Offers v Bids Commodities
Buy, Peas, Organic, EC
Buyer is ready to buy (LOI), receive commodity and looking for Seller is ready to offer (SCO), transfer commodity on Incoterms basis using GAFTA contract. SUBJECT OF THE LETTER OF INTEND (LOI). The SELLER undertakes to supply and transfer to the BUYER, and the BUYER undertakes to accept the Goods and to pay it on the terms of the present LOI. Title of goods. Notwithstanding delivery of or the passing of risk in the goods to Buyers or any rule, regulation or provision to the contrary, title of goods shall not pass to the buyers until sellers have received payment of their invoice value in full in accordance with the terms of this LOI.
Quality in accordance the following specification: Organic peas
Moisture: max 14 pct;
Foreign Matter: max 2 pct;
Broken/ Split: max 8 pct;
Date of delivery corresponds to date of B/Ls.
Terms of payment: Payment for goods to be made by the Buyer in US dollars by LC at sight to the Seller’s account:
payment within 3 banking days against presentation of original shipping documents to Buyer’s bank:
a) Commercial Invoice;
b) Full set of 3/3 original;
c) Certificate of Origin;
d) Quality and Quantity certificate;
e) Fumigation Certificate;
f) Phytosanitary Certificate;
g) Packing List
Quantity and Quality of goods final at place of loading as per Certificate issued by GAFTA member inspection company at the Seller's account.
All other terms, conditions and rules, not in contradiction with the above contained in GAFTA 88 and GAFTA 125 of which the parties admit that they have knowledge and notice, apply to this transaction. The parties undertake not to reduce at execution of the Present LOI cooperation to observance only requirements containing by the Present SCO, to support business contacts and to take all necessary measures for maintenance of efficiency and development of commercial communications.
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