FOSFA 51 PDF

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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Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause is not applicable. The following deviations are permitted with the following allowances to Buyers: Notice from a broker shall be a valid notice under this contract.

Different currencies shall not invalidate the circle. If loading is commenced within 30 days after the original contract delivery period, payment shall be made in accordance with the Payment Clause. If freight paid or freight pre-paid Bill s of Lading are requested, Buyers shall pay 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.

The analyst is at Buyers choice. Should commencement of loading be delayed by more than 72 hours after acceptance of the Notice of Readiness due to ship’s tanks not being passed by the appointed superintendent or for any other reason for which Sellers are not contractually responsible, any extra costs incurred by Sellers shall be for Buyers’ account. Sampling shall be done in accordance with the method ISO 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.

Once the goods are delivered on board, all risks including all average to be for account of the Buyers. 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.

In the event of a claim under the Prohibition Clause or the Force Majeure Clause the date for settlement shall be deferred until the expiry of the extended delivery period.

However, if this option is exercised and to ensure that samples are available in the event of a contamination claim, superintendents shall draw and seal no less than five representative pre-shipment samples of the oil delivered to each vessel’s tank at the vessel’s rail or the nearest practicable point thereto prior to loading. Likewise, the acceptance of a string proposal by the parties other than the first Seller and the last Buyer shall be deemed to constitute their firm commitment to pay any price differentials and other monies due.

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For the purpose of this contract shipping documents will consist of: The serving of proceedings upon any party by sending same to their last known address together with leaving a copy of such proceedings at the offices of the Federation shall be deemed good service, rule of the law or equity to the contrary notwithstanding.

As specified in contract.

6. Fosfa Contract 51 – [PDF Document]

In case of default of fulfilment by either party, the other party shall be entitled to recover interest on principal sum of damages at the rate of 2.

Bill of Lading or vosfa receipt shall be considered proof of delivery of the goods in the absence of evidence to the contrary. 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 fossfa and the suggested settlement of price differentials.

If a string proposal is declared in force it shall be fosfz 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.

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 shall notify their Sellers and first Sellers fosta known of such substitution as soon as possible, but not later than 2 business days before the expected arrival of the original ship. But fosfw prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled.

Payment shall not be deemed to have been effected and title to the goods shall not pass from Sellers to Buyers before receipt of cleared funds by the payee or his bank.

The following shall not 15 to this contract: Buyers fosffa accept as clean any Mate’s Receipt or Bill of Lading showing a weight ascertained by fosa superintendents, irrespective of any remarks concerning a different weight determined by vessel’s tank s ullage or draft survey.

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The warrant, delivery order or similar document to be guaranteed by a Bank if requested by Buyers in the pre-advice. For Crude Degummed Soybean Oil: Carrying charges shall be paid by Buyers to Sellers upon payment of shipping documents. 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.

6. Fosfa Contract 51

In any month containing an odd number of days the middle day shall be reckoned as belonging to both halves of the month. All notices shall have been passed on with due despatch. Notice of such extension shall be given to Sellers as soon as possible but not later than the last business day of the original contract delivery period. Details of seals and labels shall be given on loading weight report s and analysis certificate s.

FFA As oleic with a molecular weight of At Buyers’ call during. 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.

Sellers have agreed to sell and Fosfq have agreed to buy. The use of member superintendents shall be mandatory except where the contract or national laws or regulations require the use of Governmental or other agencies not recognised by FOSFA International. 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.

The following deviations are permitted with the following scales of allowances to Buyers: However, Buyers have the option, provided they give Sellers minimum 4 business days pre-advice, to effect payment against warrant, delivery order or similar document, in place of the Bill of Lading or Mate’s Receipt, giving unencumbered title to the quantity called for, issued by an installation or the producing factory or at or near the port of delivery.

Sellers are not obliged to issue Bills of Lading to the order of a third party.