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©2018 by System Plus Consulting | Xaar 1201 Printhead 1
22 Bd Benoni Goullin
44200 NANTES - FRANCE +33 2 40 18 09 16 info@systemplus.fr www.systemplus.fr
XAAR 1201 GS2p5 Printhead
MEMS PZT Inkjet Die
MEMS report by Sylvain Hallereau
September 2018 – Sample
REVERSE COSTING® – STRUCTURAL, PROCESS & COST REPORT
©2018 by System Plus Consulting | Xaar 1201 Printhead 2
Table of Contents
Overview / Introduction 3
o Executive Summary
o Reverse Costing Methodology
Company Profile 7
o Xaar
o Ricoh
Physical Analysis 15
o Synthesis of the Physical Analysis
o Physical Analysis Methodology
o Print Head
o Print head Views & Dimensions
o Print Head Disassembly
o Print Head Cross-Section
o Flex
o Driver IC
o Inkjet Die Disassembly
o Nozzles
o Nozzles and inlet and Outlet
o Disassembly
o Pressure Chambers
o Cross-Section
o PZT Actuator
o Comparison
Sensor Manufacturing Process 93
o Driver IC
o 1201 Inkjet Die
o 1201 Printhead
Cost Analysis 114
o Accessing the BOM
o Driver Wafer and Die Cost
o MEMS inkjet Die
o Pressure Chamber Cost
o Inlet Substrate Cost
o Inkjet Substrate Cost
o Final Assembly cost
o Component Cost
o BOM Cost
o Material Cost Breakdown by Component Category
o Accessing the Added Value (AV) cost
o Details of the Electronic Board AV Cost
o Details of the Housing AV Cost
o Manufacturing Cost Breakdown for 50K units
Estimated Price Analysis 142
o Estimation of the Manufacturing Price
Customer Feedback 145
Company services 147
©2018 by System Plus Consulting | Xaar 1201 Printhead 3
Overview / Introduction
o Executive Summary
o Reverse Costing
Methodology
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Executive Summary
This full reverse costing study has been conducted to provide insight on technology data, manufacturing cost and selling price of the
PZT Print head and of the PZT Inkjet Die used in the XAAR.
The PZT printhead integrates 1 inkjet chip.
We have simulated the cost of the 1201 print head for a volume of 50,000 units in 2018.
The total material and manufacturing costs calculated in this report reflect only the costs for direct materials, manufacturing and basic
tests. Not included in this analysis are the costs of intellectual property, royalties and licensing fees, software loading and test,
shipping, logistics, marketing.
The XAAR PZT Inkjet Die is a inkjet die manufactured for professional applications.
©2018 by System Plus Consulting | Xaar 1201 Printhead 4
Overview / Introduction
o Executive Summary
o Reverse Costing
Methodology
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Executive Summary
The MEMS inkjet printhead market is expected to reach $1B in 2023, with a 3.5% compound annual growth rate (CAGR) from
2017 to 2023 . With in that, office printers and industrial segments are driving innovative technologies for piezo printheads,
with CAGRs of 2.7% and 18% respectively for the next five years.
System Plus Consulting has a long experience on reverse costing studies on printhead with more than 15 custom analysis. Today
our competency in the reverse costing of printheads is disponible in catalog report and we are proud to release two catalogue
reports on Epson and Xaar printhead.
1201 printhead is the first MEMS inkjet die from XAAR for the industrial printer. The printhead integrate a large MEMS die of
more 400mm². Each printhead can print 1, 2 or 4 colors thanks at their 1280 nozzles. The density go to 300dpi for 4 colors at
600dpi for 2 colors.
This reverse costing study provides insight into technological data, manufacturing cost, and selling price of the inkjet MEMS
manufactured by Ricoh and the 1201 printhead supplied by XAAR.
The inkjet MEMS used 2 silicon substrates to manufacture the inlet and the pressure chamber. The nozzles are not
manufactured in silicon but still in steel. The membrane of the pressure chamber is a very complex multilayer structure. The
PZT thin film actuator manufactured above with the two electrodes show a complex structure in the material choice and in the
stacking structure. An exclusive deposition technology developed by Ricoh allows an important reduction of the consumption
of the very expensive sol-gel PZT.
