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SALES AND PURCHASE CONTRACT - Globalwealth Ltd - sugar free international delight creamer
SALES AND PURCHASE CONTRACT
Name of the product: Refined Sugar ICUMSA 45
CONTRACT NO.:
This Agreement made on the 27th of January , 2011
And entered into between:
SELLER:
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|Hereinafter referred to as “Seller” |
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BUYER:
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|COMPANY : |
|COMPANY REGISTER : |
|REPRESENTED BY : |
|PASSPORT : |
|ADRESS : |
|CITY : |
|COUNTRY : |
|PHONE / FAX : |
|EMAIL : |
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|Hereinafter referred to as “Buyer” |
|Hereinafter together shall be referred to as “Parties” or “Party” |
The Parties have concluded the present contract as follows:
Whereas, the Parties mutually accept to refer to the General Terms and definitions as set out by the INCOTERMS Edition 2000 with latest amendments, having the following terminology fully understood and accepted.
DAY:
Means a Calendar day, unless differently specified
MONTH:
Means a Gregorian calendar month
CALENDAR:
A period of twelve (12) consecutive months from February 2011 through January 2012.
This contract will be automatically extended for a Thirty Six (36) month periods after the end of the first term. In the eleventh (12th) month of each extension, prior to the end of each term, the price of the product will be adjusted to the actual amount of the international price demanded by the market; however, the new price can not exceed 10% plus or minus of the originally quoted price.
BILL OF LADING:
The official document, issued at the load port after completion of the loading operations, stating, among other things, the ship’s loaded quantity, expressed in Cubic Meters (M3) and in Metric Tons (MT) per definitions herein. This document has to be signed in original by the ship’s Master and made out in accordance without the instruction herein after specified in this Contract.
DELIVERY DATE:
The date mutually accepted by both Seller and Buyer as the date on which the nominated international Surveyor Company has ascertained the quantity and quality of the product unloading at Buyer’s discharge terminal facilities.
EXECUTION DATE:
The date on which the Seller and Buyer receive their respective original copies of this agreement, or as may be indicated otherwise in this Contract.
PROOF OF PRODUCT:
Documentation to be provided by the Seller to the Buyer at the time of the shipment leaving the port.
WHEREAS:
The parties mutually desire to execute This Contract which shall be binding upon, and to the benefit of, the parties, successors and assigns, in accordance with the jurisdictional law of the negotiated and fully executed Contract with terms and provisions hereunder agreed upon.
Clause 1: COMMODITY-Quantity & Basis Delivery:
The scope of the contract it’s the supply of Refined Sugar ICUMSA 45. 24,000,000 MT(500,000 MT per 48 month; delivery in vessels with 25,000MT or more) +/- 5% Sugar Icumsa. To be dispatch within 30 to 45 days after receipt of an Operative Payment Instrument from the Buyer’s Bank. The Buyer must send to Seller a timetable for release and shipments target for each office with thirty days prior to the shipments of the same.
Clause 2: QUALITY.
SPECIFICATION:
White Refined Cane Sugar:
|COMMODITY: |REFINED CANE SUGARICUMSA 45 RBU |
|POLARIZATION: |99.8% MIN |
|ASH CONTENT: |0.04 % MAX |
|COLOUR: |Crystal White |
|MOISTURE: |0.04% MAX |
|ICUMSA RATING: |ICUMSA 45 RBU attenuation index units (method #: 4-1978) |
|MAGNETIC PARTICLLES: |MG/K – 4 |
|SO: |MG/K – 20 |
|TABLE GRADE: |STANDARD |
|SOLUBILITY: |100% DRY & FREE FLOWING |
|SMELL: |FREE OF ANY ODOUR |
|RADIATION: |NORMAL CERTIFIED without presence of cesium or iodine. |
|COLOR: |SPARKLING WHITE |
|GRANULATION: |MEDIUM TO FINE CRYSTAL GRAIN |
|MAX. As: |1 p.p.m |
|MAX. Os: |2 p.p.m |
|MAX. Cu: |3 p.p.m |
|CROP: |2009 CROP |
|COUNTRY OF ORIGIN: |BRAZIL |
Commodity shall be free from mould, unnatural odors, chemicals, and insects. Labeling shall be in the English language showing net weight, country of origin, stating that the bag contains White Granulated Cane Sugar and date.
Seller and Buyer, under full corporate authority and responsibility respectively represent that the Seller is lawfully owner of the commodity, in quantity and quality as hereunder specified, and the Buyer has the full capacity to purchase the said commodity.
