SALE AND PURCHASE CONTRACT
Contract code: 081KTC/BBC 1000
Date: January 11 2016
This contract is made between
Company Name :
Address: .
Tel/Fax:
Email:
Personnel in charge:
Hereinafter referred to as the “Seller”
AND
.
Address:.
Tel/Fax:
Tax code:
Represented by
Hereinafter referred to as the “Buyer”
Whereas, the Seller have agreed to sell and the Buyer have agreed to buy with the following terms and conditions:
1. Commodity: Dried Raw Cashew Nuts in Shell of Nigeria, New Crop 2016.
2. Origin: Nigeria,
3. Quantity: MT (+/- 5%) at Seller’s option on landed quantity
&landed quality basis. Loaded in dry 20 or 40 feet containers.
4. Price / Terms: USD1050 per metric ton CNF.
Total value: USD +/- 5% ( US Dollars, +/-5%)
5. Packing: In sound seaworthy jute bags of Approx 80 kgs each net weight
6. Specifications: Out-turn: /47/48lbs/80 kgs (min)
Nut Count: 195 nuts/kg (max)
Moisture: 10% (max)
Defective: 7% (max)
Foreign matter: 0.5% (max)
Quality: Well Dried, Unshelled, Current Crop.
7. Discount Clause: Outturn: minus 1% if out-turn 45lbs/80kgs, minus 3%
for each 01lb shortfall for out-turn 45lbs/80kgs, below 43lbs/80kgs will be rejected.
Nutcount: minus 1% per count above 195nuts/kg, above 200nuts/kg will be rejected
Moisture: minus USD1.00/MT for every 0.1% excess, above 12% will be rejected.
8. Shipment: Time of shipment: February 2016
Port of Loading: Tin cam port Lagos,.
Port of Discharge:
Partial shipment: Allowed
Transhipment: Allowed
9. Inspection: The actual quantity and quality of cargo will be re-inspected and re-weight at the Seller’s port/warehouse. These cargoes will be stored into separated lots at the Seller’s port/warehouse. The samples will be taken at this place at the times unloading of containers and inspected by SGS- Tanzania whose quality and quantity certificate shall be the final basis for payment.
SGS shall conduct a sampling at least 05% quantity from the cargo at random, then choose the sample of 01 kg after steady mixing, the result of cutting 01 kg sample of SGS will be taken as final quality. The process of re-weight and re-inspection to the under the witness of the Seller’s representative.
Container to be cleared within 15 working days maximum from the port; failing which quality responsibility will not be taken by the Seller.
10. Weight: To be certified by SGS- Nigeria.
11. Payment: The seller shall open irrevocable and un-conditional Performance Bond (Comply with URDG latest version) from first class bank, whose value is 5% of total value of goods described in this contract (Performance Bonds value equal with USD ______), within 3 Banking days from date of Contract sign. The Performance Bonds shall be valid 3 months from opening date.
The buyer shall open Irrevocable, transferable 100% L/C payable at sight within 5 banking days from receiving Performance Bonds.
Seller’s Account Details:
· Bank Name:
· Address:
· Tel:
· Account Number:
· IBAN/SWIFT:
· ACCOUNT NAME:
· Transit Number:
· Institution Number:
And
Buyer’s bank:
Bank Name:
Address:
Tel/Fax:
Account name:.
Account number:
Swift:
Bank officer:
12. Documents: a) Weight list: 4 original+ 3 copies
b) Commercial invoice: 4 original+ 3 copies
c) Packing list: 4 original+ 3 copies
d) Bill of lading – original copy 3 original + 3 copies, made out “TO ORDER” and marked “Freight Prepaid”
e) Bill of lading – non negotiable copy 3 copies
f) Phystosanitary certificate issued by the ministry for agriculture: 1 original + 3 copies
g) Fumigation certificate of loaded containers: 1
original + 3 copies
h) Certificate of origin: 4 original + 3 copies
i) Inspection certificates of Full quality (Full Out turn Guarantee & Full Out turn Quantity, Nuts count) and Weight + Packing/Quantity by SGS: 2 original + 3 copies.
j) Full original set + 3 copies of Insurance Certificate.
13. Insurance: Buyer to cover cargo insurance risk on commencement of ocean shipment period.
14. Force Majeure: All force majeure clauses are applicable. Force majeure
Circumstances must be notified by cable, by each party to the other within 07 days, confirming in writing within 10 days from the cable together with a Certificate of Force Majeure issued by the Chamber of Commerce. After 01 month of force majeure, both Buyer and Seller have the option to cancel the contract partially or in whole. This contract can only be cancelled under force majeure circumstances.
15. Arbitration: Any dispute arising our or in connection with this contract, if not be settled amicable by both parties shall be finally settled by the Commercial Court.
16. EDT ( ELECTRONIC DOCUMENT TRANSMISSIONS)
a/ EDT(Electronic document transmissions) shall be deemed valid and enforceable in respect of any provisions of this Contract.
b/ Either Party may request hard copy of any document that has been previously transmitted by electronic means provided however, that any such request shall in no manner delay the parties from performing their respective obligations and duties under EDT instruments.
This contract is valid from date of signing on January 12 2016 through e-mail.
FOR FOR
Company
(Seller) ( Buyer)
Signature & Stamp: ______Signature & Stamp: ______