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CONTRACT.docx fuel oil 1394

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CONTRACT.docx fuel oil 1394

  1. 1. Cargo Fuel Oil Sale Contract Contract No. Date: 1. – Parties Seller: Economic code: 1.1. Buyer: Address: 2. Validity: This Contract is effective from the date of signature of this contract till one week. After which seller will accept no obligations to buyer. 3 . Quantity 00,000 MT Metric Tons +/- 10 percent operational tolerance at seller option. 4- Quality As per seller’s normal export quality for CST 280 & 380/ <3.5% sulfur fuel oil 5- Delivery Date & Term: Note: CST 380 = FOB - Bandar abbas port. CST 280 = FOB- Mahshar port. 6 - Title and risk Delivery shall be deemed completed and title and risk shall past to buyer as such petroleum product passes the flanges connecting to buyer's storage
  2. 2. facility. Seller's delivery house with tank at which point seller responsibility shall seas and buyer shall assume all risk of loss, damage, detraction, to petroleum product so delivered. 7- Delivery-lifting period-FOB For delivery-lifting, three days ITT time shall be advise by seller to buyer before shipment. This advise three days by seller to buyer, shall be final and binding upon bout parties. Meanwhile, buyer is obliged to receive nominate cargo during the agreed time as mentioned above. In case of any delay, buyer shall be responsible for the relevant cost accordingly. 8 - Price Average of five days after completion of loading-(B/L date and two days before and two days after) at load port with following formula In USD per MT FOB calculated based on the average effective quotations. Mean of high and low quotations for HSFO 180 CST under the heading “FOB Persian Gulf” (so called Arab Gulf in Platts) minus a fixed amount of CST 380 …… AND CST 280 …USD/MT. In calculating the final price arithmetic rules for rounding to two decimal points shall be applied as follows: a. If the third decimal point is four or any number less than four then such third and/or more decimal shall be ignored. b. If the third decimal point is five or any number higher than five then one digit shall be added to the second decimal point and the rest will be ignored.
  3. 3. 9 - Payment Buyer shall pay 100% value of total cargo in advance before loading, or ( A- Letter of Guaranty through one of ………..State Banks(ie ……………………………………………Banks or B-Managerial Cheque in ………. with a maturity of one month from the date of B/L) provisional invoices based on Platts Scan Market will be issue. The balance of payment will be settled after firm final invoices issue by seller after completion loading of cargo at load port. The payments should be done through a bank, which is announced to buyer by seller after signing the contract Seller will issue the relevant invoice in USD and will instruct the buyer to pay the full invoice value in USD/AED(based on mutual agreement between seller and buyer but no less than exchange conversion rate of 3.67 in case OF WILL BE USED FOR CONVERTING USD TO AED (UAE dirham). In calculating the total lifting value, arithmetic rule for rounding the invoice value to the nearest dollar, shall be applied as follows:  If the decimal figure (cents) is any amount up to 49 cents, then such cent(s) shall be ignored.  If the decimal figure (cents) is 50 to 99 cents, then one dollar shall be added to the invoice value and such cents to be ignored. USD to Rials: The invoice amount in AED(rate 3.67) conversion rate on the seller option if deem requested as published daily through Mellat and saderat exchange office and available on www.Mellatexchange.com All commissions and sundry banking charges including conversion fee (if any), for converting US Dollar to Rials, shall be for the account of Buyer.
  4. 4. For payment later than the contractual payment date, interest at 30 percent on daily bases per day shall be applied for invoice value on maturity up to the actual payment date. All costs and charges, including conversion costs, if any, will be for the account of buyer. In calculating the total lifting value, arithmetic rule for rounding the invoice value to the nearest unit currency, shall be applied as follows: c. If the decimal figures are any amount up to 49, then such decimal figures shall be ignored. d. If the decimal figures are 50 to 99, then one unit currency shall be added to the invoice value and such de3cimal figure to be ignored. 10. Dues and Charges At all load and discharge port dues and cost what so ever as well as freight of the shipping performing all costs are for the buyers account. 11 - DETERMINATION OF QUANTITY/QUALITY The quantity and quality of the product shall be determined at load port by inspectors appointed by seller and acceptable to buyer with the costs shared equally. certificates of quantity and quality in respect of the product issued, witnessed or countersigned by such inspectors shall be conclusive and will be final and binding on both parties with no guarantee, condition, warranty or undertaking ( whether express or implied ) that the product will remain of such quality and/or condition thereafter. Seller shall have no liability for any deterioration in the condition and/or quality of the product after shipment for any reason what so ever. Quantity shall be determined by Seller port authorities. The quality shall be as per actual shore tanks or mother vessel at khark Island. Resulted at storage facilities.