Clause 3: PRICE
The price of the product is Three hundred and fifty dollars (350.00$) per metric ton CIF ASWP for the sum total of eight Billions, four Hundred Million DOLLARS U.S. dollars. ($ 8.400.000.000.00 dollars USD). The price of the product is reviewed after every twelve (12) months
Clause 4: ORIGIN
Brazil.-
Clause 5: PACKING
All Sugar packed in 50 Kg new poly-lined combined with jute Bags of combined tare of 150 grams each, plus 2% extra bags.
Lay out order
Brazil packed in 50 Kg new poly-lined combined with jute Bags of combined tare of 150 grams each.
Clause 6: MARKING
Buyer’s marks to be declared latest 15 calendar days before shipment period.
Clause 7: INSURANCE
To be covered by the Seller. Seller reserves the right to assign third party to cover Insurance for Buyer. The insurance must cover the risks of commodity trade clauses; war clauses and institute strike riots and civil commotions issued for CIF invoice value plus 10 per cent, duly endorsed
Clause 8: SHIPMENT
Starting Shipment in march 2011 and ending in December 2011 Shipments of goods commence 30 to 45 days or less after the receipt of payment from the Buyer. Partial shipment allowed. Shipments of minimum 25,000 per vessel due to some ports restrictions.
Although all original documentation presented at Clause 14 is delivered to the Buyer, the shipment only will happen after Seller receives the respective payment presented at Clause 9.
Clause 9: QUANTITY & DOLLAR AMOUNT
The quantity sold by the seller and purchased by Buyer shall be 24.000,000 metric tons of white refined cane sugar ICUMSA 45 THREE HUNDRED and FIFTY DOLLARS ($ 350.00 USD) per metric ton CIF ASWP for the sum total of EIGHT BILLION, FOUR HUNDRED MILLION DOLLARS U.S. dollars. ($dollars 8.400.000.000.00 USD) The quantity and value of tolerance of + / - 5% (five percent).
Clause 10: FUMIGATION
Cargo to be fumigated onboard the vessel upon completion of loading at Seller’s expense.
Clause 11: INSPECTION
Inspection of vessels holds cleanliness, weight, quality and condition of bag all final at loading port as per certificates issued by SGS Brazil Ltd at the seller’s expenses.
Clause 12: CANCELLATION FOR NON-CONFORMANCE.
BUYER may cancel an Order for any Non-Conformity in any lot or instalment delivered pursuant to an Order.
Non-Conformity may include:
Failure of BROKER-SELLER to deliver the Product when due;
Non specifications compliance as presented at clause 2;
Delivery of defective of otherwise nonconforming Products, or
Delivery of an insufficient quantity of the Product.
Failure to provide proper documentation as stated in the terms of the contract.
Warranties
13.1 Conformance to Performance Criteria.
SELLER warrants to BUYER that Product shall be free from defects in workmanship and material and shall be in conformity with the Product Criteria set forth in all above and BUYER’S specifications.
13.2 Merchantability and Fitness.
SELLER warrants to BUYER that the Product shall be merchantable and fit for its intended use.
13.3 Compliance with Laws.
SELLER warrants to BUYER that the Product, packaging and use of Products shall comply with all applicable national, regional and local laws, rules, regulations, ordinance and orders.
SELLER warrants that it has obtained the necessary approvals from all certification bodies.
13.4 Authority.
SELLER warrants to BUYER that it has the authority to enter into and perform this Agreement.
13.5 Rights of Thirds Parties.
SELLER warrants to BUYER that the manufacture and function of the Product does not infringe upon or violate any patent, trademark, trade secret, copyright or other rights of any party ("Third Party Rights"). SELLER further warrants that the supply, use or sale of the Product does not infringe any Third Party Rights.
This is a private labelling sales agreement that the BUYER is responsible to provide all the support documentation (“Third Party Rights”) and the “Package Art Work” in computer file designated by the Seller graphics department.
13.6 Title.
SELLER warrants to BUYER that SELLER shall have and transfer to BUYER good and marketable title to all Products delivered hereunder.
13.7 Survival.
All warranties shall survive inspection, testing and acceptance of the goods by BUYER and expiration or termination of this Agreement.
13.8 Indemnity.
SELLER shall indemnify and hold harmless BUYER against all claims, costs (including without limitation, attorneys' fees) and damages (including, without limitation those resulting from recall of Product) arising from any defect in the Product, or breach of any warranties set forth in this Agreement.
13.9. Special.
This agreement only becomes effective when the seller's bank accepts the letters of credit the buyer's bank and verified the funds of the same.
