Contracts

Contracts. Trade

This section for negotiations and conclusions of contracts various commodities, Incoterms basis, standard contracts (GAFTA, FOSFA), way of payments (LC, BG, CAD) and etc., as it mentioned below in sections terms.  A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. Contract could be present for you based on specific condition of your commodity and terms. Section is for contracts on F basis as per Incoterms 2010 such as FOB, FAS, FCA. Basic items in the short form contract are: Sellers; Buyers; Quantity; Description of goods; Quality of goods; Packing; Shipment date; Price; Payment; Other conditions.

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Gafta contract of selling commodity barley in bulk. Incoterms  COST AND FREIGHT FREE OUT  (CFR - FO) Contract could be present for you based on specific condition of your commodity and terms. Seller Represented by Director, acting in accordance with the Articles of Association, on the one part, and Buyer, Represented by director, acting on the basis of the Articles of Association on the other hand, have concluded the present Contract as follows. The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity barley in bulk and to pay. Broker.

Commodity: Black Sea origin Feed Barley in bulk. Quality: Test weight min. 62/63 Kg/hl, GAFTA; Moisture max. 14,5 %; Admixture max. 2,0 %; Barley of sound, loyal and merchantable quality. Goods to be free from alive weevils or other insects injurious and disease to stored grain, free from foul smell and infestation and foreign smell and materials. Minimum 5 % of the total quantity of barley shipped to be coloured with food red Azorubine / Carmosine colour index number 14720. All other specification details as per relevant official standard for grain as applicable for the respective origin as specified above. Quality and condition final at loading.

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Contract could be present for you based on specific condition of your commodity and terms. Gafta contract of selling peas in bulk by vessel. Incoterms  cost and freight free out  (cfr - fo). We have the pleasure to confirm the following business done 01 june. Seller, buyers, broker. The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay.
Goods: yellow/green feed peas, crop, origin.
moisture 14 pct max. Gafta
admixture 2 pct max
goods  to be sound, loyal, merchantable, free from alive insect and foreign smell
Quantity: 5.000 (five thousand) metric tons 10 pct more or lessa at seller’s option and at contract price. Cargo part/cargo at seler’s option bulk carrier single decker vessel only. weight: certified by a first class superintendet company of first class at loading and final at discharge wiht a tollerance/ franchise of 0,50 pct  in favour of sellers. Any exceedng loss in wheight over 0,50 pct will be refounded to buyers  from sellers against invoice.
Quality/ condition: quality and condition to be final at port of loading in as per first class  superintendet certificate at seller’s choice and expences. fumigation if needed at sellers cost. Buyers have the right to be present or represented at loading. packing in bulk.

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Contract of selling commodities - Sunflower seed meal in bulk. Incoterms CPT CARRIAGE PAID TO (... named place of destination) Contract could be present for you based on specific condition of your commodity and terms. The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay.
CONTRACT No.00B. SELLER. BUYER. The Seller and the Buyer have this day entered into a Contract on the following terms and conditions:
COMMODITY: Sunflower seed meal in bulk (hereinafter referred to as Goods), produced from crop , origin Ukraine.
QUANTITY: 3.000 (three thousand) metric tons 5 % more or less at Buyer's option.
QUALITY/WEIGHT: Goods is to be merchantable, free of infestation and foreign smell, free from alive insects and to correspond to the following characteristics:
Moisture: 10 %, max.; Fat: 2 %,  max.; Protein(on dry basis): 36 % , min.; Fibers: 18 %, max 

Quality and weight are final at loading port as per Certificates of quality and weight, issued by the  inspection company at buyer’s expense and choice.  

PRICE AND TOTAL VALUE: Price of Goods delivered CPT under the Contract is USD 75,00 (seventy five dollars ) per one metric ton.

