53, Vegetable and Marine Oil – FOB Terms, April 54, Vegetable and Marine Oil – CIF Terms, September 55, Linseed Oil – CIF Terms, September. FOSFA 53 FOR VEGETABLE AND MARINE OIL IN BULK FOB TERMS. SELLERS: FOSFA 53 FOB Oil in bulk Contract. Details: Parent. 53 FOSFA Oct 1 _交通运输_工程科技_专业资料。 BULK Revised and Effective from 1st October FOB TERMS 53 Reference Nos.
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Each delivery to be considered a separate contract. 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 the default shall, failing amicable settlement, be decided by arbitration.
Sampling shall be done in accordance with the method in ISO 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.
All notices shall be under reserve for errors in transmission. 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. All business days shall be deemed to end at In any month containing an odd number of days the middle day shall be reckoned as belonging to fosfs halves of the month. Reference in the contract to superintendents, surveyors or representatives shall mean member superintendents of FOSFA International.
Proof of string to be provided, if required, by either party. Buyers shall be entitled to an extension of the original contract delivery period not exceeding 15 days in which to provide suitable freight.
All samples drawn under the terms of this contract when delivered to FOSFA International or to the analyst s to become their absolute property. In the event of a fosaf under the Prohibition Clause or the Force Majeure Clause the date for settlement shall be deferred until the expiry of the extended delivery period.
Notice of fosf at loading port to be given during local office hours and laytime to start counting 6 hours after such notice has been tendered. 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 fosfz parties to the circle.
In the event s 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 ships expected date of readiness to load.
Regulatory documents (GAFTA, FOSFA contracts etc.)
If the rate of interest is not mutually agreed, a dispute shall be deemed to exist which shall be settled by arbitration in accordance with the Arbitration Clause. 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.
Where no such rate is stated loading shall be at an average rate of metric tons per running hour provided the ship can receive at that rate.
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. Cosfa 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 there is no due date for payment, interest shall be payable if there has been an unreasonable delay in payment.
Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation. Analysis fees shall be for account of the party ordering the analysis. Shipped weights, as ascertained by a recognised independent Surveyor. 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.
Thereafter, if the contract is cancelled under fosf terms of the Prohibition Clause or the Force Majeure Clause, this clause is not fowfa. Payment shall not be deemed to have been effected before receipt of cleared funds by the payee or his bank. The oil shall be of good merchantable quality of the agreed description and contractual foafa at time of delivery or at the end of the extension period if not shipped.
The party claiming Force Majeure must produce proof to justify their claim if required. In the event this contract forms part of a string of contracts for the same goods on the same terms, notice s of second and third analysis by intermediate parties shall be accepted by the other party although received after such time, provided notices by intermediate parties have been passed on with due despatch.
In the event that loading fossfa not commenced within 15 days of the original contract delivery period the provisions of the Default Clause shall apply and Buyers shall ffosfa pay to Sellers an amount equal to carrying charges for the total extension period. The damages awarded against the defaulter shall be limited to the difference between the contract price and the actual or estimated market price on fossfa day of default.
FOSFA 53 FOB Oil in bulk
Samples should be kept for three months from the date of the Bill of Lading. The FFA content shall be expressed as follows: Sellers or their superintendents shall send sealed sample s for analysis on the contractual specifications to an analyst.
If required, Sellers must produce proof to justify their claim for extension or cancellation under this clause. Buyers may appoint a representative to superintend weighing on their behalf. The use of member analysts shall be mandatory except where the contract or national laws or regulations require the use of Governmental or other analysts.
OIL, ffosfa bulk at. Different currencies shall not invalidate the circle. Buyers need not state the exact number fosfq days they require when giving such notice. All notices shall have been passed on with due despatch. Notices to be despatched by any means of rapid written communication E-mail excluded.
Notices shall be passed on with due despatch by intermediate Buyers and Sellers. Sellers also to provide Certificate of Analysis and Foxfa of Origin. FOSFA code of practic Sellers to deliver the oil at not less than the loading rate stated in the Preamble. Where Sellers have the option to deliver from alternative load ports Sellers shall declare actual load port no later than the first business day of the month prior to commencement of delivery period.