Clause 14: PAYMENT
1. Within ten (10) banking days, after seller’s receipt of the sealed and signed contract by the buyer; the buyer’s bank will issue a SBLC or BG to Seller’s Bank in USA. Covering one (1) month of shipment.
2. Once POP is provided, by the seller ,via MT 760, all SBLC’s will automatically become operative as per the order of the seller’s Bank based in USA or EU this include this SBLC and the other two mentioned in item four (4) of this clause.
3. 100% (percent) of each monthly shipment must be paid for the value of one month of shipment according to the delivery schedule. The first month and every one of all shipments will be paid to the seller in a clean Bank Transfer in advance to release the sugar.
4. Buyer will issue a bank to bank notification, via swift MT700, an unconditional, transferable, irrevocable, confirmed, SBLC for the amount of TWO (2) months of deliveries by a top 10 (Ten) prime USA or EU Bank and active for the life of the contract, and a second SBLC under the same conditions of first one for other TWO (2) months of deliveries by a top 10 (Ten) prime USA or EU Bank and active for the life of the contract. Both SBLC will guarantee full compliance whit the contract drafted and signed here by the parties involved.
5. Shipments will commence between 30 to 45 days, or less if possible, after the two SBLC Letter of Credit have been opened by the Buyer’s Bank and confirmed by the seller’s bank for each individual shipment. Total duration of this contract is forty eight (48) consecutive months.
Beneficiary:
|Seller’s Bank Account Information: |
|Company: |
|Bank Name: |
|Address: |
|Country: U.S.A. |
|Account Name: |
|Account No.: . |
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|SWIFT No.: |
|ABA: |
|Bank Phone No.: |
|Fax Number: |
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|Buyers Bank Account Information: |
|BUYERS Bank: | |
|Swift: | |
|ABA/ROUTING | |
|ACCOUNT NAME: | |
|CEO: | |
|ACCOUNT NUMBER | |
|BANK OFFICER | |
|TEL and FAX | |
Clause 15: SHIPPING DOCUMENTS:
1. Seller’s commercial invoice.
2. Full set of 4/4 of original clean on board Bill of Lading plus 3/3 non-negotiable copies marked “Freight Prepaid”. Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
3. Certificate of Origin issued by the Chamber of Commerce & Industry of Brazil. Set 2/2 of original document, Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
4. Fumigation certificate issued by a Brazilian Fumigation Company. Set 2/2 of original document, Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
5. Insurance documentation complying the terms presented at clause 7.
6. Phytosanitary certificate issued by the Plant Protection Department of the Ministry of Agriculture and Rural
Development of Brazil. Set 2/2 of original document, Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
7. Packing list issued by SGS Brazil or similar authorized entity. Set 4/4 original document, Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
8. Inspection certificate of weight final at time of loading issued by SGS Brazil or similar authorized entity. Set 2/2 of original document, Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
9. Inspection certificate of quality final at time of loading issued by SGS or similar authorized entity. Set 2/2 of original document, Consigned to the shipping marks (company and purchase order code) which will be passed later by the buyer.
10. Shipment appropriation sent by the seller by telex, fax or Electronic Mail to the buyer within maximum 48 hours from completion of loading giving full details of shipment.
Clause 16: PRODUCT SAMPLES
After the contract is signed the seller will provide, if requested and as soon as possible, to the buyer, samples and send them to the address designated by the buyer. The buyer will pay, in advance, for all costs associated with the sending of the samples.
Clause 17: PLANT VISIT
After the contract is signed and the financial instrument is opened to the Seller or the financial probe duly endorsed, the Seller will arrange for the Buyer, within a two weeks time, if so desired, a visit to the port delivery in Brazil. Buyer will pay all expenses related to this visit..
Clause 18: LICENSE
The seller is responsible for OBTAINING any and all necessary export documents/licenses/permits; the failure of obtaining any of such documents if affecting the performance of the contract, regardless of reason, is not a reason for a claim for force major and not withdrawing the seller from his contractual obligations.
Clause 19: DUTIES & TAXES
All import duties wharf charges, customs duties, or term of charges of whatsoever nature directly applicable to the import of goods in the country of destination shall be paid by the buyer and all export duties and taxes and whatever charges at the originating port will be paid by the seller.
