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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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.
The remaining two sealed samples shall be retained by Sellers or their superintendents. In the event that Buyers take fosfx as above and Sellers fail to provide shipping documents and if the guarantee provided by Buyers as above is encashed by the shipowners, Sellers shall be responsible for all damages, costs and consequences arising from their failure to present documents. In the event of shipment during the extended period still proving impossible by reason of any of the causes in this clause the contract or any unfulfilled part thereof shall be cancelled.
Interest payable shall be appropriate to the currency involved. Where the results of the three analyses are such that fossfa above formula does not apply, the mean of the three shall be taken as final. 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 law or equity to the contrary notwithstanding.
In case of default after extension the default date shall be similarly deferred. Damages to be computed on the mean contract quantity. The analysis fee shall be fowfa divided between Sellers and Buyers. Any reasonable extra expenses, including costs of such guarantee or extra handling charges incurred by reason of the failure of Sellers to provide such documents, shall be borne by Sellers and allowed for in the final invoice.
Sellers invoking this clause shall notify Buyers with due despatch.
Sampling shall be done in accordance with the method in ISO The party requesting such analysis shall, within five business days fosda receipt fosfx 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 use of member superintendents shall be mandatory except where: Should such cause exist for a period fosra 60 days beyond the contract shipment period the contract or any unfulfilled part thereof so affected shall be cancelled.
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. FOSFA Copyright Any notices received after 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. 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 foosfa 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.
In the event of a claim under the Prohibition Clause or the Force Majeure Clause, the date for settlement shall be deferred until the expiry of the extended shipment period.
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.
Regulatory documents (GAFTA, FOSFA contracts etc.) | CISS Group
Minimum flash point of ? If none of these methods is possible then the discharged weight to be ascertained by the most practicable alternative means. Buyers to send copy of the freight note to Sellers for final invoicing purposes. 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.
All Sellers and Buyers shall give every assistance to the establishment of the circle and where a circle shall have been established same shall be binding on all parties to the circle. Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation.
Notices gosfa be despatched by any means of rapid written communication E-mail excluded. All export duties, taxes, levies, etc. The following shall not apply to this contract: The use of member analysts shall be mandatory except where the contract or regulations tosfa the use of Governmental or other analysts.
In the fosra 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. 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 fosfs either agreed between the parties or subsequently found by arbitrators to have occurred, then the day of the default shall, failing amicable settlement, be decided by arbitration.
In the event that Buyers receive an allowance under the Quality, Condition and Specifications Clause, Buyers to return the insurance policy to Sellers in order that they make any recovery thereunder. Notices shall fosaf passed on with due despatch by intermediate Buyers and Sellers.
Payment shall not be deemed to have been effected before receipt of cleared funds by the payee or his bank. 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.
At time and place of shipment, the oil shall be of good merchantable quality, in good condition and of the agreed description and specifications. 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.
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.
Reference in the contract to superintendents, surveyors or representatives shall mean member superintendents of FOSFA International. All business days shall be deemed to end at 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 actual freight payment: Buyers shall pay for the documents when presented.
FOSFA 54 CIF Oil
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 fosfaa that the oil shipped shall conform to the above. Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration. If any payment is not made on or before the due date for payment, interest shall be payable.
Weights shall then be established as soon as it is deemed practicable by the superintendents representing the parties and a final invoice shall be issued accordingly. Sweepings shall be accepted with a fair allowance, to be fixed by agreement or by arbitration.
No circle shall be considered to exist if its existence is not established within 45 fossfa after the last day of shipment.