Maso Ventures Solid Mineral Prices and Polices
26/09/2013 20:48International Export Price Indicator:
All our mineral prices are Depending on the percentage purity of the our ore and the prevailing London metal exchange (lme.com)
Local Prices Indicator:
Depending on the percentage purity and of the mineral, the local market price at the loading point could vary and is charged on Nigeria ira(NGN)/MT
Payment Instrument:
1. Delivery: |
In 25 or 35 days after received under the L/C in the Seller’s Bank. |
2. RADIOACTIVITY: WILL NOT BE 10 TIMES HIGHER THAN THE NORMAL ENVIRONMENT.
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Country of Origin: Nigeria
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CIF to any Buyer’s main sea ports Based on 60.00%+ Fe content, rejection below 60%, fraction pro-rata. Incoterms 2010. |
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Base prices will be reviewed every 90 days, with annexesto the contract you sign. |
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PACKING: IN BAGS INTO FULL 40 FEET CONTAINER. Packaging Detail:
Bulk full vessel. Each boat will be of approximately 100,000 MT at least as many a unit as being the amount is contracted. |
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PACKING: 1-2 m/t. / jumbo bag, or 50kg poly woven bag suitable for long distance Ocean transportation and to change of climate.
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PORT OF LOADING: APAPA, LAGOS, NIGERIA.
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PORT OF DESTINATION: Buyers Option.
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INSURANCE: covering all risks, war risk for 110% of invoice value, on board risk, to be effected by the buyer.
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TERMS OF DELIVERY/SHIPMENT: The seller shall effect the shipment within 60 Days after signed agreement and placement of payment Instrument {L/C} {LETTER OF CREDIT}.
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Minimum Quantity: 200 Metric Tons
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Inspection Agent: Eyeview Inspection Limited
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Payment Method: (1) Local: LPO Backed by a Bank Guarantee. (2) International Buyers: LETTER OF CREDIT(L/C)
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Payment Terms: Payment to be made within FIVE (5) working days after Inspection Report.
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TERMS OF PAYMENT:
After signing the contract between Buyer and Seller, Seller's Bank will issue a supply |
security (PB 2%) to the Purchaser, equivalent to 2% of the amount of the L / C. |
When the Purchaser, at its bank receives the PB, issued by Buyer in 3 banking days, open |
to Seller an L / C for the amount mentioned in the contract. The L / C will cover 100% of |
the monthly installments specified in the contract, irrevocable, autorevolving, |
confirmed, non-transferable and non divisible. Payment for the goods shall be 95% at |
sight against documents at the port of departure and the remaining 5% on arrival at the |
port of destination. |
AA). The seller shall, within 5 working days after signing of the contract, issue a performance bond to the buyer covering 2% of the total value of the contract specified. The performance bond will be in favor of the buyerand sent through the buyers bank.
BB). The buyer, upon receiving the performance bond, shall issue the irrevocable L/C at sight covering the total value specified in the contract in favor of seller through the following information:
Beneficiary: Earth Factors Limited
Advising bank in Nigeria
CC) 90 percent of total shipment value by L/C at sight against following shipping documents:
1. Manually signed provisional commercial invoice in three originals covering 95% of total shipment value based on Eyeview Inspection ltd certificate, indicating vessel name, the analytic results, moisture, total quantity, total gross weight, total tare weight, total net weight, total net dry weight, total shipment value and country of origin.
2. Full set (3 originals and 3 non-negotiable copies) of clean on board master ocean bills of lading made out to order and blank endorsed, marked "freight prepaid" and notifying the buyer with full name, address and tel./fax no.
(the shipper should confirm with the shipping company for 21 days free detention of the containers at the port of destination and to state it on the master B/L.)
3. Packing list in three originals indicating container number, vessel name, total quantity, total gross weight, total tare weight, total net weight and total net dry weight of shipment.
4. Full set (1 original and 1 copy) of insurance policy/certificate for 110% of invoice value, showing claims payable in china, in currency of the draft, blank endorsed, covering all risks and war risks.
5. Seller's certified copy of fax/telex dispatched to the buyer within 5 working days after shipment advising vessel name, container number, shipment date, e.t.c., B/L no., invoice no., total quantity, total net weight, total net dry weight and value of shipment, loading port and destination port.
6. Certificate of origin in one original and one copy.
7. Certificate of analysis in one original and two copies issued by Eyeview Inspection ltd at the port of loading showing actual analytical results and moisture.
