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Tender & Delivery period |
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1st & 2nd day after end of Contract Maturity Month |
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Buyer & Seller's Intention |
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On the Expiry date by 3.00 p.m. |
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Matching of buyer's intention & seller's intention |
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On the basis of intention received from the buyers and sellers, at the end of contract maturity date, the Exchange will match the total quantity offered by the buyers and sellers and with respect to the matched quantity, the allocation of delivery between the buyers and sellers will be done. The unmatched quantity will be closed out as per the Due Date Rate and actual delivery will be effected only to the extent of matched quantity. |
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DELIVERY LOGIC |
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BOTH OPTION |
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Dissemination of Information on Tendered Delivery on Trader Work Station. |
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Upto 7.00 p.m. on the Expiry Date |
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Mode of Communication |
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Fax or Courier |
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Pay-in (Funds) for Delivery. |
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1st day after end of the contract maturity month at 12.00 noon |
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Endorsement of Delivery Order |
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The Delivery Orders allocated to the member with net long position shall be freely endorsable by him to his clients. Such allocation can also be made by the buying member in favour of a third party, but such allocation can be done only once and subject to the full disclosure of details of the third party to be given to MCX. However in case of dispute or default involving the endorsee, the responsibility for contractual performance shall remain vested with the original assignee of the Delivery Order (the buying member).
All the Sellers tendering goods shall have the necessary Registration from the Sales Tax and obtain other licenses, if any, required by them. In case the selling member does not have a Sales Tax Registration number then he shall appoint an Agent/Nominee who has the required Sales Tax Registration and deliver the goods through him. The Member giving delivery and the Member taking delivery will exchange appropriate tax forms as provided in law and as customary, and neither of the parties will unreasonably refuse to do so. In case any of the member or his client fails to provide necessary forms in respect of sales tax resulting into pecuniary loss to the either party, the Exchange will impose a charge on the party in default and after collection thereof, will pass on the same to the member, who or whose client has suffered such loss. In addition to above, the Exchange can impose additional penalty on the party in default. |
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Delivery Center |
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Deliveries can be effected from CWC warehouse at Akola |
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Penal Provisions |
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If buyer or seller, who has submitted their intention to lift or give delivery and which has been confirmed back by the Exchange, fails to complete their obligation, then a penalty of 1% of the Due Date Rate will be imposed on him for such failure out of which 90% will be passed on to the other party, while rest 10% will be appropriated by the Exchange. |
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Legal Obligation |
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The members will provide appropriate tax forms wherever required as per law and as customary and neither of the parties will unreasonably refuse to do so. |
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Delivery Grades |
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The Members tendering delivery will have the option of delivering such grades of cottonseed oilcake 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. |
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Taxes, Duties, Cess & Levies |
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Seller has to deliver goods on all tax paid basis. |
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Weighment at the time of delivery and treatment of short delivery or excess delivery. |
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The goods tendered shall be weighed at Buyer's option, at an independent weigh - bridge to be mutually agreed, and weights determined in this manner shall be treated as final and fully binding on both the parties. The Buyer's representative shall present himself at the warehouse installation at the time of delivery failing which the Seller will be entitled to claim compensation regarding delay in delivery in terms of warehouse charges, insurance etc. as decided by the Exchange. |
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Warehouse Charges, Insurance Charges & Transportation Charges |
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Borne by the Seller upto Payout Date or Delivery Out date whichever is earlier.Borne by the Buyer after Payout Date or Delivery Out date whichever is earlier. |
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Due Date Rate |
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Due Date Rate is calculated on the last day of contract maturity. This is calculated by way of simple average of last 3 days of the spot market price (inclusive of all taxes) of Akola, which is the basis of the respective contract. For obtaining the prices of spot market, the Exchange will take the prices from a panel of market participants associated with Cottonseed oilcake including mills located in and around Akola. |
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Extension of Delivery Period |
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As per Exchange decision due to a force majeure or otherwise |
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Applicability of Business Rules |
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The general provisions of Business Rules & decisions taken by FMC/ Board / Executive Committee in respect of matters specified above will apply mutatis mutandis. The Exchange may further prescribe additional measures relating to delivery procedures, warehousing, Quality Certification, Margining, risk management from time to time. In case of any interpretational dispute or clarifications the decision of the Exchange shall be final and binding on the members and others. |
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