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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Each delivery to be considered a separate contract. 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. Buyers may appoint foafa representative to superintend weighing on their behalf.

Regulatory documents (GAFTA, FOSFA contracts etc.)

Sellers to be responsible for obtaining export licence, if required. Loading in accordance with the provisions of the Loading Clause and at an average rate of. Samples should be kept for three months from the date of the Bill of Lading.

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. All notices shall have been passed on with due despatch.

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.

Regulatory documents (GAFTA, FOSFA contracts etc.) | CISS Group

Sampling shall be done in accordance with the method in ISO Sellers have agreed to sell and Buyers have agreed to buy. 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.

Any notice received after All Sellers and Buyers shall give every assistance to the establishment fisfa the circle and when a circle shall have been established same shall be binding on all parties to the circle.

Sellers to deliver the oil at not less than the loading rate stated in the Preamble. If any payment is not made on or before the due date for payment, interest shall be payable. Any dispute arising out of or in connection therewith shall be submitted to arbitration in accordance with the Rules of the Federation.

If there is no due date for payment, interest shall be payable if there has been an unreasonable delay in payment.

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Buyers shall be entitled to an extension of the original contract delivery period not exceeding 15 days in which to provide suitable freight. Sellers invoking this clause shall advise Buyers with due despatch.

FOSFA 53 FOB Oil in bulk

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. Different currencies shall not invalidate the circle. The party invoking this clause shall advise the other with due despatch. 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.

Details of seals and labels shall be given on loading weight report s and analysis certificate s. Notice from a broker shall be a valid notice under this contract.

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. Sellers shall complete loading after the expiry of the extension period, provided Buyers present Notice of Readiness to load within the extended period.

No circle shall be considered to exist if its existence is not established within 45 days after the last day of the delivery period. Notices to be despatched by any means of rapid written communication E-mail excluded.

Sellers also to provide Certificate of Analysis and Certificate of Origin. 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. 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.

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 required, Sellers must produce proof to justify their claim for extension or cancellation under this clause. The FFA content shall be expressed as follows: 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.

Payment shall not be deemed to have been effected before receipt of cleared funds by flsfa payee or his bank.

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FOSFA 53 FOB Oil in bulk

But should prohibition continue for 30 days, the contract or any unfulfilled part thereof shall be cancelled. 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 fisfa instructions to the analyst.

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 Fosfq. Thereafter, all costs of whatsoever nature arising including the cost of removing the oil to separate fosfw storage but excluding those of putting the oil Fosaf ruling on the 15th day of the extension shall be paid by Buyers.

Notices shall be passed on with due despatch by intermediate Buyers and Sellers. Minimum flash point of ? 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.

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 precedent to the right of either fosffa 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.

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 vosfa by the arbitrators to have occurred, then the day of the default shall, failing amicable settlement, be decided by arbitration.