Tender Days: 12 th , 13 th , 14 th &15 th Day of Contract Month by 3:00 p.m. Sellers and Buyers can submit intention on any of these days.

DELIVERY LOGIC: COMPULSORY DELIVERY. IF SELLER FAILS TO DELIVER THEN A FINE OF 5% is LEVIED.

Buyer's Obligation: The Buyer has to take allocated delivery failing which defaulting buyers will be imposed 5% penalty on the Due Date Rate of which 90% will be passed to the seller. 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. 

Tender Notice by Sellers: The Seller will issue tender notice with evidence of delivery to the exchange in a specified format along with the Warehouse Receipt. Members shall not square off his outstanding position to the extent of tendered quantity.

New Position Creation in Tender Period:During the tender period members will not be allowed to create a fresh position or increase their existing positions. Only squaring off of their existing positions shall be allowed. However, creation of a fresh position or increase the existing positions shall be permitted in the following situations:

i) if spot price of previous day is more than closing price of the futures contract on previous   day by more than 5% then new long position shall be permitted. The fresh buying shall be   above closing price of the futures contract on the previous day.

ii) if spot price of previous day is less than closing price of the futures contract on previous   day by more than 5% then new short position shall be permitted. The fresh selling shall be   below closing price of the futures contract on the previous day.

However the above situations will not result in an increase in net open position at the Exchange. 

Tender & Delivery Period:12 th to 20 th of the Contract Month

Tender & Delivery Period Margin: 20% on the Net Outstanding Position will be imposed from 12 th day of the Contract month.

Exemption of Tender & Delivery Period Margin: The Tender & Delivery Period margin is exempted if Goods delivered on the designated tender days provides all the documentary evidence to the exchange.

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. It will be accompanied by a valid Warehouse Receipt, Invoice and Good Delivery Quality Certificate from Exchange designated Certifier as per Contract Specifications. 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. Each delivery order issued shall be in multiples of minimum delivery lots and shall be designated for only one delivery center and one location in such center. The seller shall not issue delivery order at a place where there is restriction against movement of goods. In case, the seller is unable to give permit to the buyer, the same would be treated as No-Delivery and he shall be liable to pay such penalty as may be applicable for failure to tender delivery.

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 15 th day of the contract month after closure of market.

Delivery Order Rate: Due Date Rate.

Pay-in (Funds) for Delivery: By 10:30 a.m. on 17 th day of the contract month.

Funds and Delivery Payout: By 5.00 pm on 17 th day of the contract month.

Transfer of Delivery: Warehouse receipts shall be endorsed in the name of the buyer after the Pay-in and Pay-out procedures are completed.

Close out of Open Positions and Penalty on defaulter: All outstanding positions on the expiry of contract shall be settled by delivery. In case, any seller opts out of physical delivery on 15 th , the position 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 16 th day of Contract Month by 01:00 p.m. Defaulting sellers with undelivered open positions as on expiry date will be imposed 5% penalty of which 90% will be passed to the buyer.

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: The buyer pays the Sales Tax or submits relevant form and all the other taxes and levies. 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.

Warehouse Charges, Insurance Charges & Transportation Charges: Borne by the Seller upto Payout Date. Borne by the Buyer after Payout Date.

Extension of Delivery Period: As per exchange decision due to a force majeure or otherwise.

Due Date Rate: Pepper: Prices from MCX approved panel from the spot market for the last 3 days of the contract.

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.