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Focus 1. Read and discuss the contract. Exporting commodities.
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EXPORT CONTRACTS 1
EXPORTING COMMODITIES.
CRUDE OIL
FOCUS 1. Read and discuss the contract.
| Contract No. Crude Oil in bulk CIF Moscow 15 October 20__ This contract is made between ZAO Rosexport, Moscow, hereinafter called «Sellers» and ____________ hereinafter called «Buyers», whereby it is agreed as follows: 1. SUBJECT OF THE CONTRACT Sellers have sold and Buyers have bought CIF _______________ 2. QUALITY The goods sold under the present contract shall be of the following specifications: ________________________________ 3. PRICE _____________________________________________________ 4. TIME OF DELIVERY The goods sold under the present contract are to be delivered by Sellers and accepted by Buyers ___________________________ The date of the Bill of Lading to be considered the date of delivery. 5. PAYMENT Payment for the goods sold under the present contract is to be effected out of an irrevocable confirmed Letter of Credit to be opened by Buyers in US dollars with ________ bank, Moscow in favour of Sellers for the value of each lot to be shipped plus 10%. The Letter of Credit is to be valid 45 days. The Letter of Credit is to be opened not later than 15 days before the agreed time of shipment of each lot of the goods. Expenses in connection with the opening, amendment and utilization of the Letter of Credit to be paid by Buyers. | ||
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| Should Buyers fail to open a Letter of Credit in time, they are to pay Sellers a fine per each day of delay, but not more than for 20 days, at the rate of 0.1 per cent of the amount of the Letter of Credit and in that case Sellers shall have the right not to load the tanker until the Letter of Credit has been opened. Should the delay in the opening of the Letter of Credit exceed20 days, Sellers shall have the right to refuse to deliver the goods, which were to be paid for out of this Letter of Credit. And in all the above cases the demurrage and dead freight paid by Sellers in connection with the delay in the opening of the Letter of Credit are to be repaid by Buyers. Payment out of the Letter of Credit is to be made against presentation by Sellers to the Bank of the following documents: – Commercial Invoice – Insurance Policy – … 6. DELIVERY AND ACCEPTANCE The goods are considered to be delivered by Sellers and acceptedby Buyers in respect to quantity: as per weight indicated on the Bill of Lading in conformity with the measurements of the shore tanks at the port of loading, and in respect to quality: as per Certificate of Quality issued by the laboratory at the port of loading. The weight stated on the Bill of Lading is to be considered final and binding upon both parties. Previous to loading the goods, 4 arbitration samples are to be taken from each of the shore tanks from which the goods are to be loaded in the carrying tanker. These samples are to be sealedby Sellers as well as by the Master of the vessel. 2 samples are to be handedoverthrough the Master of the vessel to Buyers and the other 2 samples are to beretained by Sellers. Both parties shall keep these samples for 2 months from the date of delivery. | ||
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| In case of a disputeon the quality of the goods in connection with divergencein the analyses of the arbitration samples made by the Sellers’ and Buyers’ laboratories, an analysis which is final and bindingupon both parties is to be made bya neutral laboratory agreed upon by the parties. 7. INSURANCE Sellers are to insure the goods for their account against usual marinerisks including risks of leakage exceeding 1% withIngosstrakh of Russia in accordance with the Transport Insurance Rules of Ingosstrakh for the amount of the invoice value of the goods plus 10 per cent. The goods may be insured againstwar and other risks upon special request of Buyers and for Buyers’ account. The Insurance Policy is to be made outin the name of Buyers or another person according to their instructions and is to be sent together with other shipping documents. 8. TERMS OF TRANSPORTATION 8.1 Sellers are to inform Buyers not later than 5 days before starting the loading of the name and capacity of the tanker, the date and port of shipment of the goods. Furthermore, the Master is to advise Buyers or their Agents oftheforthcoming arrival of the tanker at the port of discharge 4 days before herarrival. Sellers have the right to substitute one tankerfor another informing Buyers thereof. 8.2 On arrival of the tanker at the port of discharge, the Master is to give Buyers’ representative at this port a writtennotice ofreadinessof thetanker for discharge. | ||
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| 8.3 Lay time to commence 6 hours after such notice of readiness ishanded in by the Master, berth or no berth. Sundays, holidays, time of stormy weather preventing discharging as well as the time during which discharging operations could not be carried out owing to technical and other conditions depending on the tanker are not to be included in thelay time. 8.4 Demurrage is to be paid at the rate stipulated in the Charter Party perday and pro rata for any part of the running day but not more than: ______________. 9. CLAIMS In case of non-conformity of the quality of the goods actually delivered by Sellers with the contract specification, any claim for the quality of the goods may be made within 2 months of the date of delivery. No claim shall be considered by Sellers upon expiration of the above period. No claim presented for one lot of the goods shall be regarded by Buyers as a reason forrejecting any other lot or lots of the goods to be delivered under the present contract. 10. CONTINGENCIES Should any circumstances which prevent completeorpartialfulfilment by either party of their respective obligations under this contract, viz.: fire, ice conditions or any other acts of the elements, war, military operations of any character, blockade, prohibition of export or import or any other circumstances beyond the controlof the parties arise, the time stipulated for the fulfilment of the obligations shall be extended for a period equal to that during which such circumstances last. | ||
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| If the above circumstances last over and above 20 days, any delivery or deliveries which are to be made under the contract within that period may be cancelledon the declaration of either party, and if the duration of the above circumstances exceeds 40 days, either party shall have the right to discontinue any further fulfilment of their obligations under the contract in whole and in such cases neither of the parties shall have the right to make a claim upon the other party for compensation of any possible losses. The party for whom it became impossible to meet its obligations under the contract shall immediately advise the other party as regards the beginning and the termination of the circumstances preventing the fulfilment of its obligation. 11. ARBITRATION Any dispute or difference which may arise out of or in connection with the present contract shall be settled without recourse to courts of law, by the Arbitration Court at the Chamber of Commerce of Russia in Moscow in accordance with the Rules for Procedure of the said Court. The awards of this Arbitration shall be considered final and binding upon both parties. 12. OTHER CONDITIONS. 12.1 Neither party is entitled to transfer its rights and obligations under the present contract to a third party without the other party’s previous written consent. 12.2 After the signing of the present contract all previous negotiations and correspondence between the parties in connection with it shall be considerednull and void. | ||
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| 12.3 All amendments and additions tothe present contract are valid if only in writing and signed by both parties. 12.4 All taxes, customs and other dues connected with the conclusion and fulfilment of the present contract, levied within Russia, except those connected with the Letter of Credit, are to be paid by Sellers, and thoselevied outside Russia are to be paid by Buyers. 12.5 Russia is regarded as the place of conclusion and fulfilment of the contract. 13. JURIDICAL ADDRESSES Sellers Buyers Sellers Buyers (Signatures) (Signatures) | ||