6. Fosfa Contract 51 – Download as PDF File .pdf), Text File .txt) or read online. the FOSFA trades in oils and fats, oilseeds and groundnuts. Provide FOSFA Member Superintendents with detailed functions and operational Page –, , flexibility in international trade 23, 26, 27, 48, 51, 64, 67, 77, – force majeure , FOSFA 49, 51, 84, , FOSFA ;.
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For the purpose of this contract shipping documents will consist of: No circle shall be considered to exist if its existence is not established within 45 days after the last day of the delivery period. Such proposal is to be made in good time prior to commencement of loading of the nominated vessel and to contain names of Sellers and Buyers in the string, their individual prices and the suggested settlement of price differentials.
Carrying charges shall be paid by Buyers to Sellers upon payment of shipping documents. Futures in exchange, Sellers’ give-up. The following shall not apply to this contract: The damages awarded against the defaulter shall be limited to the difference between the contract price and the actual or estimated market price on the day of default.
All business days shall be deemed to end at The original delivery period and any extension foefa shall not be affected by this clause.
Proof of string to be provided, if required, by either party. To permit settlement of price differentials the end Buyer in the string shall without delay confirm receipt of shipping documents and the exact quantity shipped to all parties involved, and price differentials as agreed shall then be paid within 48 hours from receipt of the relevant debit note.
FOSFA Copyright If the party liable to pay shall be dissatisfied with the price of such sale or purchase, fosva if neither of the above rights is exercised, the damages, if any, shall, failing amicable settlement, be determined by arbitration. The necessary steps to overcome any difficulties arising from such remarks shall be taken by Buyers but shall not entitle Buyers to withhold or delay payment as per contract.
Analysis of samples taken at time of loading or, in the event of the oil not being loaded within 30 consecutive days of the contract period, at the end of the extension period allowed under the Extension Clause, to be final. Buyers are allowed to substitute the nominated ship provided that the substitute ship is expected to arrive no earlier than the original ship and not more than 5 working days later unless otherwise agreed by Sellers.
Should dosfa party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration. Weight ascertained by vessel’s tank s ullage or draft survey shall be contractually irrelevant. Sellers to be responsible for obtaining export licence, if required.
Sellers shall not be fozfa to accept more than two substitutions. The party claiming Force Majeure must produce proof to justify their claim if required.
Prior to the presentation of documents to the end Buyer any party in the string may in the event of unforeseen and serious circumstances, including the insolvency or threatened insolvency of any party in the string, withdraw agreement giving immediate notice of such withdrawal to all other parties.
OIL, in bulk at.
Bill of Lading or mate’s receipt shall be considered proof of delivery of the goods in the absence of evidence to the contrary. Where a Seller re-purchases from his Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchased, and the provisions of the Default Clause shall not apply.
For the purpose of gosfa contract the word “ship” or “ships” means any full powered primarily engine-driven ship classified not lower than A1 in Lloyds Register or of equivalent classification of a similar institute. Buyers shall be entitled to an extension of the original contract delivery period not exceeding 30 days in which to provide suitable freight. Such settlement shall be due for payment not later than 15 consecutive days after the last day of the delivery fosfq or, should the circle not be established before the expiry of this time, then settlement shall be due for payment not later than 7 days after the circle is established.
Should the time limit for doing any act or giving any notice expire on a Saturday, Sunday or any public holiday in the country where the party required to do the act or give the notice resides or carries on business or in the country where the act has to be done or the notice has to be received or on any day which the Federation shall declare to be a non-business day, the time so limited shall be extended until the first business day thereafter.
If freight paid or freight pre-paid Bill s of Lading are requested, Buyers shall fsfa freight plus any taxes and expenses in sufficient time so that the Bill s of Lading are released at the end of the first business day following the day when the Bill s of Lading are presented to the vessel’s agents in Buenos Aires.
In case of re-sales in string any party involved may propose a documents bypass whereby the first or a subsequent Seller is to present documents at his own price directly to the last or a previous Buyer. Sellers shall receive relevant documentary instructions including splits not less than 5 working days prior to the estimated arrival of ship at loading port.
VISER | International Trading
All export duties, taxes, levies etc. If the oil is delivered to more than one tank of the same ship the analysis details of the oil delivered to each separate tank at loading shall conform to the contractual specifications. For Crude Degummed Soybean Oil: In any of the above situations Sellers shall at their discretion have the right to demand that Buyers expressly hold them harmless of any possible consequences, charge Buyers interest in case of delay in release of Bills of Lading according to the Interest Clause, or demand payment against Mate’s Receipt instead of Bill of Lading, as the case may be.
But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled.
6. Fosfa Contract 51
Sampling shall be done in accordance with the method ISO Buyers shall accept as clean any Mate’s Receipt or Bill of Lading showing a weight ascertained by the superintendents, irrespective ffosfa any remarks concerning a different weight determined by vessel’s tank s ullage or draft survey. If Buyers fail to provide such confirmation, Sellers shall have the right to place their own insurance according to the terms of this clause at the Buyers’ risk and expense.
The expenses of such Bank guarantee to be for Buyers’ account. Any dispute arising out of this contract, including any question of law arising in connection therewith, 5 be referred to arbitration in London or elsewhere if so agreed in accordance with the Rules of Arbitration and Appeal of the Federation of Oils, Seeds and Fats Associations Limited, in force at the date of this contract and of which both parties hereto shall be deemed to be cognizant.
In the event that loading is not commenced within 30 days of the original contract delivery period the provisions of the Default Clause shall apply and Buyers shall additionally pay to Sellers an amount equal to carrying charges for the total extension period. Nothing in this clause shall affect a party’s right to invoke the provisions of the Default Clause in a case where a failure to effect timely payment could give rise to a claim under that clause.
Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Fosffa, this clause is not applicable.
Sellers also to provide Certificate of Analysis and Certificate of Origin.
6. Fosfa Contract 51 – [PDF Document]
Minimum flash point of F C. Notices shall be passed on with due despatch by intermediate Buyers and Sellers.
In the event of disagreement on the question of litre weight in air, sealed samples shall be submitted to an analyst in membership of the Federation and represented in the Oils and Fats Section whose decision shall be final. Neither party hereto, nor any persons claiming under either of them, shall bring any action or other legal proceedings against the other of them in respect of any such dispute until such dispute shall first have been heard and determined by the arbitrators, umpire or Board of Appeal as the case may bein accordance with the Rules of Arbitration and Appeal of the Federation, and it is hereby expressly agreed and declared that the obtaining of fossfa Award from the arbitrators, umpire or Board of Appeal as the case may beshall be a condition fosfw to the right of either party hereto or any person claiming under either of them to bring any action or other legal proceedings against the other of them in respect of any such dispute.