The MEMS inkjet die has 4 rows of nozzles interleaved on the die. The MEMS is assembled in the 1201 printhead with a flex to
connect the MEMS to the printer. The 4 driver ICs are directly assembled on the MEMS die.
A comparison between the XAAR 1201 and the Epson PrecisionCore printhead is included.
©2018 by System Plus Consulting | Xaar 1201 Printhead 5
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
o 1201 Printhead
o Flex
o Driver IC
o Inkjet Die
o Comparison
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
1201 Printhead Disassembly
Xaar 1201 printhead
©2018 by System Plus Consulting
Xaar 1201 printhead
©2018 by System Plus Consulting
Xaar 1201 printhead
©2018 by System Plus Consulting
Xaar 1201 printhead
©2018 by System Plus Consulting
©2018 by System Plus Consulting | Xaar 1201 Printhead 6
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
o 1201 Printhead
o Flex
o Driver IC
o Inkjet Die
o Comparison
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Printhead X-Ray
©2018 by System Plus Consulting | Xaar 1201 Printhead 7
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
o 1201 Printhead
o Flex
o Driver IC
o Inkjet Die
o Comparison
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Printhead Cross-Section
Print head cross-section – optical view
©2018 by System Plus Consulting
©2018 by System Plus Consulting | Xaar 1201 Printhead 8
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
o 1201 Printhead
o Flex
o Driver IC
o Inkjet Die
o Comparison
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Inkjet Die Cross-Section –Optical View
©2018 by System Plus Consulting
Inkjet Die Cross-Section
Detail Inkjet Die Cross-Section –SEM View
©2018 by System Plus Consulting
©2018 by System Plus Consulting | Xaar 1201 Printhead 9
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
o 1201 Printhead
o Flex
o Driver IC
o Inkjet Die
o Comparison
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
PZT Actuator
PZT Cross-Section Detail - SEM view
©2018 by System Plus Consulting
©2018 by System Plus Consulting | Xaar 1201 Printhead 10
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
o Global Overview
o Driver IC
o Inkjet Die
o Process Flow
o Global Structure
o Printhead
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Pressure Chamber Substrate - MEMS Process
©2018 by System Plus Consulting | Xaar 1201 Printhead 11
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
o Global Overview
o Driver IC
o MEMS Inkjet Die
o Pressure Chamber
o Inlet Substrate
o Inkjet Substrate
o Inkjet Die Cost
o Printhead
Selling Price Analysis
Related Reports
About System Plus
Inlet Substrate – MEMS Front-End Cost
©2018 by System Plus Consulting | Xaar 1201 Printhead 12
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
o Global Overview
o Driver IC
o MEMS Inkjet Die
o Pressure Chamber
o Inlet Substrate
o Inkjet Substrate
o Inkjet Die Cost
o Printhead
Selling Price Analysis
Related Reports
About System Plus
Manufacturing Cost Breakdown for 50K units in 2018
©2018 by System Plus Consulting | Xaar 1201 Printhead 13
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
Related Reports
MARKET AND TECHNOLOGY REPORTS - YOLE DÉVELOPPEMENT
MEMS
• Inkjet Functional and Additive Manufacturing for Electronics
REVERSE COSTING ANALYSES - SYSTEM PLUS CONSULTING
MEMS
• Epson PrecisionCore Printhead with MicroTFP Inkjet Dies
• MEMS Pressure Sensor Comparison 2018
• Vesper VM1000 Piezoelectric Microphone
©2018 by System Plus Consulting | Xaar 1201 Printhead 14
COMPANY
SERVICES
©2018 by System Plus Consulting | Xaar 1201 Printhead 15
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
o Company services
o Contact
o Legal
Business Models Fields of Expertise
Custom Analyses
(>130 analyses per year)
Reports
(>40 reports per year)
Costing Tools
Trainings
©2018 by System Plus Consulting | Xaar 1201 Printhead 16
Overview / Introduction
Company Profile & Supply
Chain
Physical Analysis
Manufacturing Process Flow
Cost Analysis
Selling Price Analysis
Related Reports
About System Plus
o Company services
o Contact
o Legal
Contact
www.systemplus.fr
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sales@systemplus.fr
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laferriere@yole.fr
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Costing® – Structure, Process & Cost Report
Ref: SP18421
 Full Structure, Process & Cost Report : EUR 3,990*
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Inkjet Dies
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REVERSE COSTING® – STRUCTURE, PROCESS & COST REPORTXAAR 1201GS2P5PZTPRINTHEAD
Each year System Plus Consulting
releases a comprehensive collection
of new reverse engineering and
costing analyses in various domains.
