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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Reference in the contract to superintendents, surveyors or representatives shall mean member superintendents of FOSFA International. Revised and Effective from 1st Sepember. Buyers fsofa inform Sellers immediately there is a claim against the guarantee and Sellers shall have the right to be joined in any legal action arising therefrom.
Sellers invoking this clause shall advise Buyers with due despatch. 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.
The contract shipment period not to be affected by this clause.
Regulatory documents (GAFTA, FOSFA contracts etc.)
All export duties, taxes, levies, etc. Interest payable shall be appropriate to the currency involved. 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.
Sweepings shall be accepted with a fair allowance, to be fixed by agreement or by arbitration. The analysis fee shall be equally divided between Sellers and Conteact. All notices shall be under reserve for errors in trans- mission. 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.
The use of member analysts shall be mandatory except where the contract or regulations require the use of Governmental or other analysts. 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.
Such settlement shall be due for payment not later than 15 consecutive days after the last day conttact declaration or, should the circle not be established before the expiry of this time, then settlement shall be due for payment not later than seven days after the circle is established. Should the ship arrive before receipt of declaration of shipment and extra expenses be incurred, such expenses are to be paid by Sellers.
Any dispute arising out of this contract, including any question of law arising in connection therewith, shall contrach 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 and of which both parties hereto shall be deemed to be cognizant.
In the event that Buyers take delivery as above and Sellers fail to provide shipping documents and if the guarantee provided by Buyers fossfa above is encashed by the shipowners, Sellers shall be responsible for all damages, costs and consequences arising from their failure to present documents.
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.
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.
Payment shall contratc be deemed to have been effected before receipt of cleared funds by the payee or his bank.
If none of these methods is possible then the discharged weight to be ascertained by the most practicable alternative means.
FOSFA 54 CIF Oil in bulk
Should extra lighterage expenses be incurred owing to Sellers tendering less than 50 tons for a contract of a fosva quantity, the extra costs to be borne by Buyers and Sellers equally. All business days shall be deemed to end at At time and place contdact shipment, the oil shall be of good merchantable quality, in good condition and of the agreed description and specifications.
An asterisk denotes alternative wording, and should be matter of agreement between the parties. Prior to the last confract 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.
These members include producers and processors, shippers and dealers, traders, brokers and agents, superintendents, analysts, shipowners, tank storage companies and others, providing services to traders. FOSFA Copyright 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. Presentation of documents does not constitute a notice under the terms of this clause.
Sellers have agreed to sell and Buyers have agreed to buy 00 say OIL, in. Revised and Effective from. Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause is not applicable. 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. The FFA content shall be expressed as follows: Samples to be kept for three months from date of Bill of Lading.
In case of default after extension the default date shall be similarly deferred. Revised and Effective from 1st September.