FOSFA 54 PDF

FOSFA 54 FOR VEGETABLE AND MARINE OIL IN BULK CIF DELIVERED WEIGHTS. SELLERS: BUYERS: BROKERS. GAFTA Weighing Rules No. download GAFTA Sampling Rules No. download FOSFA download FOSFA download GAFTA fumifation rules FOSFA Uploaded by Can Yigit Dinc. Fosfa Copyright: © All Rights Reserved. Download as PDF or read online from Scribd. Flag for inappropriate content.

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All business days shall be deemed to end at Neither party hereto, nor any persons claiming under either of them, shall bring any action or other legal proceedings against the other of them in respect of any such dispute until such dispute shall first have been heard and determined by the arbitrators, umpire or Board of Appeal as the case may bein accordance with the Rules of Arbitration and Appeal of the Federation, and it is hereby expressly agreed and declared that the obtaining of an Award from the arbitrators, umpire or Board of Appeal as the case may beshall be a condition precedent to the right of either party hereto or of any person claiming under either of them to bring any action or other legal proceedings against the other of them in respect of any such dispute.

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.

Payment Terms

Payment shall not be deemed to have been effected before receipt of cleared funds by the payee or his bank. If establishment of weights is not completed within 5 working days after discharge Sellers may submit an interim invoice which shall become due and payable based on Bill of Lading weights.

Should the oil on arrival not prove equal to the above, or should the oil contain sea water or other admixture, this contract not to be void, but the oil is to be taken with an allowance to be agreed upon or fixed by arbitration provided always that the oil shipped shall conform to the above.

Claims to be payable in the currency of the contract. 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.

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Prior to the last day for making a declaration of shipment a Seller may notify his Buyer of his inability to ship but the date of such notice shall not become the default date without the agreement of the Buyer.

Interest payable shall be appropriate to the currency involved.

Regulatory documents (GAFTA, FOSFA contracts etc.)

The remaining two sealed samples shall be retained by Sellers or their superintendents. The FFA content shall be expressed as follows: Sellers have agreed to sell and Buyers have agreed to buy. 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.

Should extra lighterage expenses be incurred owing to Sellers tendering less than 50 tons for a contract of a greater quantity, the extra costs to be borne by Buyers and Sellers equally.

Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation. Should such cause exist for a period of 60 days beyond the contract shipment period the contract or any unfulfilled part thereof so affected shall be cancelled.

Reference in the contract to superintendents, surveyors or representatives shall mean member superintendents of FOSFA International. The contract shipment period not to be affected by this clause.

FOSFA 54 CIF Oil

T and T If freight is to be paid in a currency other than the currency of this contract, the conversion in the final invoice shall be made at the rate of exchange on the day of ofsfa freight payment: This contract shall be deemed to have been made in England and the construction, validity and performance thereof shall be governed in all respects by English law. Notices shall be passed on with due despatch by intermediate Buyers and Sellers. 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.

The following shall not apply to this contract: Otherwise Buyers to be liable to pay demurrage at the rate stipulated in the Charter Party or Contract of Affreightment. Buyers shall inform Sellers immediately there is a fsfa against the guarantee and Sellers shall have the right to be joined in any legal action arising therefrom.

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Sellers invoking this clause shall advise Buyers with due despatch. All notices shall be under reserve for errors in trans- mission. Should the ship arrive before receipt of declaration of shipment and extra expenses be incurred, such expenses are to be paid by Sellers. 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.

The use of member analysts shall be mandatory except where the contract or regulations require the use of Governmental or other analysts. If there is no due date for payment, interest shall be payable if there has been an unreasonable delay in payment. If the oil is shipped in more than one tank of the same ship, the analysis details of the oil in each separate tank at loading shall conform to the above. If any payment is not made on or before the due date for payment, interest shall be payable.

Regulatory documents (GAFTA, FOSFA contracts etc.) | CISS Group

The remaining sets of samples to be retained by the superintendent at the port of loading. Notices to be despatched by any means of rapid written communication E-mail excluded.

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 fpsfa party.

Sweepings shall be accepted with a fair allowance, to be fixed by agreement or by arbitration. No circle shall be considered to exist tosfa its existence is not established within 45 days after the last day of shipment. Any charges for telegraphic remittance of funds to Sellers shall fofsa for Buyers account. Any notices received after 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 affected thereby.

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.

The provisions of this clause to be inoperative if the goods have been sold afloat. The goods are sold for shipment to. Sellers invoking this clause shall notify Buyers with due despatch.