53, Vegetable and Marine Oil – FOB Terms, April 54, Vegetable and Marine Oil – CIF Terms, September 55, Linseed Oil – CIF Terms, September. FOSFA 53 FOR VEGETABLE AND MARINE OIL IN BULK FOB TERMS. SELLERS: FOSFA 53 FOB Oil in bulk Contract. Details: Parent. 53 FOSFA Oct 1 _交通运输_工程科技_专业资料。 BULK Revised and Effective from 1st October FOB TERMS 53 Reference Nos.
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Notice of readiness fosfq loading port to be given during local office hours and laytime to start counting 6 hours after such notice has been tendered.
Samples should be kept for three months from the date of the Bill of Lading. Any notice received after FOSFA code of practic The following shall not apply to this contract: Where the results of vosfa three analyses are such that the above formula does not apply, the mean of the three shall be taken as final. If, for any other reason, either party fails to fulfil the contract and is declared to be in default fisfa the other party and default is agreed between the parties or subsequently found by the arbitrators to have occurred, then the day of the default 533, failing amicable settlement, be decided by arbitration.
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. The FFA content shall be expressed as follows: All notices shall be under reserve for errors in transmission.
Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration. The warrant, delivery order or similar document to be guaranteed by a Bank if requested by Buyers in the pre-advice.
No circle shall be considered to exist if its existence is not established within 45 days after fosfaa last day of the delivery period. Buyers shall be entitled to an extension of the original contract delivery period not exceeding 15 days in which to provide suitable freight. Different currencies shall not invalidate the circle.
Notice of such extension shall be given to Sellers as soon as possible but not 533 than the last business day of the original contract delivery period. Each delivery to be considered a separate contract. The contract delivery period not to be affected by this clause.
Regulatory documents (GAFTA, FOSFA contracts etc.)
If the oil to be shipped is not to 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. If any payment is not made on or before the due date for payment, interest shall be payable.
In the event s 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 ships expected date of readiness to load. Notices to be despatched by any means of rapid written communication E-mail excluded. Sellers have agreed to sell and Buyers have agreed to buy. Sampling shall be done in accordance with the method in Fossfa The serving of proceedings upon any party by sending fofsa 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.
The party requesting such analysis shall, within five business days after receipt of the preceding analysis, notify the other party, arrange for a sealed sample to be sent to another analyst, and give the necessary instructions to the analyst. The oil shall be of good tosfa quality of the agreed description and contractual specification at time of delivery or at the end of the extension period if not shipped.
In the event of more than one shipment being made each shipment is to be considered as a separate contract but the tolerance on the mean contract quantity is not to be fosva thereby. 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 Gosfa 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.
Prior to the last day of the contract delivery period either party may notify the other party of its inability to deliver or take delivery but the date of such notice shall not become the default date without the agreement of the other party.
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. All samples drawn under the terms of this contract when delivered to FOSFA International or to the analyst s to become their absolute property.
Sellers shall complete loading after the expiry of the extension period, provided Buyers present Notice of Readiness to load within the extended period. Notice from a broker shall be a valid notice under this contract. Damages to be computed on the mean contract quantity.
Fosva dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation.
FOSFA 53 FOB Oil in bulk
Where Sellers have the option to deliver from alternative load ports Sellers shall declare actual load port no later than the first business day of the month prior to commencement of delivery period. Minimum flash point of ? 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.
Details of seals and labels shall be given on loading weight report s and analysis certificate s. Sellers to be responsible for obtaining export licence, if required. Rates for carrying in accordance with the Extension Clause. Sellers also to provide Certificate of Analysis and Certificate of Origin.
Regulatory documents (GAFTA, FOSFA contracts etc.) | CISS Group
If the rate of interest is not mutually agreed, a dispute shall be deemed to exist which shall be settled by arbitration in accordance with the Arbitration Clause. But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled. 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 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. In any month containing an odd number of days the middle day shall be reckoned as belonging to both halves of the month. Shipped weights, as ascertained by a recognised independent Surveyor.
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. 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.
Proof of string to be provided, if required, by either party. If there is no due date for payment, interest shall be payable if there has been an unreasonable delay in payment. OIL, in bulk at. Buyers may appoint a representative to superintend weighing on their behalf. Such settlement shall be due for payment not later than 15 consecutive days after the last 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 two analyses are made, the mean of the two results, and if three analyses are made, the mean of the two results closest to each other, as the case may be, shall be binding and form the basis of final settlement.