. 5. Instructions "to insure against all risks" will be construed to mean to insure against ordinary marine risks only, subject to the conditions of the insurance policy under which such insurance is effected. If insurance against any other risks, such as theft, pilferage, leakage, breakage, fresh water damages, ship's sweat, rust, non-delivery, contact with other cargo, or against any other risk or loss is desired by the Customer, special written instructions must be received by the Company in sufficient time prior to forwarding to effect the same. 6. The Customer represents to and agrees with the Company that the value of the goods does not exceed the sum of $25.00 per package, (or the invoice value thereof, if less), and that the compensation of the Company for its services is based upon such valuation. In consideration of such compensation of the Company, the Customer agrees that the Company shall in no event be liable for any loss or damage to the goods, or for any other cause whatsoever, for any amount of excess of $25.00 per package (or the invoice value, if less), and any partial loss or damage for which the Company may be liable shall be adjusted pro rata on the basis of such valuation. The Customer has the option of paying a special compensation to the Company based upon a value in excess of $25.00 per package, in case of any loss or damage from causes which would make the Company liable, but such option can be exercised only by special written agreement made with the Company, prior to shipment, which agreement shall indicate the limit of the Company's liability and the special compensation for the particular risks by it to be assumed. 7. In no event shall the Company be liable for any act, omission or default in connection with the within shipment unless a claim therefor shall be presented to it at its office in New York within six (6) months from the date of shipment of the goods to the Company, in a statement to which sworn proof of claim shall be attached. No suit to recover for any claim or demand hereunder shall in any event be maintained against the Company unless instituted within three (3) months after presentation of the said claim as above provided. No agent or employee of the Company shall have authority to alter or waive any of the requirements of this paragraph. 8. It is agreed that any claim or demand for loss, damage or delay, or any other cause, shall be only against the carrier, truckmen, lightermen, forwarders, agents, warehousemen or others in whose actual custody the goods may be at the time of such loss, damage or delay, and that the Company shall not be liable or responsible for any claim or demand from any cause whatsoever, unless in each case the damages alleged to have been suffered be proven to be caused by the negligence of the Company, its officers or employees, in which event the limitation of liability set forth in paragraph number 6 hereof shall apply. 9. Whenever the Company acts as Customs Broker for the Customer it is agreed that the Customer will reimburse, indemnify and hold the Company harmless from the payment of any duties, fines, penalties or any loss or damages imposed on the Company by any Tariff Act or the rules and regulations of any governmental agency, or any Federal laws and regulations in connection with the importation of goods into the United States. 10. The Company shall not be obliged to incur any expense or advance any money in connection with the handling of the goods, or the clearing of same through the Custom House, unless previously paid to the Company by the Customer on demand. 11. The Company shall have a general lien on any property of the Customer in its possession, for all claims for charges and expenses incurred in connection with any shipment of the Customer, and if such claim remains unsatisfied for thirty (30) days after demand for its payment is made, the Company is given the right to sell at public auction or private sale, without notice to the Customer, the goods, wares, and/or merchandise, or so much thereof as may be necessary to satisfy such lien, and apply the net proceeds of such sale to the payment of its charges. The confiscation of the goods by any Government shall not affect the liability of the Customer to the Company in respect to the payment of all charges. 12. The compensation of the Company for its services shall be included with, and in addition to the rates and charges to all carriers and other agencies selected by the Company to transport and deal with the goods. It is agreed that the Company's compensation shall be in excess of and in addition to the charges of carriers and other agencies selected by the Company to deal with the goods, and shall be included with such charges, when billed. 13. The Company's compensation shall also include all brokerages, commissions, profits and sums received by the Company from carriers, insurers and others in connection with the shipment.