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General Contract Terms

  • Contracts are normally made on FOB or CIF basis.
  • Pricing is in US Dollars per MT. Current and forward price quotations in US $ and other currencies are available on request directly from member exporters of the Council.
  • Business is done on an offer and acceptance basis between buyers and sellers by telephone, email, telex or cable, since the prices are subject to fluctuations.
  • The cost of insurance is borne by the buyer.
  • At the time of contract, the month of shipment, grade, price etc., are to be clearly indicated. Sometimes, exporters offer commodity for shipments up to six months in advance.
  • Export dealings are usually finalized on the basis of the opening of 100% irrevocable Letter of Credit payable at sight, by the buyer in favor of the shipper. The LC is opened immediately on execution of contract or one month prior to shipment