Standard contract terms for Cashew Nut
Kernels issued by Amberwood Trading Ltd
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Origin Brazil
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Commodity
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Brazilian origin Cashew Nut Kernels |
Packing
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Goods packed in 50lb nett weight aluminium foil vacuum packs in cardboard
cartons.
Note: There are 700 cartons in one 20 foot full container load. Some factories
still pack in 2 x 25lb gas infused hermetically sealed tins in cardboard
cartons
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Price basis
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US Dollars per lb, nett weight |
Shipment Basis
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Goods are sold basis FOB (Free on Board vessel) Fortaleza, Brazil |
Payment
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Buyers shall open an irrevocable, Letter of Credit for 100% of contract value
confirmed through a first class US or European bank. Buyers shall ensure that
the L/C is available for negotiation in good time prior to shipment. Where the
contract date precedes the first day of the first month of shipment by more
than 15 days, L/C shall be opened not later than 15 days prior to the first day
of the first month of shipment; in all other cases the L/C shall be opened
immediately. A copy of Buyer's application and/or original L/C shall be sent
via fax to Brokers. L/C to be opened in favour of Sellers through (Seller's
bank details) and to permit negotiation at the counters of any Brazilian bank.
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Special Conditions
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Goods to be good sound merchantable quality, fit for human consumption and in
accordance with the specifications for Cashew Nut kernels adopted by AFI Nut
and Agricultural Products section (October 1997 - including Appendices I and
II).
Contract sold subject to passing the requirements of the relevant Health
Authorities at the country of destination, except in the event of damage by
perils of the sea.
Whole kernels - broken kernels and kernels of the next lower grade shall not
together exceed 5% at time of packing and broken kernels shall not exceed 10%
at port of entry/discharge. Broken kernels - breakage shall not exceed 10% on
arrival, and shall not exceed 5% of the next lower grade or pieces at time of
packing. First Quality kernels - shall not spot when roasted.
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Trade Association Terms
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Any controversy or claim arising out of or relating to this contract or breach
thereof, shall be settled by arbitration in New York, N.Y. by the Association
of Food Industries, Inc.. of New York in accordance with its rules then
obtaining, and judgement may be entered upon the award. This contract shall be
construed according to and governed by the laws of the State of New York, USA.
or
Any controversy or claim arising out of or relating to this contract or breach
thereof, shall be settled by arbitration in London in accordance with the terms
and conditions of the Combined Edible Nut Trade Association, CENTA, in
accordance with its rules then obtaining, and judgement may be entered into
upon the award. This contract shall be construed according to and governed by
English Law.
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