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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We can prepare contract for Peas with GAFTA 88 FLCs applied between Seller and Buyer via Broker based on own experience. The SELLER are ready for negotiation of contract via Broker to sell, supply and transfer commodities are looking for Buyer ready to buy, purchase and receive commodities.
Quality Yellow Peas. Moisture: max 14 pct; Foreign Matter: max 2 pct; Broken: max 5 pct; Damaged: max 5 pct; Other colour: max 3 pct; Sound, loyal and merchantable, free from alive weevils, foreign smell, with natural color and smell. Quantity and Quality of commodities final at place of stuffing into containers.
Shipments in 20 feet containers.
Payment for commodities to be made by the Buyer in US dollars 100% CAFD (Cash Against Fax Documents) against presentation the following documents to Buyer:
a) Signed  Commercial Invoice and
b) Full set of 3/3 original FREIGHT PREPAID shipped on board Bills of Lading and made to THE ORDER and BLANK ENDORSED.
c) Certificate of Origin;
d) Certificate of Quality and Quantity.  
e) Fumigation Certificate.
f) Phytosanitary Certificate.
g) Packing List.
Other terms, conditions and rules have to apply as per Incoterms 2010, GAFTA 88, GAFTA 125.

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay.The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay. Seller: Represented by Director, acting in accordance with the Articles of Association, on the one part, and Buyer Represented by director, acting on the basis of the Articles of Association on the other hand, have concluded the present Contract as follows: SUBJECT OF THE  CONTRACT. The SELLER undertakes to supply and transfer to the BUYER the Barley in bulk GAFTA 49, crop, origin, further called the Goods, and the BUYER undertakes to accept the Goods and to pay it on the terms of the present Contract.

QUALITY OF THE GOODS. Quality of goods final at loading port as per Certificate of Quantity issued by GAFTA member inspection company appointed and paid by Seller in accordance with the following specification: Test weight  61/62 kg/hl, moisture max 14,5%, admix max 2,0%, Other grains  max 2%. Sound, loyal, merchantable, free from of infestation and foreign smell. Free from alive insects and free from quarantine weed seeds. QUANTITY OF THE GOODS. PRICE TOTAL VALUE OF GOODS

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Contract No, Dated, Seller,Buyer, The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay.The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay for Goods. Feed corn in bulk GAFTA 49, crop , Ukrainian origin. Price and value. USD 0.00 per MT delivered Free On Board (FOB – Incoterms 2000) one safe berth of Kherson port, Ukraine with total value USD 000.00 +/-5%. Quantity. 5000 metric tons +/-5% at Buyer’s’ option at contract price. One shipment. Final at loading port as per Certificate of Quantity issued by GAFTA member inspection company at the Seller's option and account. Quality. Final at loading port as per Certificate of Quantity issued by GAFTA member inspection company at the Seller's option and account in accordance the following specification as per standard EC824/2000: Moisture: max 14.5 %; Broken: max 5 %; Foreign matter: max 2 %; Damaged: max 5 %; included heat damaged: max 1 %. Period of shipment. Shipment December – January both dates included.

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Seller and Buyer are acting in accordance with Articles of Association have made Contract and agreed as follows. Seller and Buyer are acting in accordance with Articles of Association have made Contract and agreed as follows. The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay Goods Milling wheat in bulk GAFTA 49. Origin any of Black Sea country. Price. USD 0.00 per MT shipment at November; USD 0.00 per MT shipment at December; USD 0.00 per MT shipment at January; USD 0.00 per MT shipment at February; Delivered Free On Board stowed and trimmed (FOB – Incoterms ) one safe berth any Black Sea port. Weight. 4 x 4,500 metric tons +/- 10% in seller’s option. Part cargo allowed/ Partial shipment not allowed. Final at loading as per Certificates of Weight issued by supervision company member of IFIA. Inspection to be ordered and paid by the Seller.
Quality Final at loading as per Certificates of Quality issued by supervision company member of IFIA with following specification:
Test weight: min 78 kg/hl
Moisture: max 13.5%
Foreign matters: max 2 %

