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. An asterisk denotes alternative wording, and should be matter of agreement between the. 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. Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration.
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Kagagal 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 vosfa allowed for in the final invoice.
Such settlement shall be due for payment not later than 15 consecutive days after the last day for declaration or, should the circle not be established before the expiry of this time, then settlement shall be due for fossfa not later than seven days after the circle is established.
Buyers or their superintendents shall retain three sealed samples and, if required, shall send one sealed sample with due despatch for analysis to an analyst. In the event that Buyers take delivery 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.
Two sets of these s samples shall be handed to the Master with instructions to hand over to the Receivers at port of discharge or their superintendents. All notices shall be under reserve for errors in trans- mission. 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.
If required, Sellers must produce proof to justify their claim for extension or cancellation under this clause. No circle shall be considered to exist if its existence is not established within 45 vosfa after the last day of shipment.
This contract shall be deemed to have been in England and fowfa construction, validity and performance thereof shall be governed in all respects by English ffosfa. Should Sellers have failed to present shipping documents on arrival of the ship at destination, Buyers shall take delivery under a guarantee acceptable to the shipowners to be provided fosa the Buyers, such guarantee to be signed a first class bank if required by the shipowners.
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. CISS Group Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration.
Buyers shall pay for fksfa documents when presented. Any expense for covering war risks insurance in excess of? T and T 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. 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 dosfa to the circle.
If the packages are supplied by the Buyers but the residue is not delivered such residue or unpumpable oil shall not be fosga in the delivered weight. If any payment is not made on or before the due date for payment, interest shall be payable.
If there is no due date for payment, interest shall be payable if there has been an unreasonable delay in payment. Claims to be payable in the currency of the 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 either agreed between fozfa 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 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.
All export duties, taxes, levies, etc. The party requesting such analysis shall, within five business days after receipt of the preceding fosga, notify the other party, arrange for a sealed sample to be sent to another analyst, and give the necessary instructions to the analyst. 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.
Notice from a broker shall be a valid notice under this contract. Samples to be foefa for three months from date of Bill of Lading. Sellers have agreed to sell and Buyers have agreed to buy. 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 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.
Any notices received after Different currencies shall not invalidate the circle. The analysis fee shall be equally divided between Gosfa and Buyers. Damages to be computed on the mean contract quantity.
The goods are sold for shipment to. Related Posts
FOSFA 54 CIF Oil
Sellers have agreed to sell and Buyers have agreed to buy. OIL, in bulk 2 at. QUALITY: The oil shall be of good merchantable quality of the agreed description and contractual specification at time and place of delivery or at the end 6 of the extension period if not shipped. If the oil is delivered to more than one tank of the same ship the analysis details of the oil delivered to each separate tank 7 at loading shall conform to the contractual specifications. Price to be fixed and futures to be given up latest 5 days prior 34 to shipment or 2 days prior to the first notice day of option in question, whichever earlier. Sellers shall not be obliged to accept more than two substitutions. Buyers 45 shall notify their Sellers and first Sellers if known of such substitution as soon as possible, but not later than 2 business days before the expected arrival of the 46 original ship.
6. Fosfa Contract 51
Kajishakar Reference in fosfx contract to superintendents, surveyors or representatives shall mean member superintendents of FOSFA International. 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 ship arrive before receipt of declaration of shipment and extra expenses be incurred, such expenses are to be paid by Sellers. Sellers invoking this clause shall advise Buyers with due despatch.
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