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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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 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 15 of the extension period.
Despite agreeing without prejudice to a documents bypass proposal, all the parties’ rights and obligations under their individual contracts, save as amended by operation of the agreed bypass, shall remain fully in force. Once the goods are delivered on board, all risks including all average to be for account of the Buyers.
To permit settlement of price differentials the end Buyer in the string shall without delay confirm receipt of shipping documents and the exact quantity shipped to all parties involved, and price differentials as agreed shall then be paid within 48 hours from receipt fosva the relevant debit note.
If Buyers fail to provide such confirmation, Sellers shall have the right to place their own insurance according to the terms of this clause at the Buyers’ risk and expense.
The expenses of such Bank guarantee fosfz be for Buyers’ account.
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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. In the event 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 ship’s 15 date of readiness to load.
Buyers shall be entitled to an extension of the original contract delivery period not exceeding 30 days in which to provide suitable freight. FOSFA Copyright 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.
Damages to be computed on the mean contract quantity. The oil shall be flsfa good merchantable quality of the agreed description and contractual specification at 5 and place of delivery or at the end of the extension period if not shipped. The superintendent, whose certificates at time and place of loading shall be final as to weight, quality and condition, is at Buyer’s choice and at Seller’s expense but should the total fee of such certificates and analysis exceed If Mate’s Receipts are presented fosfq 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.
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.
6. Fosfa Contract 51 – [PDF Document]
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. 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. 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.
If the oil is not loaded within 30 consecutive days of the contract period, then representative samples to be drawn by superintendents at 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.
FFA As oleic with a molecular weight of Buyers shall accept as clean any Mate’s Receipt or Bill of Lading showing a weight ascertained by the superintendents, irrespective of any remarks concerning a different weight determined by vessel’s tank s ullage or draft survey. Buyers are allowed to substitute the nominated ship provided that the substitute ship is expected to arrive no earlier than the original ship and not more than 5 working days later unless otherwise agreed by Sellers.
Parties shall pass on certificates of analysis with due despatch. 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.
If required, Sellers must produce proof to justify their claim for extension or cancellation under this clause. 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. Presentation in trust or by collection is at Sellers option.
Sellers are not obliged to issue Bills of Lading to the order of a third party. 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.
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.
In the event of disagreement on the question of litre weight in air, sealed samples shall be submitted to an analyst in membership of the Federation and represented in the Oils and Fats Section whose decision shall be final. Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation.
6. Fosfa Contract 51
Sellers shall not be obliged to accept more than two substitutions. 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. Should Sellers be prevented ffosfa loading the goods on board Buyers’ ship or should Buyers be prevented from taking delivery by reason of fire, strikes.
Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause is not applicable. Notice from a broker shall be a valid notice under this contract.
For the purpose of this contract the word “ship” or “ships” means any full powered primarily engine-driven ship classified not lower than A1 fossfa Lloyds Register or of equivalent classification of a similar institute. Sellers shall receive confirmation together with documentary instructions that insurance according to these terms and at Buyers’ expense has been covered.
All notices shall have been passed on with due despatch. Sellers or superintendents shall send sealed samples for ffosfa on the contractual specification to an analyst.