General Short Form Contract - C.I.F. Terms

General short form contract, CIF terms

We herewith confirm having [sold to/bought from] you this day ____________

The terms, conditions and rules contained in Form No: ____________ of The Grain and Feed Trade Association (of which the parties admit that they have knowledge and notice) apply to this transaction, and the details above given shall be taken as having been written into such Form in their appropriate places.

1. Goods: ____________

2. Quantity: ____________

3. Price: ____________ per tonne of 1000 kilograms ____________ cost, insurance and freight to ____________.

4. Shipment

Per steamer(s) and/or power engined vessel(s) from ___________.

5. Period of shipment

As per bill(s) of lading, dated or to be dated ___________.

6. Quality: ___________

The warranty in respect of oil and protein combined is ____________%, and the warranty in respect of sand and/or silica is ___________ %

7. Appropriation

Name of vessel(s) and approximate quantity shipped shall be declared within ____________ days from the date of bill(s) of lading ____________.

8. Payment: ____________

9. Brokerage

____________ per tonne, to be paid by Sellers on the mean contract quantity, goods lost or not lost, contract fulfilled or not fulfilled unless such non-fulfilment is due to the successful application of the Prohibition Clause or the Force Majeure Clause. Brokerage shall be due on the day shipping documents are exchanged or if the goods are not appropriated then the brokerage shall be due on the 30th consecutive day after the last day for appropriation or advice of shipment.

10. Notice

All notices given under this contract shall be given by letter or by telegram or by telex or by other method of rapid written communication. Notwithstanding anything in this contract to the contrary, notices despatched under this contract shall NOT be transmitted by means of facsimile machines.

11. Arbitration

(a) Any dispute arising out of or under this contract shall be settled by arbitration in accordance with the Arbitration Rules, No. 125, of The Grain and Feed Trade Association, in the edition current at the date of this contract, such Rules forming part of this contract and of which both parties hereto shall be deemed to be cognisant.

(b) 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 Arbitrator(s) or a Board of Appeal, as the case may be, in accordance with the Arbitration Rules and it is expressly agreed and declared that the obtaining of an award from the Arbitrator(s) or a Board of Appeal, as the case may be, shall be a condition precedent to the right of either party hereto or of any persons claiming under either of them to bring any action or other legal proceedings against the other of them in respect of any such dispute.

Sellers ____________ Buyers ____________

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