8. Certificate of weighing and sampling in one original and two copies issued by Eyeview Inspection ltd at the port of loading indicating total gross weight, total tare weight, total net weight and total net dry weight.
9. Certificate of loading supervision issued by Eyeview Inspection ltd at the port of loading describing loading date, the container number, container seal number as well as Eyeview Inspection ltd seal number on each container, vessel name, voyage no. And sailing date, confirming that the material loaded on the vessel is the same as the material which was weighed, sampled and analyzed.
DD). 5% of total shipment value by t/t against the seller’s final commercial invoice after CIQ inspection at the port of destination port.
EE). If actual total shipment value is less than the total value of the provisional commercial invoice which the buyer paid to the seller, the seller should return the overpayment to the buyer without delay.
19. INSPECTION:
A) EYEVIEW INSPECTION LTD.
Weighing, sampling, analysis and loading supervision prior to shipment at the port of loading will be performed by Eyeview Inspection ltd. After weighing and sampling, Eyeview Inspection ltd shall make the seal on each container. The certificate of weighing and sampling, the certificate of loading supervision, the certificates of analysis issued by Eyeview Inspection ltd must show the gross weight, tare weight, net wet weight, net dry weight, the actual analytical results and moisture. The container number, container seal number, vessel name, voyage number and sailing date as well as Eyeview Inspection ltd seal number on each container must be indicated on the certificate. The cost of Eyeview Inspection ltd before shipment will be payable by the seller
B) EYEVIEW INSPECTION LTD
After completion of sampling each shipment by Eyeview Inspection ltd at the port of loading, the seller must send one small parcel of the samples which are drawn and sealed by Eyeview Inspection ltd to the buyer by express.
C) After arrival of the goods at port of destination, both parties agree to final survey to be performed by CIQ at the buyer’s port of destination. The results of inspection of quality and weight by CIQ are binding to both parties for final settlement. The cost of CIQ final survey is for account of the buyer.
D). Upon receipt of the CIQ certificate, the buyer shall immediately send the photocopy to the seller and inform the seller of issuing the final commercial invoice.
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TAXES AND DUTIES:
The seller will be responsible for customs clearance in the country of seller of copper ore. Taxes and duties levied on the copper ore or on the contract and all other costs in the country of seller of copper ore shall be for seller’s account.
The buyer will be responsible for customs clearance in the country of buyer of copper ore. Taxes and duties levied on the copper ore or on the contract and all other costs in the country of buyer of copper ore shall be for buyer’s account.
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ARBITRATION:
All disputes in connection with this contract or the execution thereof shall be settled through friendly negotiations. In case no settlement can be reached through negotiations, the case should then be submitted for arbitration to any national trade arbitration commission agreed to by both parties. The arbitration shall take place in their chosen country and the decision of the said commission shall be final and binding upon both parties; neither party shall seek recourse to a law court or other authorities for revising the decision. The arbitration fee shall be borne by the losing part.
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FORCE MAJEURE:
In case of force majeure the seller shall not be held responsible for delay in delivery or non-delivery of goods, neither party shall be held responsible for breaching this contract which is caused by an act of god insurrection, civil war, military operations, or local emergencies. However, in such case, the seller shall immediately cable / telex the buyer the accident and airmail to the buyer within 15 days after the accident, a certificate of the accident issued by the competent government authorities or the chamber of commerce which as located at the place where the accident occurs as evidence thereof. If the “force majeure” cause lasts over 60 days, the buyer shall have the right to cancel the contract or the under livered part of the contract.
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EXECUTION OF CONTRACT:
Each of the parties to this contract represents that it has full legal authority to execute this contract and each party is to be bound by the terms and conditions contained in the contract. This contract represents the entire agreement between the parties and any change will be made in written, executed by both parties.
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THIS PURCHASE CONTRACT, WHICH WAS SIGNED BY SCAN FROM ORIGINAL OR ELECTRONIC SIGNING AND STAMPING, CAN BE RECOGNIZED AS THE ORIGINAL.
24. CONTRACT PROCEDURE: 1. BUYER issue ICPO.
2. SELLER issue draft contract.
3. The BUYER signs the draft contract and sends it back to the SELLER by email.
4. SELLER shall deliver the FINAL CONTRACT to BUYER, in PDF by email.
5. In 5 days after signing the contract, the seller's bank issues the PB to the Buyer.
6. In five banking days, after receiving the PB, the buyer's bank issuing the L / C according to the contract signed.
7. The Seller invited to the Buyer witness the loading at the port of origin.
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