Clause 20: FORCE MAJEURE
Should the shipment be delayed or prevented by reasons including acts of government at the exclusion of any and all decree(s)/decision(s)/notice(s) or regulation or interdiction applied to export license, declared or undeclared was risks, riots, strikes, lockouts, civil commotion, earthquake, floods, fire, official declaration of plague infection etc. or by the consequences of such occurrences, seller to send to buyer within 2 working days from the date of occurrence of event by telex or fax with authorized signature a notice of force major. Shipment period shall be then extended by one month. If at this expiration of that period, shipment is still prevented by any of the above causes, the contract shall be void unless a further extension if mutually agreed. Should war and/or hostilities and/or consequences thereof prevent seller from fulfilling the contract or any part thereof, such part from fulfilling shall be void.
Clause 21: CONFIDENTIALITY, NON-DISCLOSURE AND NON-CIRCUMVENTION
This product’s offered for sale subject to this Agreement terms and conditions. Previous transactions, if any, between the Buyer and the Seller or their parties shall at no time reflect on the terms and conditions of this Agreement and acceptance of the product by the Buyer shall be conclusive evidence before any court of law or arbitration that these terms and conditions apply.
Seller and Buyer agree not to do business together for Ninety Six (96) months from this Agreement without paying Buyer and Seller Representatives the agreed customary commissions. This clause is extensive to all subsidiaries and or affiliated companies. It is further agreed that any information of Buyer and Seller contained in this Agreement is to be held in the strictest confidence, and any violation of which will resolute in the immediate cancellation of this Agreement. The commissions will be duly paid 2 banking days after reception of the payment instrument (letter of credit) to the intermediary companies.
Clause 22: ARBITRATION
In London, as per GAFTA 125 or New-York, USA
NOTE: Contracts signed through Electronic Mail are considered as original in nature.
Clause 23 CONDITIONS:
1. BUYER ISSUES AN LOI/ICPO WITH SOFT PROVE AUTHORIZATION.
2. SELLER ISSUES FCO AND SENDS TO BUYER A DRAFT COPY OF THE CONTRACT AND THE BUYER MAKES ANY CORRECTIONS OR AMNENDMENTS TO THE DRAFT CONTRACT.
3. THE SELLER AMENDS THE COPY CONTRACT WHERE NECESSARY, SIGNS, SEALS AND ISSUES TO THE
4. BUYER FOR HIS COMPLETION; THE BUYER SIGNS THE COPY CONTRACT AND RETURNS IT TO THE SELLER.
5. WITHIN ten (10) BANKING DAYS AFTER DELIVERY TO THE SELLER OF THE FINAL COPY OF THE CONTRACT THAT HAS BEEN SIGNED AND SEALED, THE BUYER OPENS A FINANCIAL INSTRUMENT IN THEIR OWN BANK AND THEN PROVIDES A OPERATIVE L/C TO THE SELLER FOR VERIFICATION, AUTHENTICATION AND CONFIRMATION.
6. DELIVERY AND SHIPMENT WILL COMMENCE AS PER THE TERMS AND CONDITIONS OF THE CONTRACT.
7. THIS PROPOSED CONTRACT IS VALID FOR TEN (10) BUSINESS DAYS STARTING FROM THE DATE WHEN THE CONTRACT IS SIGNED BY THE SELLER.
Clause 24: SIGNATURES
IN WITNESS WHEREOF, this Supply Contract has been executed by and between BUYER and SELLER in four (4) originals signed by their duly authorized officers, both in English language and equally valid, two (2) original to be retained by BUYER
and two (2) original to be retained by SELLER.
For and on behalf of: For and on behalf of:
Acceptance by Buyer to proceed Acceptance by Supplier to Proceed
BUYER SELLER
Date: 07th December, 2010. Date: 07th December, 2010.
SHIPMENT SCHEDULE
|MONTH |DESCRIPTION |QUANTITY |DESTINATION |ALTERNATIVE PORT |
|February |Refined Sugar ICUMSA 45 |500.000 Minimum packed in 50Kg bags|Port of |ALLOWED |
|2011 | | |ASWP | |
|March |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|April |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|May |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|June |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|July |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|August |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|September 2011 |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
| | |bags. |ASWP | |
|October |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
|2011 | |bags. |ASWP | |
|November 2011 |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
| | |bags. |ASWP | |
|December 2011 |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
| | |bags. |ASWP | |
|January 2012 |Refined Sugar ICUMSA 45 |500,000 MT Minimum packed in 50 Kg |Informed min. 30 days prior shipment | |
| | |bags. |ASWP | |
| | |Total 6.000,000 MT | | |
Each year will be delivered six million MT during four (4 ) years until deliver 24.000.000 MT. as example above.
Acceptance by Parties to Proceed:
Acceptance by Supplier to Proceed Acceptance by Buyer to proceed
Date: 07th December, 2010. Date: 07th December, 2010.
