THE GRAIN AND FEED TRADE ASSOCIATION. LIST OF CONTRACTS AND RULES: GAFTA 1 General Feedingstuffs Bags CIF TQ; GAFTA 2 Chinese Goods Bags Parcels CIF TQ; GAFTA 4 UK Produced Cakes/Meal; GAFTA 5 Pet Food Raw Materials Bulk/Bags CIF; GAFTA 6 Pet Food Raw Materials Bulk/Bags FOB; GAFTA 8 Locust Beans Bulk/Bags CIF TQ; GAFTA 9 Imported Feeding Meat Meal/Meat & Bone Meal Bags CIF TQ.
A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. It is where an unqualified offer meets a qualified acceptance and the parties reach Consensus ad Idem. The parties must have the necessary capacity to contract and the contract must not be either trifling, indeterminate, impossible or illegal. Foreign-economic activity. Execution of the contract. Logistics is the management of the flow of goods, information and other resources, including energy and people, between the point of origin and the point of consumption in order to meet the requirements of consumers (frequently, and originally, military organizations).
Carriage. Shipping documents Article Count: 12
Carriage. Documents of foreign trade. Common export shipping documents are: Commercial Invoice, Bill of lading, Certificate of Origin, Quality and Quantity certificate, Fumigation Certificate, Phytosanitary Certificate, Packing List.
Commodity Broker Article Count: 11
We Commodity Brokers are using in trade: Bank Comfort Letter (BCL), Full Corporate Offer (FCO), IRREVOCABLE MASTER FEE PROTECTION AGREEMENT (IMFPA), Irrevocable Corporate Purchase Order (ICPO), Letter of Intend (LOI, BID), NON-CIRCUMVENTION NON-DISCLOSURE WORKING AGREEMENT (NCNDWA), Soft Corporate Offer (Offer, SCO). This Code of Practice is for the guidance of Brokers and their clients engaged Trades. It sets out the ideal procedures to follow and failure to comply with the Code does not in itself invalidate a contract or agreement between two contracting parties.
Commodity Price Article Count: 7
Commodity Price. There are always three prices while financial markets are open: the bid, the ask and the last price. The bid is the highest current order to buy, and the offer is the lowest current order to sell. To buy you can post a bid, or buy from the offer price. To sell you can post an offer, or sell to the bid price. When a buyer and seller meet the trade is recorded, with the most recent transaction being called the Last price.
Contract Payment Terms Article Count: 7
International wire transfers are done via the SWIFT network, and this network offers the payer three different expense regulation methods, which are called OUR, SHA and BEN.
- OUR (sender pays costs) means: All fees will be charged to the sender of the transfer and the receiver gets the full amount submitted by the sender. These fees include the charges levied by the sending bank and any charges applied by intermediary (correspondent) banks.
Usually, the sending bank will levy a flat fee for third-party charges and the senders will know the cost before they transfer the money. (Normally, the receiving bank does not charge fees; you can find more information in the terms of your bank.) In practice it can still happen from time to time that some intermediary bank charges a fee and deducts it from the amount transferred. Unfortunately, the overall process is non-transparent and it is hard to figure out who charged these fees and when this happens (or even get this unpermitted deduction back), but it seems advisable to provide as detailed information for the transfer as possible (e.g. also your intermediary bank details) to reduce this risk.
- SHA (shared costs) means that charges are split between sender and beneficiary. The sender's bank will charge the sender a fee for the payment orders, while the beneficiary pays the charges of any intermediary bank (and those of his / her own bank, if there are any). The intermediary bank fees are deducted from the amount transferred.
- BEN (beneficiary pays costs) means that the sender does not pay any charges. Any intermediary banks and the sender’s bank deduct their charges directly from the amount being transferred. This means that the recipient will receive an amount that is lessened by the fees applied by all parties involved. The sender should therefore add the amount of these fees to the original transfer sum so that the recipient will receive the full payment. As a rule of thumb the fees of international transfers are around 25 - 35 Euro/USD. In this case, you can say that for fees below 500 Euro, receiving payments via PayPal or Credit Card is usually cheaper than via bank transfer.
Contracts. Trade Article Count: 11
This section for negotiations and conclusions of contracts various commodities, Incoterms basis, standard contracts (GAFTA, FOSFA), way of payments (LC, BG, CAD) and etc., as it mentioned below in sections terms. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. Contract could be present for you based on specific condition of your commodity and terms. Section is for contracts on F basis as per Incoterms 2010 such as FOB, FAS, FCA. Basic items in the short form contract are: Sellers; Buyers; Quantity; Description of goods; Quality of goods; Packing; Shipment date; Price; Payment; Other conditions.
FOSFA Contract Article Count: 19
The Federation of Oils, Seeds and Fats Associations (FOSFA).
FOSFA is a professional international contract issuing and arbitral body concerned exclusively with the world trade in oilseeds, oils and fats with over 850 members in 75 countries (2009). These members include producers and processors, shippers and dealers, traders, brokers and agents, superintendents, analysts, shipowners, tank storage companies and others, providing services to traders.
FOSFA has an extensive range of standard forms of contracts covering goods shipped either CIF, C&F or FOB, for soybeans, sunflowerseeds, rapeseed, and others, vegetable and marine oils and fats, refined oils and fats, from all origins worldwide, for different methods of transportation and different terms of trade. Internationally, 85% of the global trade in oils and fats is traded under FOSFA contracts.
Futures Contracts Article Count: 7
There are Cereals (Corn, Barley, Wheat), Oilseeds (Rapeseeds, Soybeans), Soyoil and Soymeal Futures. Futures contracts are standardized except for the price, which is discovered via the supply (offers) and the demand (bids). We are have knowledge in fundamental and technical analyses of future commodities, forex markets. A futures contract is a commitment to make or take delivery of a specific quantity and quality of a given commodity at a specific delivery location and time in the future. This price discovery process occurs through an exchange’s electronic trading system or by open auction on the trading floor of a regulated commodity exchange.