Meztijar Thereafter, all costs of whatsoever nature arising including the cost of removing the oil to separate other storage but excluding those of putting the oil FOB ruling on the 30th day of the extension shall be paid by Buyers. Sellers also to provide Certificate of Analysis and Certificate of Origin. 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. But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled.
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Sellers have agreed to sell and Buyers have agreed to buy. OIL, in bulk 2 at. QUALITY: 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 6 of the extension period if not shipped. 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 7 at loading shall conform to the contractual specifications.
Price to be fixed and futures to be given up latest 5 days prior 34 to shipment or 2 days prior to the first notice day of option in question, whichever earlier. Sellers shall not be obliged to accept more than two substitutions. Buyers 45 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 46 original ship. The original delivery period and any extension thereto shall not be affected by this clause.
DOCUMENTS: Sellers shall receive relevant documentary instructions including splits not less than 5 working days prior to the estimated arrival of ship at 48 loading port. No clerical error in the documents shall entitle the Buyers to reject them or delay payment, 56 but Sellers shall be responsible for all loss or expense caused to Buyers by reason of such error. Laytime not to commence prior to expiry of minimum number of 60 days pre-advice for nomination of ship unless Sellers agree to load earlier in which case laytime to commence when ship actually commences to load.
All notices 61 shall have been passed on with due despatch. Each delivery to be considered a separate contract. For the 72 purpose of this contract the word "ship" or "ships" means any full powered primarily engine-driven ship classified not lower than A1 in Lloyds Register or of 73 equivalent classification of a similar institute.
The use of member superin- 78 tendents shall be mandatory except where the contract or national laws or regulations require the use of Governmental or other agencies not recognised by FOSFA 79 International. The analyst is at Buyers choice. The use of member analysts shall be mandatory except where the contract or national laws or regulations require the use of 82 Governmental or other analysts.
In the event of disagreement on the question of litre weight in air, sealed samples shall be submitted to an analyst in 86 membership of the Federation and represented in the Oils and Fats Section whose decision shall be final.
Details of seals and labels shall be given on loading weight report s and analysis certificate s. These samples are to remain sealed 97 with superintendents at origin but to be available on demand to any receiver in the event of a contamination claim.
Samples shall be kept for three months from the 98 date of the Bill of Lading. If the oil is not loaded within 30 consecutive days of the contract period, then representative samples to be drawn by superintendents at 99 the storage installation or the producing factory at or near the port of delivery at the end of the extension period allowed under the Extension Clause. Parties shall pass on certificates of analy- sis with due despatch. 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.
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. If loading is commenced within 30 days after the original contract delivery period, payment shall be made in accordance with the Payment Clause.
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.
Sellers also to provide Certificate of Analysis and Certificate of Origin. The warrant, delivery order or simi- lar document to be guaranteed by a Bank if requested by Buyers in the pre-advice.
Thereafter, all costs of whatsoever nature arising including the cost of removing the oil to separate other storage but excluding those of putting the oil FOB ruling on the 30th day of the extension shall be paid by Buyers. 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.
Carrying charges shall be paid by Buyers to Sellers upon payment of shipping documents. Sellers are not obliged to issue Bills of Lading to the order of a third party. 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. Once the goods are delivered on board, all risks including all average to be for account of the Buyers. All notices shall be under reserve for errors in trans- mission.
Notices shall be passed on with due despatch by intermediate Buyers and Sellers. Any notice received after Notice from a broker shall be a valid notice under this contract. Proof of string to be provided, if required, by either party. NON-BUSINESS DAYS AND ODD DAYS: 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.
The contract delivery period not to be affected by this clause. In any month containing an odd number of days the middle day shall be reckoned as belonging to both halves of the month. 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.
The party invoking this clause shall advise the other with due despatch. The party claiming Force Majeure must produce proof to justify their claim if required. But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled. Sellers invok- ing this clause shall advise Buyers with due despatch. If required, Sellers must produce proof to justify their claim for extension or cancellation under this clause.
Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration. CIRCLE: 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. Different currencies shall not invalidate the circle. Failing amicable agreement the market price shall be that declared by a Price Settlement Committee of the Federation appointed for that purpose on application of either party.
No circle shall be considered to exist if its exis- tence is not established within 45 days after the last day of the delivery period. Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause is not applicable. 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 com- mitment to pay any price differentials and other monies due.
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 with- drawal to all other parties. The documents shall then be presented through the string between individual counter-parties. English Law and Domicile to apply notwith- standing any other law or domain to the contrary in respect of any or all disputes arising from the sale or movement of these goods.
DEFAULT : 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.
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 ami- cable settlement, be determined by arbitration.
The damages awarded against the defaulter shall be limited to the difference between the contract price and the actu- al or estimated market price on the day of default. Damages to be computed on the mean contract quantity. 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.
Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation. 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. ARBITRATIONS: 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.
6. Fosfa Contract 51
FOSFA 54 CIF Oil
Contract No 51