CIRCLE. Where Sellers re-purchase from their Buyers or from any subsequent Buyer the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchased, and the provisions of the Default Clause shall not apply. (For the purpose of this clause the same goods shall mean goods of the same description, from the same country of origin, of the same quality, and, where applicable, of the same analysis warranty, for delivery from the same port(s) of loading during the same period of delivery). Different currencies shall not invalidate the circle. If the circle is established before the goods are shipped, or if the goods are not shipped, invoices based on the mean contract quantity, or if the goods have been shipped invoices based on the shipped quantity, shall be settled by all Buyers and their Sellers in the circle by payment by all Buyers to their Sellers of the excess of the Sellers' invoice amount over the lowest invoice amount in the circle. Payment shall be due not later than 15 consecutive days after the last date for shipment, or should the circle not be ascertained before the expiry of this time, then payment shall be due not later than 15 consecutive days after the circle is ascertained. Where the circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by the market price on the first day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contract. All Sellers and Buyers shall give every assistance to ascertain the circle and when a circle shall have been ascertained in accordance with this clause same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle prior to the due date of payment commit any act comprehended in the Insolvency Clause of this contract, settlement by all parties in the circle shall be calculated at the closing out price as provided for in the Insolvency Clause, which shall be taken as a basis for settlement, instead of the lowest invoice amount in the circle. In this event respective Buyers shall make payment to their Sellers or respective Sellers shall make payment to their Buyers of the difference between the closing out price and the contract price.
Appears in 3 contracts
Samples: www.graintrade.org.au, riordangrains.com.au, www.graintrade.org.au
CIRCLE. Where Sellers re-purchase a Seller repurchases from their Buyers its Buyer, or from any subsequent Buyer Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchasedrepurchased, and the provisions of the Default Clause of GAFTA 64 shall not apply. (For the purpose of this clause clause, the same goods shall mean goods of the same description, from of the same country of origin, same currency, of the same quality, quality and, where applicable, of the same analysis warranty, warranty for delivery from to the same port(s) of loading during the same period of delivery). Different currencies shall not invalidate the circle. .) (A) If the circle is established before the goods are shipped, or if the goods are not shippeddelivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity, or if the goods have been shipped invoices based on the shipped quantity, quantity shall be settled by all Buyers between each Buyer and their Sellers its Seller in the circle by payment by all Buyers each Buyer to their Sellers its Seller of the excess of the Sellers' Seller’s invoice amount over the lowest invoice amount in the circle. Payment (B) Such settlement shall be due not for payment no later than 15 consecutive days after the last date for shipmentday of the Delivery Period or, or should the circle not be ascertained established before the expiry of this timetime expires, then payment settlement shall be due not for payment no later than 15 consecutive 7 days after the circle is ascertainedestablished. Where the No circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by considered to exist if its existence is not established within 45 days after the market price on the first last day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contractDelivery Period. (C) All Sellers and Buyers shall give every assistance to ascertain the establishment of the circle and when where a circle shall have been ascertained in accordance with this clause established same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date of payment commit for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of this contractGAFTA 64, settlement by all parties in the circle shall be invoice amount for the goods calculated at the closing closing- out price price, as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as a the basis for settlement, settlement instead of the lowest invoice amount in the circle. In , and in this event respective Buyers each Buyer shall pay to its Seller or each Seller shall make payment to their Sellers or respective Sellers shall make payment to their Buyers of its Buyer the difference between the closing closing-out price and the contract price., as the case may be. (D) In the event of a claim under the Prevention of Delivery Clause of GAFTA 64, 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 Prevention of Delivery Clause of GAFTA 64, this clause is not applicable. (E) When a circle is established as provided for in this clause and all of the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle. 15.2 DOCUMENTS BY PASS (STRING): In case of resales in string, any party involved may propose a documents bypass whereby one Seller involved in the string presents documents to any subsequent buyer at an agreed price. (A) Such proposal is to be made in good time, preferably prior to commencement of loading of the nominated vessel, and to contain names of sellers and buyers in the string, their individual prices and the suggested settlement of price differentials. (B) All parties in the string may, at their own absolute discretion, refuse or agree without prejudice to their rights and obligations under their own contract, and the proposal will be declared in force only if all parties in the string have confirmed their agreement, otherwise it will be declared failed. Agreement by each party shall include their express acceptance of the Arbitration Clause and of the Insolvency Clause of GAFTA 64. Either declaration, in force or failed, shall be notified without delay to all parties involved by the party that made the original proposal. 