Agreement For
Sale Of Goods (C.I.F. Basis)
THIS AGREEMENT is made at ... this ...
day of ... between M/s. A B & Co. Ltd., a company registered under the
(English) Companies Act and having Its registered Office at ... London.
hereinafter referred to as the 'Seller' of the one part and M/s. X Y & Co.
Ltd., a Company registered under the (Indian) Companies Act, 1956. and having
its registered office at ... hereinafter referred to as 'the Buyer' of the
Other Part;
1. The Seller agrees to sell to
the Buyer and the Buyer agrees to buy from the Seller, synthetic rubber of...
tons... quantity at the price of... sterling per ton (hereinafter referred to
as the said 'goods') C.I.F. for December - January shipment.
2. The Seller- will engage space
in a ship at the port of shipment and Intimate the name of the ship and her
expected date of arrival in any port in India.
3. The Seller will enter into a
contract of affreighment with the owner of the ship for transporting and
delivery of the said goods at the port of... in India. The Buyer shall also
obtain a Policy of Insurance for the value of the said goods upon the current
terms and make out an invoice.
4. The Buyer shall open a Letter
of Credit through its Bankers for the agreed price of the goods and including
the freight, insurance and other charges in favour of the Seller's Banker
viz...
5. The Seller shall ship the
goods in the ship and despatch the documents relating to the said goods namely
the contract of affreighment, insurance policy, invoice. bills of lading etc.
to Its Bankers at the port of arrival.
6. The said documents duly
endorsed in favour of the Buyer will be handed over to the Buyer's Bankers
against encashment of the Letter of Credit and the Buyer will receive the same
from Its Bankers to enable the Buyer to get the goods cleared at the port of
arrival. Such delivery of documents will be deemed to be delivery of the goods
to the Buyer and thereafter the goods will be at the risk of the Buyer.
7. If the said goods are short
delivered or are not according to the quantity or quality agreed upon the
Buyer, he will be entitled to claim compensation for the loss suffered by it
due to short delivery or breach of warranty and the Seller will be liable to
make good the loss.
8. If the goods are not shipped
by the Seller within the shipment period mentioned above, the Buyer will have
the option either to cancel this contract or to extend the period. If the
contract is not cancelled within two weeks from the last date of shipment, the
Buyer shall be deemed to have agreed to an extension of a reasonable period for
shipment.
9. It will he the responsibility
of the Buyer to obtain license for the Import of the goods In its country and
to pay all the custom duties, import duties and other clearance charges for
clearing the goods from the ship and carrying them to its factory or godown.
10. Similarly it will be the
responsibility of the seller to take out an export License if required by the
law of its country and to pay all charges for transport and shipment of the
said goods.
11. The seller shall inter to the
contract at is own expense for the carriage of the goods to the port of
destination namely - by the usual route In a seagoing ship for the transport of
the said goods.
12. The seller shall obtain at is own
costs cargo Insurance for the price of the goods plus 10% so that the buyer
shall able to the claim directly from the insurance provide the buyer with the
Insurance policy or other evidence of insurance cover. The insurer shall be of
good reputed and the Insurance shall be in accordance with maximum cover of the
cargo clauses embed by the institute of undeprescribed writers. The declaration
of the insurance shall be from the delivery of the goods on board the ship at
the port of shipment namely .....
13. The seller shall he responsible
for all the risk of loss of damage to the goods until such time as they have
the passed the ships rail at the said port of shipment. The seller shall also
bar the risk to the goods until they have been delivered as aforesaid including
costs of loading the goods on boat the ship and charges for unloading at the
port of discharge which may be levied by the shipping line when contracting for
carriage and also pay all customs charges for exportation as will as all duties
taxes and other Government charges payable on exportation.
14. The seller shall give sufficient
notice that the goods have been delivered on board the ship as will as any
other notice required to allow the buyer to take measures necessary to unable
him to take delivery of the goods.
15. The buyer shall pay all costs
relating to the good from the time they have been delivered to the ship and pay
all costs and charges relating to the goods whilst in transit until her arrival
and other charges and duties and taxes payable at the port of discharge.
16. If any dispute arises between the
parties in respect of this contract of whatsoever nature or if any claim by one
against the other is disputed the same will be referred to arbitration under
the Bye-laws of the ... Association in London.
Sd/- Seller Sd/- Buyer.
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