You can choose to buy over 12
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More than 60 reports released each
year on the following topics
(considered for 2018):
• MEMS & Sensors: Accelerometer
– Environment - Fingerprint - Gas
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Xaar 1201 GS2p5 PZT Printhead

  • 1. ©2018 by System Plus Consulting | Xaar 1201 Printhead 1 22 Bd Benoni Goullin 44200 NANTES - FRANCE +33 2 40 18 09 16 info@systemplus.fr www.systemplus.fr XAAR 1201 GS2p5 Printhead MEMS PZT Inkjet Die MEMS report by Sylvain Hallereau September 2018 – Sample REVERSE COSTING® – STRUCTURAL, PROCESS & COST REPORT
  • 2. ©2018 by System Plus Consulting | Xaar 1201 Printhead 2 Table of Contents Overview / Introduction 3 o Executive Summary o Reverse Costing Methodology Company Profile 7 o Xaar o Ricoh Physical Analysis 15 o Synthesis of the Physical Analysis o Physical Analysis Methodology o Print Head o Print head Views & Dimensions o Print Head Disassembly o Print Head Cross-Section o Flex o Driver IC o Inkjet Die Disassembly o Nozzles o Nozzles and inlet and Outlet o Disassembly o Pressure Chambers o Cross-Section o PZT Actuator o Comparison Sensor Manufacturing Process 93 o Driver IC o 1201 Inkjet Die o 1201 Printhead Cost Analysis 114 o Accessing the BOM o Driver Wafer and Die Cost o MEMS inkjet Die o Pressure Chamber Cost o Inlet Substrate Cost o Inkjet Substrate Cost o Final Assembly cost o Component Cost o BOM Cost o Material Cost Breakdown by Component Category o Accessing the Added Value (AV) cost o Details of the Electronic Board AV Cost o Details of the Housing AV Cost o Manufacturing Cost Breakdown for 50K units Estimated Price Analysis 142 o Estimation of the Manufacturing Price Customer Feedback 145 Company services 147
  • 3. ©2018 by System Plus Consulting | Xaar 1201 Printhead 3 Overview / Introduction o Executive Summary o Reverse Costing Methodology Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus Executive Summary This full reverse costing study has been conducted to provide insight on technology data, manufacturing cost and selling price of the PZT Print head and of the PZT Inkjet Die used in the XAAR. The PZT printhead integrates 1 inkjet chip. We have simulated the cost of the 1201 print head for a volume of 50,000 units in 2018. The total material and manufacturing costs calculated in this report reflect only the costs for direct materials, manufacturing and basic tests. Not included in this analysis are the costs of intellectual property, royalties and licensing fees, software loading and test, shipping, logistics, marketing. The XAAR PZT Inkjet Die is a inkjet die manufactured for professional applications.