222223224225226227228229230231232233234235236237238239240241242243244245246247248249250251252253254255256257258259260261262263264265266267268269270271272273274275276277278279280281282283284285286287288289290291292293294295296297
Appears in 1 contract
Samples: Associação Nacional
CIRCLE. Where Sellers re-purchase from their Buyers or from any subsequent Buyer buyer the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchased, and the provisions of the Default Clause shall not apply. (For the purpose of this clause the same goods shall mean goods of the same description, from the same country of origin, of the same quality, and, where applicable, of the same analysis warranty, for delivery from shipment to the same port(s) of loading destination during the same period of deliveryshipment). Different currencies shall not invalidate the circle. If Subject to the circle is established before terms of the goods are shippedPrevention of Shipment Clause in the contract, or if the goods are not shippedappropriated, or, having been appropriated documents are not presented, invoices based on the mean contract quantity, or if the goods have been shipped invoices based on the shipped quantity, quantity shall be settled by all Buyers and their Sellers in the circle by payment by all Buyers to their Sellers of the excess of the Sellers' invoice amount over the lowest invoice amount in the circle. Payment shall be due not later than 15 consecutive days after the last date day for shipmentappropriation, or or, should the circle not be ascertained before the expiry of this time, then payment shall be due not later than 15 consecutive days after the circle is ascertained. Where the circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by the market price on the first day for contractual delivery shipment and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contract. All Sellers and Buyers shall give every assistance to ascertain the circle and when a circle shall have been ascertained in accordance with this clause same it shall be binding on all parties to the circle. As between Xxxxxx Buyers and Sellers in the circle, the non-presentation non‑presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle prior to the due date of payment commit any act comprehended in the Insolvency Clause of this his contract, settlement by all parties in the circle shall be calculated at the closing out price as provided for in the Insolvency Clause, which shall be taken as a basis for settlement, instead of the lowest invoice amount in the circle. In this event respective Buyers shall make payment to their Sellers or respective Sellers shall make payment to their Buyers of the difference between the closing out price and the contract price.
Appears in 1 contract
Samples: specialcrops.mb.ca
CIRCLE. Where Sellers re-purchase from their Buyers or from any subsequent Buyer Buyers the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchased, and the provisions of the Default Clause shall not apply. (For the purpose of this clause the same goods shall mean goods of the same description, from the same country of origin, of the same quality, and, where applicable, of the same analysis warranty, for delivery from the same port(s) of loading Loading Facility (as specified in Clause 8) during the same period of delivery). Different currencies shall not will invalidate the circle. If the circle is established before the goods are shippedloaded, or if the goods are not shippedloaded, invoices based on the mean contract quantity, or if the goods have been shipped loaded invoices based on the shipped loaded quantity, shall be settled by all Buyers and their Sellers in the circle by payment by all Buyers to their Sellers of the excess of the Sellers' invoice amount over the lowest invoice amount in the circle. Payment shall be due not later than 15 consecutive days 1 business day after the last date for shipmentof the delivery period, or should the circle not be ascertained before the expiry of this time, then payment shall be due not later than 15 consecutive days 1 business day after the circle is ascertained. Where the circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by the market price on the first day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contract. All Sellers and Buyers shall give every assistance to ascertain the circle and when a circle shall have been ascertained in accordance with this clause same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle prior to the due date of payment commit any act comprehended in the Insolvency Clause of this contract, settlement by all parties in the circle shall be calculated at the closing out price as provided for in the Insolvency Clause, which shall be taken as a basis for settlement, instead of the lowest invoice amount in the circle. In this event respective Buyers shall make payment to their Sellers or respective Sellers shall make payment to their Buyers of the difference between the closing out price and the contract price.
