FOSFA INTERNATIONAL. CONTRACT 54 FOR VEGETABLE AND MARINE OIL IN BULK CIF DELIVERED WEIGHTS. Revised and Effective. FOSFA is professional international contract issuing and arbitral body with world trade in CONTRACT 54 FOR VEGETABLE AND MARINE OIL IN BULK CIF. GAFTA Weighing Rules No. download GAFTA Sampling Rules No. download FOSFA download FOSFA download GAFTA fumifation rules
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FOSFA 54 CIF Oil
If two analyses are made the mean of the two results, and contractt 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. Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration.
Payment shall not be deemed to have been effected before receipt of cleared funds by the payee or his bank. Buyers have no claim against Sellers for delay in shipment or cancellation under this clause provided that Sellers shall have supplied to their Buyers, if required, satisfactory evidence justifying delay or non-fulfilment to establish any claim for extension or cancellation under this clause.
Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation. The use of member superintendents shall be mandatory except where: Feed Mill Arbitration Arbitration. Where a Seller repurchases from his Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be foafa to exist as regards the particular goods so repurchased, and the provisions of the Default Clause shall not apply.
Notices shall be passed on with due despatch by intermediate Buyers and Sellers. Notice from a broker shall be a valid notice under this contract. Where the results of the three analyses are such that the above formula does not apply, the mean of the three shall be taken as final.
The party requesting such analysis shall, within five business days after receipt of 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.
If any payment is not made on or before the due date for payment, interest shall be payable. Sellers invoking this clause shall notify Buyers with due despatch. All business days shall be deemed to end at Different currencies shall not invalidate the circle.
Sampling shall be done in accordance with the method in ISO Should the ship arrive before receipt of declaration of shipment and extra expenses be incurred, such expenses are to be paid by Sellers. Please send inquiry for sevice. 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.
FOSFA 54 CIF Oil
If none of these methods is possible then the discharged weight to be ascertained by the most practicable alternative means. Should such 554 exist for a period contrwct 60 days beyond the contract shipment period the contract or any unfulfilled part thereof so affected shall be cancelled. FOSFA Copyright All notices shall be under reserve for errors in trans- mission.
If there is no due date for payment, interest shall be payable if there has been an unreasonable delay in payment. The remaining two sealed samples shall be retained by Sellers or their superintendents. The FFA content shall be expressed as follows: 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.
If the packages are supplied by the Buyers but the residue is not delivered such residue or unpumpable oil shall not be included in the delivered weight.
Notices to be despatched by any means of rapid written communication E-mail excluded.
Regulatory documents (GAFTA, FOSFA contracts etc.)
FOSFA code of practic Sellers have agreed to sell and Buyers have agreed to buy 00 say OIL, in. 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 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. The following shall not apply to this contract: All export duties, taxes, levies, etc.
Parties shall pass on certificates of analysis with due despatch.