Contract Specification of Arecanut JAHAJI MVJ garbled - MCX

More documents

Recommendations

Info

necessaryIf the first sample collected by the buyer and analyzed by thesurveyor appointed by him, conforms to the specifications,then the goods tendered for delivery shall be accepted and nosubsequent claims from the buyer regarding quantum ofrebate or any other indemnification shall be admissible norsellers shall be obliged to pass any sealed samples to thebuyer if requested subsequently. The sampling methods to beadopted for analysis will be decided by the Exchange.Failure of First SampleIf the first sample as examined by the buyer's surveyor fails toconform to the quality standards specified, the buyer shallintimate the seller within 72 hours of collection of sealedsample along with a copy of the analyst's report. The sellershall immediately send the second sealed sample to anapproved laboratory, which is also agreed by the buyer. Theresult of the same shall be binding on both the parties. In theevent the buyer and seller do not mutually reach agreementwith the results of the second sample test, then the Exchangeshall send the third sealed sample to any one of the approvedlaboratories / surveyor, as decided by the Exchange.Final Surveyor’s ReportThe analyst's report of the approved and agreed independentlaboratory shall be forwarded by the Exchange to the partiesimmediately on receipt of the same. In such case, the finalpayment to the seller will be made on the basis of test reportreceived by the Exchange pursuant to the third test. TheExchange will also direct the party, in whose favour the resultis declared to collect the cost of tests and detention chargesfrom the other party. In case the commodity stands rejectedthen it will tantamount to failure on the part of the seller to givedelivery, which shall be closed out as per the due date ratetreating the same as shortage.Obligations of theIndependent AnalystLegal ObligationExtension of Delivery PeriodIn order to ensure that tests are exactly comparable and thatthe results are consistent, the independent analyst shalldetermine the particular analytical test by applying themethods specified in relevant IS. The analyst shall be requiredto append a certificate to that effect to the analysis reportissued by him.The member will provide appropriate tax forms whereverrequired as per law and as customary and neither of theparties will unreasonably refuse to do so.As per the Exchange decision due to a force majeure orotherwise.
Applicability of BusinessRulesThe general provisions of Byelaws, rules and Business Rulesof the Exchange and decisions taken by Forward MarketsCommission, Board of Directors and Executive Committee ofthe Exchange in respect of matters specified above will formand integral part of this contract. The Exchange or FMC as thecase may be further prescribe additional measures relating todelivery procedures, warehousing, quality certification,margining, risk management from time to time. (Theinterpretation or clarification given by the Exchange on anyterms of this contract shall be final and binding on themembers and others.)Note :1. Kindly refer circular no. MCX/366/2005 dated October 27, 2005 and MCX/367/2005dated October 27, 2005 or any subsequent circulars, regarding Standard deductions andDelivery centers respectively, if applicable2. Proprietary account of a member is treated as client account. Please refer circular no.MCX/T&S/052/2008 dated February 5, 2008.
Page 1 and 2: Contract Specification of Arecanut
Page 4 and 5: If the spot market price is higher

Contract Specification of Arecanut JAHAJI MVJ garbled - MCX

Create successful ePaper yourself

Delete template?

Save as template?