Appears in 1 contract
Samples: www.graintrade.org.au
CIRCLE. Where Sellers re-purchase a Seller repurchases from their Buyers its Buyer, or from any subsequent Buyer Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchasedrepurchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause clause, the same goods shall mean goods of the same description, from of the same country of origin, same currency, of the same quality, quality and, where applicable, of the same analysis warranty, warranty for delivery from to the same port(s) of loading during the same period of delivery). Different currencies shall not invalidate the circle. .) (A) If the circle is established before the goods are shipped, or if the goods are not shippeddelivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity, or if the goods have been shipped invoices based on the shipped quantity, quantity shall be settled by all Buyers between each Buyer and their Sellers its Seller in the circle by payment by all Buyers each Buyer to their Sellers its Seller of the excess of the Sellers' Seller’s invoice amount over the lowest invoice amount in the circle. Payment (B) Such settlement shall be due not for payment no later than 15 consecutive days after the last date for shipmentday of the Delivery Period or, or should the circle not be ascertained established before the expiry of this timetime expires, then payment settlement shall be due not for payment no later than 15 consecutive 7 days after the circle is ascertainedestablished. Where the No circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by considered to exist if its existence is not established within 45 days after the market price on the first last day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contractDelivery Period. (C) All Sellers and Buyers shall give every assistance to ascertain the establishment of the circle and when where a circle shall have been ascertained in accordance with this clause established same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date of payment commit for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of this contractFOSFA 53, settlement by all parties in the circle shall be invoice amount for the goods calculated at the closing closing-out price price, as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as a the basis for settlement, settlement instead of the lowest invoice amount in the circle. In , and in this event respective Buyers each Buyer shall make payment to their Sellers its Seller or respective Sellers each Seller shall make payment to their Buyers of its Buyer the difference between the closing closing-out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, 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 Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle. 15.2 DOCUMENTS BY PASS (STRING): In case of resales in string, any party involved may propose a documents bypass whereby one Seller involved in the string presents documents to any subsequent buyer at an agreed price. (A) Such proposal is to be made in good time, preferably prior to commencement of loading of the nominated vessel, and to contain names of sellers and buyers in the string, their individual prices and the suggested settlement of price differentials. (B) All parties in the string may, at their own absolute discretion, refuse or agree without prejudice to their rights and obligations under their own contract, and the proposal will be declared in force only if all parties in the string have confirmed their agreement, otherwise it will be declared failed. Agreement by each party shall include their express acceptance of the Arbitration Clause and of the Insolvency Clause of FOSFA 53. Either declaration, in force or failed, shall be notified without delay to all parties involved by the party that made the original proposal. (C) If such declaration is not received by the time the vessel has started to load, the first seller may withdraw its agreement and present document to its own buyer or, at its option, charge interest at the rate stipulated in this contract for any time lost in presentation of documents. (D) When a string proposal is declared in force, each party shall be deemed to have entered into a contract with all other pa rties in the string (who are also trading on the same terms), including express agreement by all parties to arbitration and to the application of the Insolvency clause. It shall also be deemed to have transferred automatically from the first to the last buyers the obligation to pay for the goods and to cover insurance in accordance with the Insurance clause. Likewise, the acceptance of a string proposal by parties other than the first sellers and the last buyers shall constitute their firm commitment to pay any price differentials and other monies due. (E) Should the nominated vessel for a string already in force be substituted, totally or in part, the first seller is under no obligation to commence loading the substitute vessel prior to the receipt of the substitution from its own counterparty. (F) Despite agreeing without prejudice to a document bypass proposal, all the parties’ rights and obligations under their individual contracts, save as amended by operation of the agreed bypass, shall remain fully in force. Prior to the presentation of documents to the end buyer, any party in