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Extract from a contract form for the sale of copper Blister
| Seller _______________ hereinafter referred to as «Seller» and Buyer _______________ hereinafter referred to as «Buyer» shall enter into an agreement regarding the outright purchase by the Buyer of Copper Blister produced at ________________________ under the following terms and conditions: 1. DEFINITIONS Whenever used in this Agreement: 1.1 «ton» and «mt» means a metric ton of 1, 000 kilograms, wet or dry basis as specifically stated herein; 1.2 «unit» means one per cent of the net dry weight; 1.3 USD is the currency of the United States of America; 1.4 «troy ounce» is equivalent to 31.1035 grams. 2. QUALITY Blister Copper assaying typically as follows: Cu: 99-99.4% Ag: 600-700 g/ton Au: 20-30 g/ton … and free from any other deleterious impurities In blocks weighing… Packing: in bulk 3. QUANTITY Approximately _______ mt. | ||
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| 4. SHIPMENT First half April 20__, in one shipment. 5. DELIVERY CIF FO (free out) Rotterdam/Antwerp (INCOTERMS 2000) or parity. 6. TITLE AND RISK Title of the shipment of Blister Copper shall pass to the Buyer upon Seller’s receipt of first provisional payment. Risk shall pass to Buyer when the goods have passed the ship’s rail at the port of shipment. 7. WEIGHING, SAMPLING AND MOISTURE DETERMINATION 7.1 Weighing, sampling and moisture determination shall be carried out at the receiving refinery in accordance with standard industry practice. 7.2 The sample of each lot shall be separated into 4 packages, which shall be marked for identification, one shall be given to Seller, 1 shall be given to Buyer and 2 sets of which to be set aside for possible submission to umpire. 7.3 … … 8. PAYABLES 8.1 Copper The full final copper content shall be paid for at the official London Metal Exchange settlement quotation in USD for «Copper Grade A», as published in the Metal Bulletin, London, UK, and averaged over the quotational period. | ||
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| 8.2 Silver 98% of the final silver content shall be paid for at the daily spot quotation of the London Bullion Market as published in USD in the Metal Bulletin, London, UK, and averaged over the quotational period. 8.3 Gold 98% of the final gold content shall be paid for at the average of the morning/afternoon London Daily Fixing quotations as published in USD in the Metal Bulletin, London, UK, and averaged over the quotational period. 9. QUOTATIONAL PERIOD ______________________________ 10. PAYMENT All payments to be effected by direct remittance at Seller’s designated account and to be made in USD. 10.1 Provisional payment 10% shall be paid upon receipt of the notice of the readiness of the goods for shipment and provisional invoice. 10.2 Progress payment 80% of the sum covering the payable metals shall be paid for promptly upon Buyer’s receipt of original shipping documents and invoice. 10.3 Final payment Final payment for the contractual value of the shipment shall be carried out by the indebted party when all data (contractual metal quotations, final weighs and assays of all metals) are known against Seller’s invoice. All Seller’s invoices shall be sent to Buyer in duplicate. | ||
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| 11. FORCE MAJEURE In the event of any strikes, acts of God, wars, warlike operations, lock-outs, interference of trade unions, suspension of labour, fire accidents, storm, earthquake, mine disaster, action of any government including the passage of new legislation, court order and future order (lawful or otherwise) of any regulatory body having jurisdiction, lack of railroad or seaborne freight facilities or delays en route or of any other cause whatsoever beyond the control of Seller or Buyer, whether of the foregoing nature or not, (any such cause hereinafter to be known as «force majeure») preventing them or hindering them or either of them from supplying or receiving, then delivery under this contract shall be suspended during such time, provided always that written notice shall be given of any such inability by either party contracting hereto. In the event of suspension of deliveries under this contract by Seller or Buyer giving notice under this clause, the contract shall be each time extended for a period equal to suspension. Should the duration of force majeure exceed 6 months, either party shall have the right to terminate this contract by notice in writing to the other party. The party which cannot meet its obligations under the contract, shall immediately advise the other party as regards the beginning and the cessation of the circumstances preventing the fulfilment of the obligations. Certificates issued by the respective Chamber of Commerce of the Seller’s or Buyer’s country shall be sufficient proof of such circumstances and their duration. | ||
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| 12. ARBITRATION CLAUSE All disputes and differences arising out of or in connection with the present contract shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules. The place of arbitration shall be Zurich, Switzerland and the language of the proceedings shall be English. 13. LEGAL ADDRESSES Sellers Buyers Sellers Buyers (Signatures) (Signatures) | ||
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