FOSFA 53 PDF
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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FOSFA code of practic Sellers have agreed to sell and Buyers have agreed to buy. OIL, in bulk at. Loading in accordance with the provisions of the Loading Fksfa and at an average rate of. Rates for carrying in accordance with the Extension Clause. Where Sellers have the option to deliver from alternative load ports Sellers shall declare actual load fosga no later than the first business day of the month prior to commencement of delivery period.
The oil shall be of good merchantable quality of the agreed description and contractual specification at time of delivery or at the end 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 at loading shall conform to the contract specifications.
Minimum flash point of ? The FFA content shall be expressed as follows: In fozfa 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. 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.
Buyers are allowed to substitute the nominated ship provided that the substitute ship is expected to arrive no earlier than the original ship and not more than 10 consecutive days later unless otherwise agreed by Sellers. Buyers shall notify their Sellers and first Fowfa if known of such substitution as soon as possible but not later than 2 business days before the expected arrival of the original ship.
The original delivery period and any extension thereto shall not be affected by this clause. Notice of readiness at loading port to be given during local office hours and laytime to start counting 6 hours after such notice has been tendered. Laytime not s to commence prior to expiry of minimum number of days pre-advice for nomination of ship unless Sellers agree to load earlier in which case laytime to commence when ship actually commences to load.
All notices shall have been passed on with due despatch. Sellers to deliver the oil at not less than the loading rate stated in the Preamble.
FOSFA 53 FOB Oil in bulk
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. Foosfa delivery to be considered a separate contract. Sellers to be responsible for obtaining export licence, if required. Reference in the contract ffosfa superintendents, surveyors or representatives shall mean member superintendents of FOSFA International. 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.
Sampling shall be done in accordance with the method in ISO Details of seals and labels shall be given on loading weight report s and analysis certificate s. All samples drawn under the terms of this contract when delivered to FOSFA International or to the analyst s to become their absolute property.
If the oil to be shipped is not to be commingled in the vessel s tank s with oil loaded by any other Seller sSellers under this contract have the option that the sample s shall be drawn from the vessel s tank s. Samples should be kept for three months from the date of the Bill of Lading.
Sellers or their superintendents shall send sealed sample s for analysis on the contractual specifications to an analyst. 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. 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.
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.
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.
Parties shall pass on certificate s of analysis fosaf due despatch. Analysis fees shall be for account of the party ordering the analysis. Analysis of sample s taken at time of loading or, in the event of the oil not being loaded within 15 consecutive days of the contract period, at the end of the extension period allowed under the Extension Clause, to be final.
Buyers shall be entitled to an extension of the original contract delivery period not exceeding 15 days in which to provide suitable freight.
Notice of such extension shall be given to Sellers as soon as possible but not later than the last business day of the original contract delivery period. Buyers need not state the exact number of days they require when giving such notice.
Sellers shall complete loading after the expiry of the extension period, provided Buyers present Notice of Readiness to load within the extended period. If loading is commenced within 15 days after the original contract delivery period, payment shall be made in accordance with the Payment Clause. In the event that loading is not commenced within 15 days of the original contract delivery period the provisions of the Default Clause shall apply and 35 shall additionally pay to Sellers an amount equal to carrying charges for the total extension period.
Sellers also to provide Certificate of Analysis and Certificate of Origin. The warrant, delivery order or similar document to be guaranteed by a Bank if requested by Buyers in the pre-advice.
Thereafter, all costs of whatsoever nature arising including the cost of removing the oil to cosfa other storage but excluding those of putting the oil FOB ruling on the 15th day of the extension shall be paid by Buyers. If Buyers exercise their option to take delivery in store, Sellers shall nevertheless deliver to the ship if it presents in time for loading to commence before the expiry of the extension period.
Payment shall not be deemed to have been effected before receipt of cleared funds by the payee or his bank. 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.
Interest payable shall be appropriate to the currency involved. 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. Shipped weights, as ascertained by a recognised independent Surveyor.
Buyers may appoint a representative to superintend weighing on their behalf. Notices to be despatched by any means of rapid written communication E-mail excluded. Fosffa notices shall be under reserve for errors in transmission. Notices shall be passed on with due despatch by intermediate Buyers and Sellers. Any notice received after Notice from a broker shall be a valid notice under this contract. Proof of string fossfa be provided, if required, by either party.
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 fosta or in the country where the act has to be done or the notice has fosfs 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.
All business days shall be deemed to end at The contract delivery period not to be affected by this clause. In any month containing an odd number of days the middle day shall be reckoned as belonging to both halves of the month. Should 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.
The party invoking this clause shall advise the other with due despatch. The party claiming Force Majeure must produce proof to justify their claim if required. But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled. Sellers invoking this clause shall advise Buyers with due despatch. If required, Sellers must produce proof to justify their claim for extension or cancellation under this clause.
Should either party be dissatisfied with the price ascertained by re-purchase or re-sale, then the matter shall be referred to arbitration. Where a Seller repurchases from his Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchased, and the provisions of the Default Clause shall not apply.
Regulatory documents (GAFTA, FOSFA contracts etc.)
Different currencies shall not invalidate the circle. 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.
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. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the delivery period.
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 all parties to the circle. 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 delivery period.
Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause is not applicable. 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.
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 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.
Damages to be 553 on the mean contract quantity. Prior to the last day of the contract delivery period either party may notify the other party of its inability to deliver or take delivery but the date of such notice shall not become the default date without the agreement of the other party. If, for any other reason, either party fails foxfa 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.
This contract shall be deemed to fosa been made in England and the construction, validity and performance thereof shall be governed in all respects by English Law.
Any dispute arising out of or in connection fsofa shall be submitted to arbitration in accordance with the Rules of the Federation. 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 fksfa deemed good service, rule of fsofa law or equity to the contrary notwithstanding. The following shall not apply to this contract: 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 fpsfa of which both parties hereto shall be deemed to be cognizant.
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 befosfz be a condition precedent to the right of either party hereto or 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.