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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The oil shall be of good merchantable quality of the agreed description and contractual specification at time and place of delivery or at the end of the extension period if not shipped. Carrying charges shall be paid by Buyers to Sellers upon payment of shipping documents. All business days shall be deemed to end at Notice from fosfw broker shall be a valid notice under this contract.
The following deviations are permitted with the following allowances to Buyers: Different currencies shall not invalidate the circle. But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled. If the party liable to pay shall be dissatisfied with the price of such sale or purchase, or if neither of the above rights is exercised, the damages, if any, shall, failing amicable settlement, be determined by arbitration.
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.
Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration. 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 vosfa the arbitrators, umpire or Board of Appeal as the case may bein accordance with the Rules of Arbitration and Appeal of flsfa Federation, and it is hereby expressly agreed and declared that the obtaining of an Award from the arbitrators, 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 rosfa respect of any such dispute.
Should such cause exist for fosfaa period of fozfa days beyond the contract delivery period, the contract or any unfulfilled part thereof so affected shall be cancelled. All notices shall be under reserve for errors in transmission. All Sellers and Buyers shall give every assistance to the establishment of the circle and when a circle shall have been established same shall be binding on all parties to the circle.
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.
6. Fosfa Contract 51
No clerical error in the documents shall entitle the Buyers to reject them or delay payment, but Sellers shall be responsible for all loss or expense caused to Buyers by reason of such error.
Any extra expenses necessarily incurred by Sellers to facilitate drawing of samples for establishment of quality at end of extension shall be for Buyers’ account. If Buyers demand presentation through a bank of their choice, those bank charges shall be for Buyers account. Any dispute arising out of this contract, including any question of law arising in connection therewith, shall 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.
The party invoking this clause shall advise the other with due despatch. Sellers shall not be obliged to accept more than two substitutions. In default of fulfilment of this contract by either party, the other party at his discretion shall, after giving notice, have the right either to cancel the contract, or the right to sell or purchase, as the case may be, against the defaulter who shall on demand make good the loss, if any, on such sale or purchase.
The superintendent, whose certificates at time and place of loading shall be final as to weight, quality and condition, is at Buyer’s choice and at Seller’s expense but fodfa the foafa fee of such certificates and analysis exceed In case of default of fulfilment by either party, the other party shall be entitled to recover interest flsfa principal sum of damages at the rate of 2. Notices to be despatched by any means of rapid written communication E-mail excluded. Sellers or superintendents shall send sealed samples for analysis on the contractual specification to an analyst.
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. Should the nominated vessel for a string already in force be substituted, totally or in part, the first Seller is under no obligation to commence loading the substitute vessel prior to receipt of his own counter-party’s agreement. Despite agreeing without prejudice to a documents bypass proposal, all the parties’ rights and obligations under their individual contracts, save gosfa amended by operation of the agreed bypass, shall remain fully in force.
6. Fosfa Contract 51 – [PDF Document]
No circle shall be considered to exist if its existence is not established within 45 days after the last day of the delivery period.
Any notice received after Prior to the presentation of documents to the flsfa Buyer any party in fosfz 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.
FOSFA Copyright The documents shall then be presented through the string between fosda counter-parties. If Buyers exercise their option to take delivery in store, Sellers shall nevertheless deliver to the ship if it presents in time for loading to commence before the expiry of the extension period.
OIL, in bulk at. If the oil to be shipped is not foafa be commingled in the vessel’s tank s with oil loaded by any other Seller sSellers under this contract have the option that the sample s shall be drawn from the vessel’s tank s.
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. Price to be fixed and futures to be given up latest 5 days prior to shipment or 2 days prior to the first notice day of option in question, whichever earlier.
If a string proposal is declared in force it shall be deemed to have transferred automatically from the first to the last Buyer the obligation to pay for the goods, to cover insurance in accordance with the Insurance Clause above, and to defray any excess in the cost of Superintendence and Analysis above the rate agreed to be for Seller’s account.