Offers
| No | State | Variety | Grade | Staple | Micronaire | Strength/ GPT | Per Quintal | Per Candy | Date |
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Terms & Conditions
| Seller | Any of the firms of Cotseeds Groups. |
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| Buyer | Inform the buyer name & address along with profile as per KYC norms. |
| Crop | Crop Year 2014-15. |
| Terms & Conditions | DELIVERY: Ex Gin/warehouse anytime during the respective month at Seller's Option. Seller has the right to allocate samples from any warehouse in a state. |
| QUALITY: Final at seller's warehouse or designated gin on 2% sampling by cut sampling method. Cut sample will be equally divided into 2 parts, one for the buyer and other one for sellers record at the warehouse. There will be no quality claims once lots are approved. |
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| WEIGHMENT: Weight will be final at sellers warehouse/factory or in the near by weighbridge of the warehouse/factory. |
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| PAYMENT TERMS: 15% Payment into sellers bank account within 2 days of contract. Balance Payment as per last date of Payment mentioned in contract. |
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| LATE PAYMENT/CARRY TERMS: (Seller’s Exclusive Option) On any unpaid Outstanding after last date of payment carry will be charged prorated at 15% per annum for first 15 days delay in payment after last date of payment. 18% per annum thereafter for next 15 days and 24% per annum thereafter. An extension of payment period even with applicable carrying charges is at the sole discretion and option of the Seller. If seller allows for such an extension, a security deposit of 20% (in case of spot contract) of the contract value will immediately fall due and the buyer will be required to maintain margins as per the Margin Terms clause on the contract. All payments shall be made by the Buyer in crossed A/c Payee Demand Drafts, Pay Orders, Banker’s Cheque or by means of Electronic Fund Transfer. Any bank charges are for Buyer’s account. In case a Buyer fails to make the balance payment/ initial margin deposit / mark to market margin, as per the time-frame laid out, the Seller has the exclusive right to invoice back the contract at market difference, and may use the margin money to offset any market loss, returning any balance to the Buyer, if any. |
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| LIFTING TERMS: Delivery against delivery order issued by the Seller only on confirmation of realization of payment in the Seller’s account. Free lifting within 7 days from date of DO. Late lifting charges @ 0.75% per 30 days from last date of lifting for first month and @ 1.0% per 30 days thereafter. All late lifting and /or carrying charges should be settled by the buyer in full before lifting of the cotton from the Seller's warehouse. Any extension in lifting days will be at the sole discretion of the seller. |
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| DESPATCH TERMS: It is the sole responsibility of the buyer to lift and dispatch the goods from sellers designated warehouses/Gin. |
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| INSURANCE: Insurance of the goods is both the Buyer’s obligation and cost from the date of lifting of cotton from the warehouse / Gin by buyer’s designated truck. However, in respect of contracts where full payment has been received in advance in the account of seller in respect of allocated bales sold, the claim as settled by the insurance company on account of fire damages shall be passed on to the buyer and balance quantity only shall be delivered. |
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| SALES TAX / VAT: Sales Tax/VAT will be applicable at the prevailing rate on the date of delivery. In case of sale against C-Form/H-Form, a deposit equivalent to the difference between VAT and rate of CST/H prevailing on the date of sale shall be made by the buyer to the seller. C-Form/H-Form has to be submitted by the buyer to the seller within 30 days after the end of quarter in which sale invoice is taken. Seller shall pay interest on this deposit @ 5.0% per annum till the C-Form/H-Form is received by the buyer. |
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| ARBITRATION: All disputes will be resolved through arbitration in accordance with the rules and by laws of the Cotton Association of India, Mumbai. The venue of Arbitration shall be at Mumbai as per the CAI bye laws. |
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| FORCE MAJEURE: Should any circumstances beyond the control of the seller such as natural calamity, strike, riot, elements, war, quarantine, fire, Government Action or any act of circumstances beyond control of Seller of force majeure, the contract shall be reduced to the extent of damage/destruction/shortfall arising due to the above cause. The seller shall intimate quantum of such shortfall to the buyer within 40 days. The buyer hereby categorically agrees to such cancellation of shortfall quantity and shall neither have recourse to any action legal or otherwise, nor demand any compensation in respect thereof. |
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| SPECIAL CLAUSE: A signed copy of this contract will be sent to the buyer or his representative/broker/agent via Email/Fax, which must be returned to the seller within 24 hours of receiving via fax or email. If no signed copy is received within 48 hours, and no formal comment made by the buyer then all terms will be deemed to have been accepted by the Buyer. |
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| JURISDICTION: The court in Hubli (Karnataka) will have the jurisdiction. |