  • 4. ©2018 by System Plus Consulting | Xaar 1201 Printhead 4 Overview / Introduction o Executive Summary o Reverse Costing Methodology Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus Executive Summary The MEMS inkjet printhead market is expected to reach $1B in 2023, with a 3.5% compound annual growth rate (CAGR) from 2017 to 2023 . With in that, office printers and industrial segments are driving innovative technologies for piezo printheads, with CAGRs of 2.7% and 18% respectively for the next five years. System Plus Consulting has a long experience on reverse costing studies on printhead with more than 15 custom analysis. Today our competency in the reverse costing of printheads is disponible in catalog report and we are proud to release two catalogue reports on Epson and Xaar printhead. 1201 printhead is the first MEMS inkjet die from XAAR for the industrial printer. The printhead integrate a large MEMS die of more 400mm². Each printhead can print 1, 2 or 4 colors thanks at their 1280 nozzles. The density go to 300dpi for 4 colors at 600dpi for 2 colors. This reverse costing study provides insight into technological data, manufacturing cost, and selling price of the inkjet MEMS manufactured by Ricoh and the 1201 printhead supplied by XAAR. The inkjet MEMS used 2 silicon substrates to manufacture the inlet and the pressure chamber. The nozzles are not manufactured in silicon but still in steel. The membrane of the pressure chamber is a very complex multilayer structure. The PZT thin film actuator manufactured above with the two electrodes show a complex structure in the material choice and in the stacking structure. An exclusive deposition technology developed by Ricoh allows an important reduction of the consumption of the very expensive sol-gel PZT. The MEMS inkjet die has 4 rows of nozzles interleaved on the die. The MEMS is assembled in the 1201 printhead with a flex to connect the MEMS to the printer. The 4 driver ICs are directly assembled on the MEMS die. A comparison between the XAAR 1201 and the Epson PrecisionCore printhead is included.
  • 5. ©2018 by System Plus Consulting | Xaar 1201 Printhead 5 Overview / Introduction Company Profile & Supply Chain Physical Analysis o 1201 Printhead o Flex o Driver IC o Inkjet Die o Comparison Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus 1201 Printhead Disassembly Xaar 1201 printhead ©2018 by System Plus Consulting Xaar 1201 printhead ©2018 by System Plus Consulting Xaar 1201 printhead ©2018 by System Plus Consulting Xaar 1201 printhead ©2018 by System Plus Consulting
  • 6. ©2018 by System Plus Consulting | Xaar 1201 Printhead 6 Overview / Introduction Company Profile & Supply Chain Physical Analysis o 1201 Printhead o Flex o Driver IC o Inkjet Die o Comparison Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus Printhead X-Ray
  • 7. ©2018 by System Plus Consulting | Xaar 1201 Printhead 7 Overview / Introduction Company Profile & Supply Chain Physical Analysis o 1201 Printhead o Flex o Driver IC o Inkjet Die o Comparison Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus Printhead Cross-Section Print head cross-section – optical view ©2018 by System Plus Consulting
  • 8. ©2018 by System Plus Consulting | Xaar 1201 Printhead 8 Overview / Introduction Company Profile & Supply Chain Physical Analysis o 1201 Printhead o Flex o Driver IC o Inkjet Die o Comparison Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus Inkjet Die Cross-Section –Optical View ©2018 by System Plus Consulting Inkjet Die Cross-Section Detail Inkjet Die Cross-Section –SEM View ©2018 by System Plus Consulting
  • 9. ©2018 by System Plus Consulting | Xaar 1201 Printhead 9 Overview / Introduction Company Profile & Supply Chain Physical Analysis o 1201 Printhead o Flex o Driver IC o Inkjet Die o Comparison Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus PZT Actuator PZT Cross-Section Detail - SEM view ©2018 by System Plus Consulting
  • 10. ©2018 by System Plus Consulting | Xaar 1201 Printhead 10 Overview / Introduction Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow o Global Overview o Driver IC o Inkjet Die o Process Flow o Global Structure o Printhead Cost Analysis Selling Price Analysis Related Reports About System Plus Pressure Chamber Substrate - MEMS Process
  • 11. ©2018 by System Plus Consulting | Xaar 1201 Printhead 11 Overview / Introduction Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis o Global Overview o Driver IC o MEMS Inkjet Die o Pressure Chamber o Inlet Substrate o Inkjet Substrate o Inkjet Die Cost o Printhead Selling Price Analysis Related Reports About System Plus Inlet Substrate – MEMS Front-End Cost
