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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OIL, in bulk at. Sellers shall not be obliged to accept more than two substitutions.
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. Proof of string to be provided, if required, by either party.
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. In case of re-sales in string any party involved may propose a documents bypass whereby fosca first or a subsequent Seller is to present documents at his own price directly to the last or a previous Buyer.
FFA As oleic with a molecular weight of 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 fofsa 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.
These samples are to remain sealed with superintendents at origin but to be available on demand to any receiver in the event of a contamination claim.
No fowfa shall be considered to exist if its existence is not established within 45 days after the last day of the delivery period. In the event that loading is not commenced within 30 days of the original contract delivery period the provisions of the Default Clause shall fsofa and Buyers shall additionally pay to Sellers an amount equal to carrying charges for the total extension period. 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 at loading shall conform to the contractual specifications.
All notices shall have been passed on with due despatch. Should Sellers be prevented from loading the goods on board Buyers’ ship or should Buyers be prevented from taking delivery by reason of fire, strikes. 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.
6. Fosfa Contract 51
If Mate’s Receipts are presented for payment, Sellers shall be entitled to instruct vessel’s agents that the Bill s of Lading may only be issued in exchange for the original Mate’s Receipt. Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration.
Sellers have agreed to sell and Buyers have agreed to buy. Bill of Lading or mate’s receipt shall be considered proof of delivery of the goods in the absence of evidence to the contrary.
All export duties, taxes, levies etc. 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 documents shall then be presented through the string between individual counter-parties. Sellers to be responsible for obtaining export licence, if required. 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.
6. Fosfa Contract 51 – [PDF Document]
The following deviations are permitted with the following scales of allowances to Buyers: 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. 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.
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. Sellers undertake to carry the oil for Buyers’ account for such an extension period at the rates stipulated in the Carrying Charges Clause.
Post on Apr 2.
The analyst is at Buyers choice. 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 Fosda and Analysis above the rate agreed to be for Seller’s account.
Sellers or superintendents shall send sealed samples for analysis on the contractual specification to an analyst. Notice from a broker shall be a valid notice under this contract.
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.
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. Sellers shall receive relevant documentary instructions including splits not less than 5 working days prior to the estimated arrival of ship at loading port. If loading is commenced within 30 days after the original contract delivery period, payment shall be made in accordance with the Payment Clause.