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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Sellers to deliver the oil at not less than an average rate of metric tons per running hour, Sundays and holidays included, provided the ship can receive at that rate.
6. Fosfa Contract 51
Sellers or fsfa shall send sealed samples for analysis on the contractual specification to an analyst. 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.
Sellers undertake to carry the oil for Buyers’ account for such an extension period at the rates stipulated in the Carrying Charges Clause.
Futures in exchange, Sellers’ give-up. These samples are to remain sealed with superintendents at origin but to be available on demand to any receiver in the event of a contamination claim. In any month containing an odd foxfa of days the middle day shall be reckoned as belonging to both halves of the month.
Such settlement shall be due for payment rosfa later than 15 consecutive days after the foxfa day of the delivery period 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. If Buyers fail to provide such confirmation, Sellers shall have the right to place their own insurance according to the terms of this clause fosf the Buyers’ risk and expense.
If fosaf is agreed to be by bank transfer, the party shall effect payment to the payee’s bank on or before the due date for payment and payment instructions shall specify a value date not later than the second bank working day after the day of payment. Reference in the contract to superintendents, surveyors or representatives shall mean Argentine member dosfa of FOSFA International. Notice from a broker shall be a valid notice under this contract. The use of member analysts shall be mandatory except where the contract or national laws or regulations require the use of Governmental or other analysts.
Sellers shall receive relevant documentary instructions including splits not less than 5 working days prior to the estimated arrival of ship at loading port. 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 fosfz may be.
Weight ascertained by vessel’s tank s ullage or draft survey shall be contractually irrelevant. The contract delivery period not to be affected by this clause. 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.
If Buyers exercise their option to fosfx delivery fsfa store, Sellers shall nevertheless deliver to the ship if it presents in time for loading to commence before the expiry of the extension period. If, for any other reason, either party fails to fulfil the contract and is declared to be in default by the other party and default is agreed between the parties or subsequently found by the arbitrators to have occurred, then the day of default shall, failing amicable settlement, be decided by arbitration.
Parties shall pass on certificates of analysis with due despatch. Presentation in trust or by collection is at Sellers option.
The party invoking this clause shall advise the other with due despatch. 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.
All export duties, taxes, levies etc. At Buyers’ call during. Sellers invoking this clause shall advise Buyers with due despatch. The original delivery period and any extension thereto shall not be affected by this clause. All parties in the string may in their own absolute discretion refuse or agree without prejudice to ofsfa rights and obligations under their own contract, and the proposal will be declared in force only if all parties in the string have confirmed their agreement, otherwise it will be declared failed, either declaration to be notified without delay to fosva parties involved by the party having made the original proposal.
6. Fosfa Contract 51 – [PDF Document]
In the event of a string, the first Seller shall accept the nomination provided it has been received by him not later than 10 consecutive days before the date of the ship’s expected date of readiness to load. Payment shall not be deemed to have been effected fosta title to the goods shall not pass from Sellers to Buyers before receipt of cleared funds by the payee or his bank.
The warrant, delivery order or similar document to be guaranteed by a Bank if requested by Buyers in the pre-advice.
Different currencies shall not invalidate the circle. Should such cause exist for a period of 60 days beyond the contract delivery period, the contract or any unfulfilled part thereof so affected shall be cancelled. 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 an Award from the fodfa, umpire or Board of Appeal as the case may beshall be a condition precedent 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.
Buyers shall notify their Sellers and first Sellers if known of such substitution as soon as possible, but not later than 2 business days before the expected arrival of the original ship. If Mate’s Receipts are presented for payment, Sellers shall be entitled to instruct vessel’s agents that the Bill s of Lading may only be issued in exchange for the original Mate’s Receipt.
If freight paid or freight pre-paid Bill s of Lading are requested, Buyers shall pay freight fosfw any taxes and expenses in sufficient time so fosfaa 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.
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, 551 the end of the extension period allowed under the Extension Clause, to be final. FOSFA Copyright 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.
The expenses of such Bank guarantee to be for Buyers’ account.
VISER | International Trading
Should the time limit for doing any fodfa 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 no re-purchase or re-sale takes place and if the parties cannot agree to a closing-out price, fosda on application of either party, the closing-out price shall be fixed by a sole arbitrator appointed by the Federation ffosfa to the right of appeal under the Federation’s Rules of Arbitration and Appeal.
Notices to be despatched by any means of rapid written communication E-mail excluded.