  • 12. ©2018 by System Plus Consulting | Xaar 1201 Printhead 12 Overview / Introduction Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis o Global Overview o Driver IC o MEMS Inkjet Die o Pressure Chamber o Inlet Substrate o Inkjet Substrate o Inkjet Die Cost o Printhead Selling Price Analysis Related Reports About System Plus Manufacturing Cost Breakdown for 50K units in 2018
  • 13. ©2018 by System Plus Consulting | Xaar 1201 Printhead 13 Overview / Introduction Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus Related Reports MARKET AND TECHNOLOGY REPORTS - YOLE DÉVELOPPEMENT MEMS • Inkjet Functional and Additive Manufacturing for Electronics REVERSE COSTING ANALYSES - SYSTEM PLUS CONSULTING MEMS • Epson PrecisionCore Printhead with MicroTFP Inkjet Dies • MEMS Pressure Sensor Comparison 2018 • Vesper VM1000 Piezoelectric Microphone
  • 14. ©2018 by System Plus Consulting | Xaar 1201 Printhead 14 COMPANY SERVICES
  • 15. ©2018 by System Plus Consulting | Xaar 1201 Printhead 15 Overview / Introduction Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus o Company services o Contact o Legal Business Models Fields of Expertise Custom Analyses (>130 analyses per year) Reports (>40 reports per year) Costing Tools Trainings
  • 16. ©2018 by System Plus Consulting | Xaar 1201 Printhead 16 Overview / Introduction Company Profile & Supply Chain Physical Analysis Manufacturing Process Flow Cost Analysis Selling Price Analysis Related Reports About System Plus o Company services o Contact o Legal Contact www.systemplus.fr Asia Sales Office Takashi ONOZAWA Tokyo JAPAN onozawa@yole.fr Mavis WANG GREATER CHINA wang@yole.fr NANTES Headquarter FRANKFURT/MAIN Europe Sales Office LYON YOLE HQ TOKYO YOLE KK GREATER CHINA YOLE PHOENIX YOLE Inc. KOREA YOLE Europe Sales Office Lizzie LEVENEZ Frankfurt am Main GERMANY +49 151 23 54 41 82 llevenez@systemplus.fr Headquarters 22 Boulevard Benoni Goullin 44200 Nantes FRANCE +33 2 40 18 09 16 sales@systemplus.fr America Sales Office Steve LAFERRIERE Eastern USA laferriere@yole.fr Troy BLANCHETTE Western USA blanchette@yole.fr
  • 17. ORDER FORM Please process my order for “Xaar 1201 GS2p5 PZT Printhead” Reverse Costing® – Structure, Process & Cost Report Ref: SP18421  Full Structure, Process & Cost Report : EUR 3,990*  Bundle Offer with Epson PrecisionCore Printhead with MicroTFP Inkjet Dies  Annual Subscription offers possible from 3 reports, including this report as the first of the year. Contact us for more information. SHIP TO Name (Mr/Ms/Dr/Pr): ............................................................. Job Title: ……............................................................................. Company: …............................................................................. Address: ……............................................................................. City: ………………………………… State: .......................................... Postcode/Zip: .......................................................................... Country: ……............................................................................ VAT ID Number for EU members: .......................................... Tel: ………………......................................................................... Email: ..................................................................................... Date: ...................................................................................... Signature: .............................................................................. BILLING CONTACT First Name : ............................................................................ Last Name: ……....................................................................... Email: ….................................................................................. Phone: …….............................................................................. PAYMENT By credit card: Number: |__|__|__|__| |__|__|__|__| |__|__|__|__| |__|__|__|__| Expiration date: |__|__|/|__|__| Card Verification Value: |__|__|__| By bank transfer: HSBC - CAE- Le Terminal -2 rue du Charron - 44800 St Herblain France BIC code: CCFRFRPP • In EUR Bank code : 30056 - Branch code : 00955 - Account : 09550003234 IBAN: FR76 3005 6009 5509 5500 0323 439 • In USD Bank code : 30056 - Branch code : 00955 - Account : 09550003247 IBAN: FR76 3005 6009 5509 5500 0324 797 Return order by: FAX: +33 2 53 55 10 59 MAIL: SYSTEM PLUS CONSULTING 22, bd Benoni Goullin Nantes Biotech 44200 Nantes – France *For price in dollars please use the day’s exchange rate *All reports are delivered electronically in pdf format *For French customer, add 20 % for VAT *Our prices are subject to change. Please check our new releases and price changes on www.systemplus.fr. The present document is valid 6 months after its publishing