Contract Specification of Sugar S 30 - MCX

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Taxes, Duties, Cess and Levies Close out of open positions Due Date Rate Odd lot Treatment Adjustment of Transportation Cost Warehouse, fumigation, insurance and transportation Charges Buyer’s option for lifting of Delivery Primary Delivery Center Additional Delivery Center Delivery Mechanism at Additional Delivery Centers The seller will pay Sales Tax or VAT, whichever is applicable and the seller will issue invoice in the name of the buyer, reflecting the Sales tax or VAT paid by him. Post lifting delivery charges are borne by the buyer All outstanding positions not settled by way of delivery on the expiry of contract shall be closed out at Due Date Rate and respective pay-in and pay-out of funds of such close out shall be effected on 1 st day after the last trading day by 11.00 a.m. Due Date Rate is calculated on the last day of the contract maturity. This is based on last day’s spot price. For obtaining the prices of spot market, the Exchange will take the prices from a panel of mills, dealers and brokers and take the average of such prices. Not applicable Not applicable -Borne by the seller upto commodity pay-out date -Borne by the buyer after commodity pay-out date Buyer will not have any option about choosing the place of delivery and will have to accept the delivery as per allocation made by the Exchange. Primary Delivery Center-Designated warehouse within 50 km of Kolhapur Municipal Limits. Additional Delivery Centers-. Ahmednagar, Nasik, Vijaywada, Surat, Indore, Bangalore, Vashi & Coimbatore including all taxes as and where applicable( 50 Kms of city Municipal Limits) A. Any buyer having open position, willing to take delivery at any delivery centers, has to submit preference of the delivery centers on Contract expiry date between 5:00 pm to 6:00 pm to the Delivery department of the exchange via Fax. B. The buyer as per priority can provide the exchange with his preference centers among all centers (including primary delivery center) for taking the delivery. C. All the preferences received from the buyer via fax will be entertained on the basis of First-come-First Basis. Any preference received after 6:00pm will not be considered. D. After receiving preferences for taking delivery from delivery centers, the exchange will try to match such preferences between intended buyers and sellers. Such matched intentions will result into delivery at any of the matched delivery center. E. All deliveries, other than matched intentions will take place at any other delivery center assigned by the exchange as per the availability of stock. F.The matched and unmatched intentions will be disseminated to the market on Contract expiry date after 7:00 pm and informed to the respective buyer for their information and necessary action.
G.Any default by the buyer to take delivery at the assigned delivery center shall invite penal provisions. H. Delivery at any delivery centers will be based on DDR. Delivery Order (Seller giving delivery to the Exchange) Seller submits the delivery order in specified format giving details of Members / Registered Non-Members who shall perform delivery. Each delivery order (ICIN) issued shall be in multiples of minimum delivery lots and shall be designated for only one delivery center and one location in such center. Further, the goods being delivered under the said ICIN should be valid at least for a period of 13 days after the expiry / payout of the contract. It shall be accompanied with Invoice. Delivery order once submitted cannot be withdrawn or cancelled or changed unless so agreed by MCX in writing. Delivery Grades Evidence of Stock in possession Sampling and Analysis at the time of Delivery Sampling Procedure The members tendering delivery will have the option of delivering such grades of goods as permitted by the Exchange under the contract specifications. The buyer will not have any option to select a particular grade and the delivery offered by the seller and allocated by the Exchange shall be binding on him. At the time of issuing the delivery order, the member must prove to the Exchange that he holds stocks of the quantity and quality specified in the delivery order at the declared delivery center. This should be substantiated by way of producing warehouse receipt In case the buyer does not agree to the Surveyor's report as to the quality of the commodity, he shall desire for second sampling and intimate the Exchange in writing within 48 hours of the pay-out date. The system of drawing of samples tendered for delivery will be as prescribed in the Bureau of Indian Standards procedure.. Three Samples shall be drawn as under: • First Sample - for the buyer • Second Sample - for the seller • Third Sample - for final reference, if it becomes necessary Failure of First Sample If the first sample collected by the buyer and analyzed by the surveyor appointed by him, conforms to the specifications, then the goods tendered for delivery shall be accepted and no subsequent claims from the buyer regarding quantum of rebate or any other indemnification shall be admissible nor sellers shall be obliged to pass any sealed samples to the buyer if requested subsequently. The sampling methods to be adopted for analysis will be decided by the Exchange. If the first sample as examined by the buyer's surveyor fails to conform to the quality standards specified, the buyer shall intimate the seller within 72 hours of collection of sealed sample
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Contract Specification of Sugar S 30 - MCX

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