FOSFA is a professional international contract issuing and arbitral body concerned exclusively with the world trade in oilseeds, oils and fats with over members in 75 countries 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. Revised and Effective from 1st January. Register to read more.
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T and T Visite de M. Chirac en TPM Introduction Oct. FOSFA code of practic Sellers have agreed to sell and Buyers have agreed to buy. OIL at. Payment in. In the 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.
F ? The FFA content shall be expressed as follows: If as Lauric acid, calculated on a molecular weight of ; as Palmitic acid, calculated on a molecular weight of ; as Oleic acid, calculated on a molecular if if weight of At time and place of shipment, the oil shall be of good merchantable quality, in good condition and of the agreed description and specifications.
If the oil is shipped in more than one tank of the same ship, the analysis details of the oil in each separate tank at loading shall conform to the above. Should the oil on arrival not prove equal to the above, or should the oil contain sea water or other admixture, this contract not to be void, but the oil is to be taken with an allowance to be agreed upon or fixed by arbitration provided always that the oil shipped shall conform to the above.
Sweepings shall be accepted with a fair allowance, to be fixed by agreement or by arbitration. In the event of such transhipment at origin the Declaration of Shipment shall include the name of the ocean carrier and transhipment location. Claims to be payable in the currency of the contract. In the event that Buyers receive an allowance under the Quality, Condition and Specifications Clause, Buyers to return the insurance policy to Sellers in order that they make any recovery thereunder.
Any expense for covering war risks insurance in excess of? Should the ship arrive before receipt of declaration of shipment and extra expenses be incurred, such expenses are to be paid by Sellers.
Should extra lighterage expenses be incurred owing to Sellers tendering less than 50 tons for a contract of a greater quantity, the extra costs to be borne by Buyers and Sellers equally. The provisions of this clause to be inoperative if the goods have been sold afloat. Presentation of documents does not constitute a notice under the terms of this clause.
The use of member analysts shall be mandatory except where the contract or regulations require the use of Governmental or other analysts.
Any charges for telegraphic remittance of funds to Sellers shall be for Buyers account. Buyers to send copy of the freight note to Sellers for final invoicing purposes.
Should Sellers have failed to present shipping documents on arrival of the ship at destination, Buyers shall take delivery under a guarantee acceptable to the shipowners to be provided by the Buyers, such guarantee to be signed by a first class bank if required by the shipowners.
Buyers shall pay for the documents when presented. 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. In the event that Buyers take delivery as above and Sellers fail to provide shipping documents and if the guarantee provided by Buyers as above is encashed by the shipowners, Sellers shall be responsible for all damages, costs and consequences arising from their failure to present documents.
Buyers shall 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. Payment shall not be deemed to have been effected before receipt of cleared funds by the payee or his bank. 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 amount 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. Otherwise Buyers to be liable to pay demurrage at the rate stipulated in the Charter Party or Contract of Affreightment. 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.
If none of these methods is possible then the shipping weight to be ascertained by the most practicable alternative means. If none of these methods is possible then the discharged weight to be ascertained by the most practicable alternative means.
In the event of disagreement between Buyers' and Sellers' superintendents on the question of mass per volume litre weight in air , sealed samples shall be submitted to an analyst whose decision shall be final. If establishment of weights is not completed within 5 working days after discharge Sellers may submit an interim invoice which shall become due and payable based on Bill of Lading weights.
Weights shall then be established as soon as it is deemed practicable by the superintendents representing the parties and a final invoice shall be issued accordingly. Samples to be kept for three months from date of Bill of Lading. Two sets of these s samples shall be handed to the Master with instructions to hand over to the Receivers at port of discharge or their superintendents.
The remaining sets of samples to be retained by the superintendent at the port of loading. Buyers or their superintendents shall retain three sealed samples and, if required, shall send one sealed sample with due despatch for analysis to an analyst. The remaining two sealed samples shall be retained by Sellers or their superintendents.
If Buyers fail to send a sample for analysis Sellers have the right to submit a sample and the results of this analysis shall stand. The analysis fee shall be equally divided between Sellers and Buyers. 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.
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 certificates of analysis with due despatch. All import duties, taxes, levies, etc. All notices shall be under reserve for errors in trans- mission. Notices shall be passed on with due despatch by intermediate Buyers and Sellers.
Any notices received after Notice from a broker shall be a valid notice under this contract. NON-BUSINESS DAYS: 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 business or in the country where the act has to be done or the notice has to 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 shipment period not to be affected by this clause. Should such cause exist for a period of 60 days beyond the contract shipment period the contract or any unfulfilled part thereof so affected shall be cancelled. Sellers invoking this clause shall notify Buyers with due despatch. Buyers have no claim against Sellers for delay in shipment or cancellation under this clause provided that Sellers shall have supplied to their Buyers, if required, satisfactory evidence justifying delay or non-fulfilment to establish any claim for extension or cancellation under this clause.
In case of default after extension the default date shall be similarly deferred. 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. 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.
CIRCLE: 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. 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 for 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. No circle shall be considered to exist if its existence is not established within 45 days after the last day of shipment. All Sellers and Buyers shall give every assistance to the establishment of the circle and where 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 shipment period. Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Force Majeure Clause, this clause is not applicable.
DEFAULT: 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 computed on the mean contract quantity. Prior to the last day 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.
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.
Any dispute arising out of or in connection therewith 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 be deemed good service, rule of law or equity to the contrary notwithstanding.
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 be , in 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 be , shall be a condition precedent to the right of either party hereto or of 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.
FOSFA 54 CIF Oil
Contract No 54 (September 2007)
Contract No 54