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© Copyright 2006 Thiagarajar Mills |
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| Domestic sale | Export Sale |
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| Domestic sale
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- The goods covered by this contract may be delivered in one or more lots between the
first and last days of the month specified above at sellers' option.
- In the event of failure of buyer to pay or to take delivery within the time specified and
agreed, the sellers shall be at liberty to cancel the contract or sell the goods by private
sale or public auction with power to postpone any such sale or sales at their own dis-
cretion, charging buyer with all interests and expenses incurred and loss sustained.
- The sellers undertake to ensure delivery during the time specified above but they shall
not be responsible for delay or non-delivery of the goods mentioned in this contract
directly or indirectly caused by or due to Act of God, mobilisation, demobilisation,
requisition by or interference from Government or local authority, lock-outs, labour
disturbances, trade disputes, strikes, fire, pestilence, damage or accidents to the
mills or their machinery or a stoppage or partial stoppage of the mills or any other
event or circumstance beyond the control of the sellers. In no case shall late delivery
constitute a ground for rejecting the goods or claiming damages.
- In cases where the goods have to be shipped, and a vessel is not available for shipping
the goods during the period specified in this contract the sellers shall have the option
solely at their discretion to extend the period of contract or to cancel same in whole or
in part, and the buyer shall have no right to question the same for any reason whatever.
- Where sales are made on 'mill delivery' terms, delivery is complete as soon as the
goods are delivered to carriers.
- Where sales are made on F.O.R. terms, 'the sellers' responsibility ceases immediately
the bales are delivered to the Railway authorities.
- Payment shall not be withheld on account of any claim by the buyer nor shall any
deduction be made by reason of any such claim.
- Goods paid for but not taken delivery of by the buyer shall be under lien for all moneys
due from the buyer to the sellers on any account whatsoever.
- All contracts shall be deemed to have been entered into as between Principal and
Principal notwithstanding anything to the contrary appearing in any contract or in any
correspondence relating thereto.
- During the continuance of this contract, the buyer whenever called upon shall be bound
to deposit with the sellers Rs.500/- per bale/case as and by way of margin or security
for the fulfilment of this contract and in case the buyer fails to do so within three days
from the receipt of such intimation it shall be optional with the sellers to cancel this
contract or sell the goods by private sale or public auction and the buyer agrees to
make good any loss or deficiency that may arise from such sale.
- That any dispute or difference arising between the SELLER and the BUYER in regard
to this CONTRACT or any matter arising there from, shall be resolved through
arbitration and each party shall nominate an arbitrator. The appointed Arbitrators shall
select a third Arbitrator. If the appointed Arbitrators do not select the Third Arbitrator
within 45 days for whatever reasons then the seller may send a list containing two
Arbitrators name to the buyer. The buyer within 15days on receipt of the list shall
inform the Seller his option of Arbitrator from and out of the list. If the buyer fails to
intimate his choice of Arbitrator from and out of the list then the Seller may proceed in
selecting the Third Arbitrator from and out of the list above referred. The third Arbitrator
shall be selected before the initiation of the Arbitration proceedings. The arbitration
proceedings shall be conducted in accordance with the provisions of the Indian
Arbitration and Conciliation Act, 1996 and/or any statutory modification thereof and the
proceedings shall be recorded in English. The place of Arbitration shall be Madurai,
Tamil Nadu, India.
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