string may, in the event of unforeseen and serious circumstances, including the insolvency or threatened insolvency of any party in the string, withdraw the agreement, by giving immediate notice of such withdrawal to all other parties. The documents shall then be presented through the string between individual counterparties. (G) To permit settlement of price differentials, the end buyer in string shall without delay confirm the receipt of shipping document and exact quantity shipped to all parties involved, and price differentials as agreed shall then be paid in 48 hours from receipt of the relevant debit note. Carrying charges, any detention or demurrage and/or quality allowances, if due, shall be settled between individual counterparties. (H) Carrying Charges amounts and/or quality allowances may be included in the invoice covering original documents presentation if it was clearly stated in string proposal and accepted by all the parties involved. The party receiving documents in a string proposal must inform quality results in the notice sent to all parties involved declaring that documents were received in Good Order. In this case: (i) No carrying charges to be settled between the other parties, unless there are different delivery periods involved. ANEC 81 – version 1st January 2023 – Page 5 of 6 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 (ii) Quality allowance percentages must be discounted from the price differences applied between the other parties, as shown in the string proposal. (I) All Sellers and Buyers under contracts containing the Documents By-Pass Clause shall be deemed to have entered into mutual agreements with one another to the above-mentioned effect, and to agree to submit to arbitration all questions and claims between them or any of them with regard to the execution of this clause in accordance with the Arbitration Clause of this contract. 16.
Appears in 1 contract
Samples: Associação Nacional
CIRCLE. Where Sellers re-purchase a Seller repurchases from their Buyers its Buyer, or from any subsequent Buyer Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchasedrepurchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause clause, the same goods shall mean goods of the same description, from of the same country of origin, same currency, of the same quality, quality and, where applicable, of the same analysis warranty, warranty for delivery from to the same port(s) of loading during the same period of delivery). Different currencies shall not invalidate the circle. .) (A) If the circle is established before the goods are shipped, or if the goods are not shippeddelivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity, or if the goods have been shipped invoices based on the shipped quantity, quantity shall be settled by all Buyers between each Buyer and their Sellers its Seller in the circle by payment by all Buyers each Buyer to their Sellers its Seller of the excess of the Sellers' Seller’s invoice amount over the lowest invoice amount in the circle. Payment (B) Such settlement shall be due not for payment no later than 15 consecutive days after the last date for shipmentday of the Delivery Period or, or should the circle not be ascertained established before the expiry of this timetime expires, then payment settlement shall be due not for payment no later than 15 consecutive 7 days after the circle is ascertainedestablished. Where the No circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by considered to exist if its existence is not established within 45 days after the market price on the first last day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contractDelivery Period. (C) All Sellers and Buyers shall give every assistance to ascertain the establishment of the circle and when where a circle shall have been ascertained in accordance with this clause established same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date of payment commit for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of this contractFOSFA 53, settlement by all parties in the circle shall be invoice amount for the goods calculated at the closing closing-out price price, as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as a the basis for settlement, settlement instead of the lowest invoice amount in the circle. In , and in this event respective Buyers each Buyer shall make payment to their Sellers its Seller or respective Sellers each Seller shall make payment to their Buyers of its Buyer the difference between the closing closing-out price and the contract price., as the case may be. (D) ) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, 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 Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle. 15.2 DOCUMENTS BY PASS (STRING): In case of resales in string, any party involved may propose a documents bypass whereby one Seller involved in the string presents documents to any subsequent buyer at an agreed price. (A) Such proposal is to be made in good time, preferably prior to commencement of loading of the nominated vessel, and to contain names of sellers and buyers in the string, their individual prices and the suggested settlement of price differentials. (B) All parties in the string may, at their own absolute discretion, refuse or agree without prejudice to their rights and obligations