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Seller Represented by Director, acting in accordance with the Articles of Association, on the one part, and Buyer Represented by Director, acting in accordance with Articles of Association, on the other part, have made this Contract whereby it is agreed as follows. Goods Sunflower seeds in bulk, crop, Ukraine origin.
2. Price. USD 000.00 () per MT delivered Free On Board stowed and trimmed (FOB – Incoterms) one safe berth of port.
3. Quantity. ,000 metric tons +/-10% in buyer’s option. Final at loading port as per Certificates of Quantity issued by a first class surveyor company (over 0.5 per cent difference of weighing at load port and draft survey on Seller's account). Inspection to be ordered and paid by the Buyer. Seller has his right to order inspection company on his own expences for checking of quantity.
4. Quality. Quality final at loading as per SGS certificates at sellers costs. Buyers have the right to appoint their own FOSFA approved surveyor to perform co-joint sampling of the cargo. Such surveyor for buyers’ account.
Specification: - Oil content: Basis 44% oil, TQ, reciprocal allowances 1,5% for each 1% over or under the basis, fractions in proportion.
- Moisture: Basis 9%, maximum 10% moisture non-reciprocal allowance 1:1 to be paid from sellers to buyers between 9% and 10% fractions in proportion. 

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Contract 450  Dated 14/03/20. Seller represented by Director, acting in accordance with the Articles of Association, on the one part, and Buyer, represented by Director, acting in accordance with Articles of Association, on the other part, have made this Contract whereby it is agreed as follows. The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity Sunflower oil and to pay.  Goods. Crude sunflower seed oil in bulk produced from crop , Ukrainian origin. Total value of the contract is USD 0. Price at USD 0.00 per MT delivered Free On Board vessel (FOB – Incoterms) one safe berth of port. Quantity. 3,000 metric tons 5 % more or less in buyer’s option. Final at loading port as per Certificates of quantity issued by first class FOSFA approved surveyor. Inspection to be ordered and paid by the Buyer.
Quality. Final at loading port as per Certificates of quality issued by first class FOSFA approved surveyor with following specification:
Humidity:    max 0.30 %,
Impurities: max 0.20 %,
FFA:             max 2 % .
Merchantable, free from foreign smell. Inspection to be ordered and paid by the Buyer. Quality not within above mentioned specifications is rejectable or can be accept by the Buyer but with a condition of a change in the contract price

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Parent Category: Contract Negotiation
Category: Contracts. Trade
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Seller and Buyer are acting in accordance with Articles of Association have made Contract and agreed as follows. Seller and Buyer are acting in accordance with Articles of Association have made Contract and agreed as follows. The SELLER undertakes to supply to BUYER, and the BUYER undertakes to accept commodity and to pay COMMODITY Wheat Bran Pellets in bulk GAFTA (hereinafter referred to as Goods), from crop. QUANTITY: 5’000 tons 10 % more or less at Buyer’s option. Weight is final at loading port as per Certificate of Weight issued by the first class super-intendent company at Buyer's choice and his expense. QUALITY/WEIGHT: Goods is sound, loyal, merchantable, free of foreign smell, alive insects, poisonous substances, quarantine objects not older then 3 month after production and corresponds to the following requirements:
Moisture: max. 14,5 %
Protein: min.  14,0 %
Fiber: max.   8,0 %
Diameter of pellets: 8,0–12,0 mm
Quality is final at loading port as per Certificates, issued by the first class superin-tendent company at Buyer's choice, order and his expense.
PRICE AND TOTAL VALUE: Price of Goods delivered Free on Board Buyer's vessel  (FOB) under the Contract is USD 00  per one  metric ton.

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A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. It is where an unqualified offer meets a qualified acceptance and the parties reach Consensus ad Idem. The parties must have the necessary capacity to contract and the contract must not be either trifling, indeterminate, impossible or illegal.
Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda (pacts must be kept). Breach of contract is recognised by the law and remedies can be provided. Sometimes written contracts are required, such as when buying a house. However, most contracts can be and are made orally, such as purchasing a book or a sandwich. Contract law can be classified, as is habitual in civil law systems, as part of a general law of obligations (along with tort, unjust enrichment or restitution).
    According to legal scholar Sir John William Salmond, a contract is an agreement creating and defining the obligations between two or more parties.
In common law systems, the five key requirements for the creation of a contract are:
1. offer and acceptance (agreement)
2. consideration
3. an intention to create legal relations
4. legal capacity
5. formalities

In civil law systems, the concept of consideration is not central. In addition, for some contracts formalities must be complied with under what is sometimes called a statute of frauds.
COMMON CONTRACT TERMS