VKB definition
Examples of VKB in a sentence
VKB shall determine the quality of the products on receipt and dispatch thereof on the basis of the grading regulations for each product as determined by the Agricultural Product Standards Act 119 of 1980 (‘the grading regulations’), or any other applicable legislation, as amended from time to time, as well as applicable standards and methods in the grain industry, and VKB’s practices applicable to the specific silo facility and equipment.
The customer authorises VKB herewith irrevocably and unconditionally to realize these products or as much of these products as may be necessary, either by selling them or by acquiring them for its own account against the ruling SAFEX price, minus the transport differential in respect of the silo in question on the day on which these products are realized accordingly.
The customer will not be able to institute any claim against VKB for any delay or non-delivery in terms of this clause.
The customer indemnifies and holds VKB harmless against any claim (including claims by the customer) for damages which may be instituted against VKB, subject thereto that such indemnity will be limited to claims for damages which arose from VKB’s in good faith performance of its obligations in accordance with the terms of this agreement and conditions.
This value shall be calculated against the ruling SAFEX price, minus the transport differential for the silo in question on the day on which VKB decides that it has become impossible to meet its aforementioned delivery commitments.
Notice by telephone, as well as notice in writing, must reach VKB within 12 hours after receipt of the products by the customer.
VKB retains the right to refuse to deliver products to anyone at all and to retain such products until effective payment of all sums due to VKB in respect of such products are settled.
VKB undertakes not to exercise this lien before 10 calendar days have elapsed since the amount due became payable and the customer has been issued with a letter of demand.
In such an event, the customer shall pay to VKB, or VKB to the customer, depending on the case, remuneration according to the difference in value between the grades determined by SAFEX, or as agreed upon between the customer and VKB by means of negotiation.
VKB nominates ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Street, Reitz, 9810 as the address to which all notices in terms of this agreement and conditions must be delivered.