under their own contract, and the proposal will be declared in force only if all parties in the string have confirmed their agreement, otherwise it will be declared failed. Agreement by each party shall include their express acceptance of the Arbitration Clause and of the Insolvency Clause of FOSFA 53. Either declaration, in force or failed, shall be notified without delay to all parties involved by the party that made the original proposal. (C) If no such declaration is received by the time the vessel has started to load, the first seller may withdraw its agreement and present document to its own buyer or, at its option, charge interest at the rate stipulated in the Interest clause for any time lost in presentation of documents. (D) When a string proposal is declared in force, each party shall be deemed to have entered into a contract with all other pa rties in the string (who are also trading on the same terms), including express agreement by all parties to arbitration and to the application of the Insolvency clause. It shall also be deemed to have transferred automatically from the first to the last buyers the obligation to pay for the goods and to cover insurance in accordance with the Insurance clause. Likewise, the acceptance of a string proposal by parties other than the first sellers and the last buyers shall constitute their firm commitment to pay any price differentials and other monies due. (E) Should the nominated vessel for a string already in force be substituted, totally or in part, the first seller is under no obligation to commence loading the substitute vessel prior to the receipt of the substitution from its own counterparty. (F) Despite agreeing without prejudice to a document bypass proposal, all the parties’ rights and obligations under their individual contracts, save as amended by operation of the agreed bypass, shall remain fully in force. Prior to the presentation of documents to the end buyer, any party in string may, in the event of unforeseen and serious circumstances, including the insolvency or threatened insolvency of any party in the string, withdraw the agreement, by giving immediate notice of such withdrawal to all other parties. The documents shall then be presented through the string between individual counterparties. (G) To permit settlement of price differentials, the end buyer in string shall without delay confirm the receipt of shipping document and exact quantity shipped to all parties involved, and price differentials as agreed shall then be paid in 48 hours from receipt of the relevant debit note. Carrying charges, any detention or demurrage and/or quality allowances, if due, shall be settled between individual counterparties. Interest shall be charged in the event of late payment of any invoice or debit note. (H) Carrying Charges amounts and/or quality allowances may be included in the invoice covering original documents presentation if it was clearly stated in string proposal and accepted by all the parties involved. The party receiving documents in a stri ng proposal must inform quality results in the notice sent to all parties involved declaring that documents were received in Good Order. In this case: (i) No carrying charges to be settled between the other parties, unless there are different delivery periods involved. (ii) Quality allowance percentages must be discounted from the price differences applied between the other parties, as shown in the string proposal. (I) All Sellers and Buyers under contracts containing the Documents By-Pass Clause shall be deemed to have entered into mutual agreements with one another to the above-mentioned effect, and to agree to submit to arbitration all questions and claims between them or any of them with regard to the execution of this clause in accordance with the Arbitration Clause of this contract. 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365
Appears in 1 contract
Samples: Associação Nacional
CIRCLE. Where Sellers re-purchase a Seller repurchases from their Buyers its Buyer, or from any subsequent Buyer Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchasedrepurchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause clause, the same goods shall mean goods of the same description, from of the same country of origin, same currency, of the same quality, quality and, where applicable, of the same analysis warranty, warranty for delivery from to the same port(s) of loading during the same period of delivery). Different currencies shall not invalidate the circle. .) (A) If the circle is established before the goods are shipped, or if the goods are not shippeddelivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity, or if the goods have been shipped invoices based on the shipped quantity, quantity shall be settled by all Buyers between each Buyer and their Sellers its Seller in the circle by payment by all Buyers each Buyer to their Sellers its Seller of the excess of the Sellers' Seller’s invoice amount over the lowest invoice amount in the circle. Payment (B) Such settlement shall be due not for payment no later than 15 consecutive days after the last date for shipmentday of the Delivery Period or, or should the circle not be ascertained established before the expiry of this timetime expires, then payment settlement shall be due not for payment no later than 15 consecutive 