  5. 5. However, buyer may appoint one of the independent inspectors as approved by Seller, to witness ITT operations at its entirely own cost. 13 - Measurement The quantity of Fuel Oil shall be determined by Seller’s personnel, using seller’s equipment according to Seller’s official methods (shore tanks gauges or, if such is not available, by barge calibrated meter or, if such is not available, by barge calibrated meter or, if such is not available, by barge or truck, volume measurement figure)  Buyer may be present or represented by a property accredited agent at all measurements. If the buyer or Buyer’s representative declines such invitation to present for before and after measurements, seller’s or supplier’s determination of quantity shall prevail and be binding. All measurements shall be adjusted to metric tons at 60 degrees Fahrenheit temperature. 14- Confidentiality Seller and Buyer to the contract undertake to treat the contents of the contract as strictly confidential and shall not be revealed to the third party without written consent. . 15 – ASSIGNMENT Neither party may, without the prior written consent of the other, assign this Contract or any of its right or obligations hereunder to any third party.
  6. 6. 16 – ENTIRE CONTRACT / MODIFICATION This Contract constitutes the entire agreement between the Seller and the Buyer concerning the subject matter hereof and supersedes all previous documents, undertakings and agreement, whether verbal, written or otherwise, between the parties concerning the subject matter hereof. This Contract shall not be amended or modified unless in writing and signed by the duly authorized representatives of both parties. 17 – WAIVER Any delay or failure of either party to insist upon strict adherence to any terms of this Contract on any occasion shall not be construed to be a waiver of any right thereafter to insist upon strict adherence to that term or any other terms of this Contract. Any waiver of rights by a party under this Contract shall only be valid if made in writing. 18– GOVERNING LAW AND COURT All disputes and claims arising from or relating to the present contract including its conclusion, validity, termination or breach, an its interpretation or application, shall be submitted with through negotiations and ultimately settled through competent courts of the Singapore on the basis of English commerce law 19 – FORCE MAJEURE
  7. 7. 19.1 In the event of delivery of all or part of the Commodity under this Contract being obstructed and/ or delayed due to or resulting from a cause or causes beyond the control of the Seller and Buyer, such as war hostility, military operation of character, civil commotions, sabotage, quarantine restriction, acts of government, local and other regulatory authorities, fire, floods, explosion, epidemics, blockades, revolutions, insurrection, mobilization, strikes, lockouts, riots and act of God, the Seller and Buyer shall be relieved from the responsibility for performance of this Contract upon the giving of notice to the other parties of the occurrence of such event. 19.2 The party asserting the presence a force majeure event under clause 18.1 shall, during the duration of such force majeure event, use its best efforts to resume the performance of its obligations under this Contract with the least possible delay and such party shall always advise the other parties of the detailed progress of resuming, the prospect of settlement of such an event and of the resumption of the performance of its obligations under this Contract. 19.3 Should the delay caused by a force majeure event under clause 18.1 last for more than one (1) month, the parties will attempt to agree on measures to be taken to allow the Agreement to continue. Should such an agreement not be reached within thirty (30) days from the date one (1) month after the occurrence of such force majeure event, either the Buyer or the Seller shall be entitled to terminate this Contract with no penalty by giving notice to the other party. 20 - DEMURRAGE /DISPATCH Lay time at load port is 42 hours. Lay time shall commence at when the vessel is all fast alongside berth or 6 hours from when the notice of readiness in tendered. Demurrage shall be payable by the seller – buyer at a rate of 35000USD per day port. Seller Buyer “

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