BE CHANGED BASED ON MUTUAL AGREEMENT, EVIDENCED IN WRITING. THE PERCENTAGE ALLOWANCE (+ / - 5%) IS TO BE CALCULATED FROM THE CONTRACTUAL QUANTITY 50,000 MT AS PER THE QUALITY CERTIFICATE.
iii. Clause 7.3 -
THE BUYER IS OBLIGED TO SHIP COTTON WITHIN 21 DAYS AFTER THE DATE OF ARRIVAL OF THE COTTON AT THE PORT / WAREHOUSE AFTER THE NOTIFICATION FROM THE SELLER IN WRITING ABOUT THE ARRIVAL OF A PORTION OF THE GOODS (MINIMUM 500 METRIC TONNES). IN CASE OF DELAY IN SHIPMENT OF THE COTTON FROM THE PORT IN THIS PERIOD, THE BUYER HAS TO PAY ALL EXPENSES RELATED TO THE COTTON UNDER THIS CONTRACT FOR WAREHOUSING AFTER 21 DAYS STORAGE. CHARGES WILL BE SETTLED DIRECTLY BETWEEN THE BUYER AND THEIR LOCAL FORWARDING AGENT IN ACCORDANCE WITH THE FORWARDING AGREEMENT SIGNED BETWEEN THE BUYER'S REPRESENTATIVE AND THE LOCAL FORWARDING COMPANY / PORT WAREHOUSE COMPANY.
iv. Clause 8.3 -
IN THE EVENT THAT COTTON HAS BEEN STORED IN THE PORT WAREHOUSE FOR MORE THAN 21 DAYS FROM THE DATE OF ARRIVAL, AS EXPRESSED IN CLAUSE 7.3, THEN PAYMENT WILL BE EFFECTED BY THE OPENING BANK WITHIN 5 BANKING DAYS, UPON PRESENTATION OF THE FOLLOWING SET OF SHIPPING DOCUMENTS (DOCUMENTS IN RUSSIAN LANGUAGE ACCEPTABLE) AT THE COUNTERS OF THE OPENING BANK.:
A. ORIGINAL SIGNED COMMERCIAL INVOICE EVIDENCING THAT 90% OF THE INVOICE VALUE IS OFFSET AGAINST THE ADVANCE PAYMENT AND THAT 10% OF THE INVOICE VALUE WILL BE PAID BY THE BUYER TO THE SELLER. IN THE EVENT THAT THE WAREHOUSE RECEIPT IS ISSUED AND THE FINAL PRICE HAS YET TO BE FIXED, 90% OF THE INVOICE VALUE WILL BE OFFSET AGAINST THE ADVANCE PAYMENT AND THE 10% BALANCE WILL BE PAID BY THE BUYER TO THE SELLER UPON FIXATION OF THE PRICE - 1 ORIGINAL AND 2 COPIES WRITTEN IN ENGLISH.
B. WAREHOUSE CERTIFICATE SHOWING THAT THE RELEVANT COTTON IS HELD TO THE ORDER OF THE BUYER OR THEIR NOMINATED REPRESENTATIVE - 1 COPY.
C. A DOCUMENT OF ACCEPTANCE, SIGNED BY AN AUTHORISED REPRESENTATIVE OF THE BUYER, STATING THAT THE QUALITY IS IN ACCORDANCE WITH THE QUALITY CERTIFICATE OR AN ACT SIGNED BY BOTH PARTIES STATING THE ACTUAL QUALITY - 1 COPY. IN THE EVENT THAT DOCUMENTS ARE SENT WITHOUT THE ACT OF ACCEPTANCE SIGNED BY THE AUTHORISED REPRESENTATIVE OF THE BUYER OR AN ACT SIGNED BY BOTH PARTIES STATING THE ACTUAL QUALITY, THEN 90% OF EACH INVOICE VALUE SHALL BE OFFSET AGAINST THE ADVANCE PAYMENT, AND THIS BALANCE 10% SHALL BE PAID IMMEDIATELY UPON PRESENTATION OF THE DOCUMENT.
D. A COPY OF THE QUALITY CERTIFICATE WITH THE WEIGHT LIST FOR EACH LOT OR IN THE EVENT THAT THE WEIGHT HAS BEEN AMENDED IN ACCORDANCE WITH CLAUSE 5.7, A COPY OF THE WEIGHT REPORT ISSUED AND SIGNED BY AN INDEPENDENT INTERNATIONALLY RECOGNISED CONTROLLER CONFIRMED BY UZPAKHTASANOATSOTISH.
E. COPY OF CERTIFICATE OF ORIGIN, ISSUED BY THE SELLER, CERTIFYING THAT COTTON COVERED IN THE INVOICE HAS ORIGINATED FROM UZBEKISTAN.
v. Clause 8.6
THE FINAL SETTLEMENTS BETWEEN THE SELLER AND THE