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Gafta implements important contract amendments A commentary on new contract wordings announced by Gafta The Grain and Feed Trade Association, whose standard contract wordings are widely incorporated into sale and purchase contracts between parties around the world in the agri-sector, has reviewed and amended a number of its standard contracts with potentially far reaching effects for traders.
The nomination clause First of all, changes have been made to the pre-advice requirements of the nomination clause in Gafta FOB contracts 18, 23, 64, , and effective from 7 September Gafta FOB contract 49 has similarly been revised, with changes effective from 1 September In Ramburs the High Court overturned a decision of the Gafta board of appeal concerning the substitution of a vessel.
The contract between the parties in that case was concluded on Gafta 49 terms. The buyers nominated a vessel to sellers on 20 March, but subsequently substituted that vessel on 26 March — the right of substitution being expressly provided for at clause 6 of Gafta The substitution provided an ETA of a day later than the original nomination and also comfortably within the contractual delivery period. Sellers rejected the substitution on the basis that by 26 March it was too late to tender a fresh pre-advice notice timeously.
Sellers therefore terminated the sale contract on the basis that the substitution was advised too late. Buyers then contracted to buy replacement cargo and claimed the price difference from sellers. The High Court disagreed. He considered it would be more odd for a party to only have to provide pre-advice information in advance for a vessel which ultimately would not in practice be used. So where the High Court had made clear it intended to apply the Gafta wording to the letter, it behoved Gafta to change its wordings if it wanted to allow traders greater flexibility in substitute vessel nominations.
The sellers shall have the goods ready to be delivered to the buyers at any time within the contract period of delivery. The buyer has the right to substitute any nominated vessel. No new pre-advice is required to be given in respect of any substitute vessel, provided that the substitute vessel arrives no earlier than the estimated time of arrival of the original vessel nominated and always within the delivery period.
Provided the vessel is presented at the loading port in readiness to load within the delivery period, sellers shall if necessary complete loading after the delivery period and carrying charges shall not apply.
Notice of substitution to be given as soon as possible but in any event no later than one business day before the estimated time of arrival of the original vessel. In case of re-sales a provisional notice shall be passed on without delay, where possible, by telephone and confirmed on the same day in accordance with the notices clause. In any month containing an odd number of days the middle day shall be accepted as being in both halves of the month, except for pricing purposes the middle day shall be considered to be in the first half of the month.
Those sellers entering into contracts incorporating this new clause would be well advised to also ensure consistency in the payment provisions of their contracts — preferably by omitting any reference to a phytosanitary certificate as a document to be issued as a condition of payment. Both nomination and phytosanitary certificate clauses will be included in all relevant contracts entered into on these standard forms from now onwards.
Gafta implements important contract amendments
Стандартные формы контрактов GAFTA Стороны при заключении внешнеэкономических контрактов могут ссылаться на утвержденные стандартные формы контрактов. К сожалению, беспечные участники хозяйственного оборота зачастую подписывают внешнеэкономические контракты, которые содержать только условия о наименование товара, количестве и цене товара и в самом контракте существует пункт, короткое содержание которого: другие условия контракта между сторонами регулируются стандартной формой одного из контрактов GAFTA перечень прилагается. Не изучая условия стандартной формы контракта GAFTA, стороны могут в дальнейшем быть сильно удивленными, что контракт регулируется английским правом и ряд общеизвестных международных документов исключены из применения к отношениям сторон. Согласно статьи 6 Венской конвенции стороны договора купли-продажи могут исключить применение Венской конвенции. В соответствии с положениями стандартных форм контрактов GAFTA отношения сторон помимо контракта, заключенного между сторонами и стандартной формы контракта GAFTA регулируются правом Англии the laws of England , которое сильно отличается от российского права. У стандартных форм контрактов GAFTA есть еще одна особенность — они постоянно меняются и утверждаются новые.
GAFTA 119 PDF
Sellers shall advise Buyers without delay with the reasons therefor and, if required, Sellers must produce proof to justify the cancellation. LOADING STRIKES a Should delivery of the goods or any part thereof be prevented at any time during the last 28 days of guaranteed time of delivery or at any time during guaranteed contract period if such be less than 28 days, by reason of riots, strikes or lock-outs at port s of loading or elsewhere preventing the forwarding of the goods to such port s , then Sellers shall be entitled at the resumption of work after termination of such riots, strikes or lock-outs to as much time, not exceeding 28 days, for delivery from such port s as was left for delivery under the contract prior to the outbreak of the riots, strikes or lock-outs, and in the event of the time left for delivery under the contract being 14 days or less, a minimum extension of 14 days shall be allowed. In case of non-delivery under the above circumstances the date of default shall be similarly deferred. CIRCLE- Where Sellers re-purchase from their Buyers or from any subsequent Buyer the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so re-purchased, and the provisions of the Default Clause shall not apply. For the purpose of this clause the same goods shall mean goods of the same description, from the same country of origin, of the same quality, and, where applicable, of the same analysis warranty, for delivery from the same port s of loading during the same period of delivery. Different currencies shall not invalidate the circle. Payment shall be due not later than 15 consecutive days after the last day for delivery, or, should the circle not be ascertained before the expiry of this time, then payment shall be due not later than 15 consecutive days after the circle is ascertained.