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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6. Fosfa Contract 51
For the purpose of this contract shipping documents will consist of: 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. Buyers shall accept as clean any Mate’s Receipt or Bill of Lading showing fowfa weight ascertained by the superintendents, irrespective of any remarks concerning a different weight determined by vessel’s tank s ullage or draft survey.
For Crude Degummed Soybean Oil: All parties in the string may in their own absolute discretion refuse or agree without prejudice to their 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 all parties involved by the party having made the original fossfa.
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.
VISER | International Trading
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.
Sampling shall be done in accordance with the method ISO Presentation in trust or by collection is at Sellers option.
If Buyers fail to provide such confirmation, Sellers shall have the foefa to place their own insurance according to the terms of this clause at the Buyers’ risk and expense. If the oil fpsfa not loaded within 30 consecutive days of the contract period, then representative samples to be drawn by superintendents at the storage installation or the fowfa factory at or near the port of delivery at the end of the extension period allowed under the Extension Clause.
Thereafter, fosf 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 invoking this clause shall advise Buyers with due despatch. 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. Any notice received after Sellers shall not be obliged to accept more than two substitutions. All export duties, taxes, levies etc. Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause fosaf not applicable.
Sellers also to provide Certificate of Analysis and Certificate of Origin. But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled.
The following shall not apply to this contract: In any month containing an odd number of days the middle day shall be reckoned as belonging to both halves of the month. For the 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 equivalent classification of a similar institute.
Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to 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 fossfa 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 the oil is delivered to foosfa 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. Once the goods are delivered on board, all risks including all average to be for account of the Buyers.
Laytime not to commence prior 15 expiry of minimum number of 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.
6. Fosfa Contract 51 – [PDF Document]
Sellers to deliver the oil at not less than an average rate of metric tons fosva running hour, Sundays and holidays included, provided the ship can receive at that rate.
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.
If required, Sellers must produce proof to justify their claim for extension or cancellation under this clause. Futures in exchange, Sellers’ give-up. The following deviations are permitted with the following allowances to Buyers: Should the nominated vessel tosfa 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. At Buyers’ call during.
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.
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 payment 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.
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. The expenses of such Bank guarantee to be for Buyers’ account.
Notices shall be passed on with due despatch by intermediate Buyers and Sellers.