Tender Notice

13th , 14th and 15th Days of Contract Month by 3:00 p.m.The tender notice in legal parlance would mean just an intention of making delivery and not an actual sale. Members shall not square off his outstanding position to the extent of tendered quantity and such tender notice shall be submitted to the exchange in the format specified along with proof of delivery.

Buyer Intention

13th, 14th and 15th Day of Contract Month by 3:00 p.m.

Delivery Period

13th to 22nd of the Contract Month

Tender Days

13th, 14th and 15th Days of Contract Month by 3:00 p.m. on each day.

DELIVERY LOGIC 

SELLER'S OPTION. If the seller does not opt to give delivery, then there will be no penalty on the seller and the contract will be settled as per the Due Date Rate. However, if the seller submits intention to give delivery, and thereafter he fails to give delivery or if his delivery is rejected because of non conformity to quality specification, then he will be charged a penalty of 3%.

Delivery Lot

55 bales.

The weight of each bale should be 170 Kg (with tolerance limit of 15 Kg) provided that the Total weight of 55 bales should be 93.5 quintals (with tolerance limit of 4.5 quintals).

Dissemination of Information on Tendered Delivery on Trader Work Station.

Upto 7.00 p.m. on Designated Tender Days.

Delivery Order

Delivery Order will be submitted in specified format giving details of Members / Registered Non-Members who shall perform delivery. The delivery can be effected from exchange designated warehouse or from seller's factory or godown where the Cotton is either ginned or pressed. 

The procedure followed for drawing samples and carrying out test analysis shall be as per EICA Bye-Laws. Delivery order once submitted cannot be withdrawn or cancelled or changed unless so agreed by MCX in writing. Members tendering the delivery order shall clearly specify the grade and shall be in conformity with the surveyor's certificate accompanied with the delivery document and cannot be changed subsequently.

MCX Certification will be final. If buyer still wants to appeal one chance will be given but then its Final.

Odd Lot treatment

Not Applicable

Mode of Communication

Fax or Courier

Allocation of Delivery

First amongst the willing Buyers and then amongst the other Buyers. Done on 8th day of the contract month after closure of market.

Delivery Order Rate

Due Date Rate as decided on 15th of contract month.

Buyer's Obligation

Buyer has to take allocated delivery failing which 1% penalty is levied against him. Further, the Buyer will not have any option about choosing the place of delivery and will have to accept the delivery as per allocation made by the exchange. Once a delivery is allocated to Buyer, he shall not square off his outstanding open position.

Pay-in (Funds) for Delivery.

Within 2 days from the date of receipt of delivery order with MCX certification.

Funds and Delivery Payout.

90% on the day following the pay-in and balance once buyer confirms picking up delivery from seller's designated place or seven days following the pay-in whichever is earlierTill such 7 days it should be seller's responsibility to keep goods in good condition.

Delivery Center

Delivery Center Deliveries can either be effected from the factory or godown where the Cotton is either ginned or pressed (i.e. producer's own godown where the goods are produced) or Govt. warehouse within the vicinity of the factory (STC warehouse or CWC godown within the taluka-district out of Octroi limits if applicable) or else from the following Designated centers-

1. Ahmedabad, Rajkot, Bharuch in Gujarat, 
2. Sendhwa, Burhanpur and Indore in Madhya Pradesh, 3. Akola / Jalgaon / Amaravati / Aurungabad / Mumbai     in Maharashtra, 
4. Sriganganagar in Rajasthan, 
5. Sirsa / Fatehabad in Hayana, 
6. Bhatinda, Mansa, Muktsar & Abhoar in Punjab and 

7. Guntur/Adilabad/ Warrangal in Andhra Pradesh and 
8. Coimbatore in Tamilnadu. 

Close out of open Positions and Penalty on defaulting seller.

All outstanding positions on the expiry of contract shall be closed out at Due Date Rate and respective Payin and Payout of Funds of such close out with penalty shall be effected on 16th day of Contract Month by 01:00 p.m.

Buyer's Inspection

The Buyer can do the quality testing through an Exchange Designated Certifier if deemed suitable. In case there is any difference between the two certificates of the Seller & Buyer, then they can negotiate a price and mutually settle the contract failing which the exchange would send a third sample to another Quality Certifier, which will be binding on both parties.

Legal Obligation

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.

Taxes, Duties, Cess & Levies

Buyer pays the Sales Tax or submit relevant form, whereas all other charges, levies or APMC Cess applicable at the delivery center will be on account of sellers. In case of Inter-State movement, Buyer has to submit requisite forms or pay CST as applicable. Post lifting delivery all charges are borne by the Buyer

Lifting of Delivery

Within 7 days from Delivery Allocation date subject to taking delivery of at least 1/7th of total delivery allocated on each day. In case a Buyer fails to lift delivery within aforesaid days, the seller shall claim compensation in respect of warehouse charges, insurance charges, etc. Similarly, if seller fails to give delivery on the scheduled date because of non availability of seller's representative, the buyer shall claim and receive compensation @ Rs. 50/- per delivery lot each day till default continues. The buyer and seller will indicate to each other about delivery schedule of the said commodity with a copy to MCX within 1 day of getting delivery document.

Weighment at the time of delivery and treatment of short delivery or excess delivery.

Weighment will be done by independent surveyor which will be final. Buyer may send his representative while surveyor is weighing and drawing the sample to supervise the Surveyor is following the right procedure as mentioned by MCX. In case of non-availability of buyer's representative, the seller shall claim and receive compensation for delay in delivery in terms of warehouse charges, insurance charges etc. as decided by Exchange. Delivery shall be treated as complete if the seller delivers the quantity within the limits as prescribed by the exchange. Delivery will be rejected if it is below the minimum permissible limit. In case the delivered quantity exceeds the maximum permissible limit the balance quantity shall be treated as excess.

In case of shortage in delivery, the buyer shall be entitled to claim the difference between the price payable as per the delivery order and the market price on the date of delivery from the seller if the spot market price is higher. Similarly, in case of excess delivery the buyer will pay for the excess quantity at the delivery order price or the spot market price on the date of delivery, whichever is lower.

Warehouse Charges, Insurance Charges & Transportation Charges

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.

Adjustment of transportation cost for delivery made at a center other than Mumbai

The seller will bear the cost of transportation from the center where the delivery is actually made and upto Mumbai for any delivery made at a center other than Mumbai.

Delivery Confirmation

By the Buyer within 7 days from the date of receipt of Delivery Orders. In case not received, then the delivery is deemed to have been accepted, provided the buyer has raised any objection and the Exchange has accepted the objection, subject to final decision.

Endorsement of Delivery Order

The buying member can endorse delivery order to a client or any third party with full disclosure given to MCX. Responsibility for contractual liability would be with the original assignee.

Extension of Delivery Period

As per exchange decision due to a force majeure or otherwise

Due Date Rate

Exchange shall take spot prices from a panel of exporters, processors, dealers and brokers and shall compute the average price from the prices taken on a day from different entities. Due Date Rate will be calculated by way of taking simple average of last 3 days of the spot market prices so computed. The prices taken from the panel member shall be EX-MUMBAI PRICE excluding sales tax.

Applicability of Business Rules

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.