7 days after the circle is ascertainedestablished. Where the No circle includes contracts expressed in different currencies the lowest invoice amount shall be replaced by considered to exist if its existence is not established within 45 days after the market price on the first last day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract price in the currency of the contractDelivery Period. (C) All Sellers and Buyers shall give every assistance to ascertain the establishment of the circle and when where a circle shall have been ascertained in accordance with this clause established same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date of payment commit for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of this contractFOSFA 53, settlement by all parties in the circle shall be invoice amount for the goods calculated at the closing closing-out price price, as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as a the basis for settlement, settlement instead of the lowest invoice amount in the circle. In , and in this event respective Buyers each Buyer shall make payment to their Sellers its Seller or respective Sellers each Seller shall make payment to their Buyers of its Buyer the difference between the closing closing-out price and the contract price., as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, 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 Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle. 15.2 DOCUMENTS BY PASS (STRING): In case of resales in string, any party involved may propose a documents bypass whereby one Seller involved in the string presents documents to any subsequent buyer at an agreed price. (A) Such proposal is to be made in good time, preferably prior to commencement of loading of the nominated vessel, and to contain names of sellers and buyers in the string, their individual prices and the suggested settlement of price differentials. (B) All parties in the string may, at their own absolute discretion, refuse or agree without prejudice to their rights and obligations under their own contract, and the proposal will be declared in force only if all parties in the string have confirmed their agreement, otherwise it will be declared failed. Agreement by each party shall include their express acceptance of the Arbitration Clause and of the Insolvency Clause of FOSFA 53. Either declaration, in force or failed, shall be notified without delay to all parties involved by the party that made the original proposal. (C) If no such declaration is received by the time the vessel has started to load, the first seller may withdraw its agreement and present document to its own buyer or, at its option, charge interest at the rate stipulated in the Interest clause for any time lost in presentation of documents. (D) When a string proposal is declared in force, each party shall be deemed to have entered into a contract with all other pa rties in the string (who are also trading on the same terms), including express agreement by all parties to arbitration and to the application of the Insolvency clause. It shall also be deemed to have transferred automatically from the first to the last buyers the obligation to pay for the goods and to cover insurance in accordance with the Insurance clause. Likewise, the acceptance of a string proposal by parties other than the first sellers and the last buyers shall constitute their firm commitment to pay any price differentials and other monies due. (E) Should the nominated vessel for a string already in force be substituted, totally or in part, the first seller is under no obligation to commence loading the substitute vessel prior to the receipt of the substitution from its own counterparty. (F) Despite agreeing without prejudice to a document bypass proposal, all the parties’ rights and obligations under their individual contracts, save as amended by operation of the agreed bypass, shall remain fully in force. Prior to the presentation of documents to the end buyer, any party in string may, in the event of unforeseen and serious circumstances, including the insolvency or threatened insolvency of any party in the string, withdraw the agreement, by giving immediate notice of such withdrawal to all other parties. The documents shall then be presented through the string between individual counterparties. (G) To permit settlement of price differentials, the end buyer in string shall without delay confirm the receipt of shipping document and exact quantity shipped to all parties involved, and price differentials as agreed shall then be paid in 48 hours from receipt of the relevant debit note. Carrying charges, any detention or demurrage and/or quality allowances, if due, shall be settled between individual counterparties. Interest shall be charged in the event of late payment of any invoice or debit note. (H) Carrying Charges amounts and/or quality allowances may be included in the invoice covering original documents presentation if it was clearly stated in string proposal and accepted by all the parties involved. The party receiving documents in a string proposal must inform quality results in the notice sent to all parties involved declaring that documents were received in Good Order. In this case: 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366
Appears in 1 contract
Samples: Associação Nacional
