Seller's option: The final settlement of the contract will be done as per seller's option. If
the seller wishes to give delivery, delivery will be effected as per delivery mechanism decided by the Exchange and such delivery will be binding on the buyer. If the seller does not wish to offer delivery or if his delivery is rejected by the Exchange on any of the quality related parameters or otherwise, it will be settled as per the Due Date Rate notified by the Exchange. However, if the price in the physical market on the date of the maturity of a contract, is outside the Price Band (Floor ceiling), then the delivery is not permitted.

Tender and delivery period: At least 5 working days before maturity of the contract, the seller will be required to intimate to the Exchange about his intention to give delivery. He can tender delivery from the Exchange approved warehouse at Jodhpur, Bikaner or Disa, provided that one seller can offer delivery in one contract from one location only. However, the Exchange will have a right to allow delivery from seller's go down also, subject to adjustment of transportation cost and loading / unloading expenses.

Buyer's intention: The buyers who are willing to take delivery should also intimate the Exchange 5 working days prior to contract maturity. If the Exchange gets such intentions from the buyers, such intending buyers will get priority in respect of allocation of delivery on first come first served basis. However, if a buyer has not intimated his intention, but he keeps his position open till contract maturity, the Exchange may allocate delivery to him, even if he has not shown any intention.

Dissemination of delivery related information by the Exchange: During the last 5 working days before contract maturity, the Exchange will disseminate information on the TWS about the total quantity of delivery offered, total quantity of delivery approved as per quality parameters, name of the warehouse, etc. On the basis of such information, the buyer brokers may take proper decision in the market regarding delivery.

Delivery allocation at broker level: Deliveries can be offered by a seller only if he has net sale position at broker level. If the broker has one client having buy position and another client having sale position, such delivery has to be settled by the broker himself. Similarly, deliveries will be allocated to a buying broker only in case he has net buy position.

Delivery and settlement: On the basis of Due date rate fixed by the Exchange, the delivery will be effected on 21^st  or on the subsequent working day after contract maturity by way of endorsement of warehouse receipt or physical lifting of delivery. The buyer will be required to make payment on 21^st  itself for the total quantity allocated to him. Once a delivery is allocated to the buyer, he cannot refuse or challenge such allocation. After such endorsement, the buyer can lift delivery within 7 days or if he wants to keep delivery in the same warehouse, he can do so.

Warehouse charges, insurance, etc.: The seller is required to pay warehouse charges, loading and unloading charges, insurance costs and other expenses, as decided by the Exchange from the date of deposit of delivery in the Exchange approved warehouse till the actual lifting of delivery or one week after contract maturity, whichever is earlier. After such period, if the buyer keeps delivery in the warehouse, it is his responsibility to bear all costs relating to warehousing charges, etc.

Delivery Orders: All deliveries tendered by sellers on designated tender days shall be in the form of `Delivery Orders' issued in favor of the buyers, as per instructions of MCX. The Delivery Orders shall be filled up in the prescribed form and shall clearly state the contract particulars including quantity, quality and the delivery center, which should be accompanied with a bill in favor of the buyer. 

Delivery Order once submitted cannot be withdrawn or cancelled or changed, unless so agreed by MCX in writing.

Delivery Grades: The Members tendering delivery will have the option of delivering such grades of Guarseed as permitted by the Exchange under the contract specification. The buyer will not have any option to select a particular grade and the delivery offered by the seller and allocated by the Exchange shall be binding on him.

The Member tendering delivery will clearly specify the grade to be delivered in the Delivery Order. Once the delivery grade is specified, it cannot be changed for the same Delivery Order. Such delivery grade shall be in conformity with the surveyor's certificate accompanied with the delivery document.

Evidence of Stocks in Possession: At the time of issuing the Delivery Order, the Member must satisfy MCX that he holds stocks of the quantity and quality specified in the Delivery Order at the declared Delivery Center. This should be substantiated by way of producing warehouse receipt.

The procedures followed for drawing samples and carrying out analysis tests shall be as per booklet issued by Bureau of Indian standards.

Weighment at the time of delivery: The goods tendered shall be weighed at the weighbridge approved by the Exchange. The Buyer's representative shall present himself at the warehouse installation at the time of delivery failing which the weight determined by the Exchange shall be final and binding.

Extension of Delivery Period: The Exchange shall have the power to extend the period of delivery or provide for longer period of delivery in the Delivery Order itself if such an extension of time has become necessary due to a force majeure.

Approved warehouse: At Bikaner, CWC will be the approved warehouse of the Exchange. Besides, at Jodhpur, Bikaner and Disa, the Exchange may designate other warehouses or allow delivery from the seller's go down provided it is within 50 km of the municipal limits of respective places. 

Due Date Rate: Due Date Rate is calculated on the last day of the contract maturity. This is calculated by way of taking simple average of last 3 days of the spot market prices. For the purpose of Guarseed, the prices will be taken from Jodhpur, Sri Ganganagar and Bikaner. For obtaining the prices of spot market, the Exchange will take the prices from a panel of exporters, processors, dealers and brokers and take the average out of 3 prices taken on a day from three different entities. For the purpose of due date rate, a deduction of 5.25% will be made out of ready delivery loose prices obtained from Jodhpur market, which is in respect of cash discount, bardana cost, quality discount, etc., but no such deduction will be made out of prices of Sri Ganganagar and Bikaner If the seller has offered delivery, delivery will be effected at due date rate, which will be delivery of sales tax paid Guarseed packaged in the specified manner. However, the due date rate will be subject to the pre-decided Price Band (Floor Ceiling). Eg. If the weighted average price is Rs. 2000 per 100 kg, the price band based on 20% would be Rs. 1600 - Rs. 2400, in case the due date rate calculated on the basis of the physical market price is arrived at Rs. 1500, then the due date rate would be Rs. 1600 per 100 kg

Applicability of Business Rules: The general provisions of Business Rules relating to the procedures not specifically laid down in this circular and decisions taken by FMC/ Board / Executive Committee in respect of matters specified above will apply mutatis mutandis.