date: September 2018 REVERSE COSTING® – STRUCTURE, PROCESS & COST REPORTXAAR 1201GS2P5PZTPRINTHEAD Each year System Plus Consulting releases a comprehensive collection of new reverse engineering and costing analyses in various domains. You can choose to buy over 12 months a set of 3, 4, 5, 7, 10 or 15 Reverse Costing® reports. Up to 47% discount! More than 60 reports released each year on the following topics (considered for 2018): • MEMS & Sensors: Accelerometer – Environment - Fingerprint - Gas - Gyroscope - IMU/Combo - Microphone - Optics - Oscillator - Pressure • Power: GaN - IGBT - MOSFET - Si Diode - SiC • Imaging: Camera - Spectrometer • LED and Laser: UV LED – VCSEL - White/blue LED • Packaging: 3D Packaging - Embedded - SIP - WLP • Integrated Circuits: IPD – Memories – PMIC - SoC • RF: FEM - Duplexer • Systems: Automotive - Consumer - Energy - Telecom ANNUAL SUBSCRIPTIONS
  • 18. 1.INTRODUCTION The present terms and conditions apply to the offers, sales and deliveries of services managed by System Plus Consulting except in the case of a particular written agreement. Buyer must note that placing an order means an agreement without any restriction with these terms and conditions. 2.PRICES Prices of the purchased services are those which are in force on the date the order is placed. Prices are in Euros and worked out without taxes. Consequently, the taxes and possible added costs agreed when the order is placed will be charged on these initial prices. System Plus Consulting may change its prices whenever the company thinks it necessary. However, the company commits itself in invoicing at the prices in force on the date the order is placed. 3.REBATES and DISCOUNTS The quoted prices already include the rebates and discounts that System Plus Consulting could have granted according to the number of orders placed by the Buyer, or other specific conditions. No discount is granted in case of early payment. 4.TERMS OF PAYMENT System Plus Consulting delivered services are to be paid within 30 days end of month by bank transfer except in the case of a particular written agreement. If the payment does not reach System Plus Consulting on the deadline, the Buyer has to pay System Plus Consulting a penalty for late payment the amount of which is three times the legal interest rate. The legal interest rate is the current one on the delivery date. This penalty is worked out on the unpaid invoice amount, starting from the invoice deadline. This penalty is sent without previous notice. When payment terms are over 30 days end of month, the Buyer has to pay a deposit which amount is 10% of the total invoice amount when placing his order. 5. OWNERSHIP System Plus Consulting remains sole owner of the delivered services until total payment of the invoice. 6.DELIVERIES The delivery schedule on the purchase order is given for information only and cannot be strictly guaranteed. Consequently any reasonable delay in the delivery of services will not allow the buyer to claim for damages or to cancel the order. 7.ENTRUSTED GOODS SHIPMENT The transport costs and risks are fully born by the Buyer. Should the customer wish to ensure the goods against lost or damage on the base of their real value, he must imperatively point it out to System Plus Consulting when the shipment takes place. Without any specific requirement, insurance terms for the return of goods will be the carrier current ones (reimbursement based on good weight instead of the real value). 8.FORCE MAJEURE System Plus Consulting responsibility will not be involved in non execution or late delivery of one of its duties described in the current terms and conditions if these are the result of a force majeure case. Therefore, the force majeure includes all external event unpredictable and irresistible as defined by the article 1148 of the French Code Civil? 9.CONFIDENTIALITY As a rule, all information handed by customers to system Plus Consulting are considered as strictly confidential. A non-disclosure agreement can be signed on demand. 10.RESPONSABILITY LIMITATION The Buyer is responsible for the use and interpretations he makes of the reports delivered by System Plus Consulting. Consequently, System Plus Consulting responsibility can in no case be called into question for any direct or indirect damage, financial or otherwise, that may result from the use of the results of our analysis or results obtained using one of our costing tools. 11.APPLICABLE LAW Any dispute that may arise about the interpretation or execution of the current terms and conditions shall be resolved applying the French law. It the dispute cannot be settled out-of-court, the competent Court will be the Tribunal de Commerce de Nantes. TERMS AND CONDITIONS OF SALES