Agreement for Sale of Goods (F.O.B basis)
| Updated at | March 2010 |
THIS AGREEMENT is made at_________on this_________day of_________ between A B & Co. Ltd., a company registered under the (Indian) Companies Act, 1956 and having its registered office at... hereinafter referred to as 'the Seller' of the One Part and M/s... a foreign company registered under the Companies Act_____and having Its registered office at_________ and its local agents' office at __________in India, hereinafter referred to as 'the Buyer' of the Other Part.
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The Seller agrees to sell and the Buyer agrees to buy_____bales of Indian Cotton (_________variety) at the price of _________dollars per ton. The price will be on F.O.B. basis - June-July shipment.
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The Buyer will nominate a ship within four weeks from the date hereof and shall give intimation of the expected date of her arrival at the port of dispatch and the Seller will ship the said goods in the nominated ship when she arrives at the port of ____________
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The goods will be transported by the Seller up to the wharf where the ship will be anchored, at its own costs.
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When the goods are delivered to the master of the ship against the mate's receipt and the Bill of Lading is issued by the master, or owner of the ship, the delivery by the Seller to the Buyer will be complete and thereafter the goods will be the risk of the Buyer.
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It will be the responsibility of the Buyer to pay the freight charges thereon, marine insurance charges and other charges for transporting the goods from the port of shipment to the port of destination and thereafter until the goods come into the actual possession of the Buyer.
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On the loading of the goods in the ship, the Seller shall hand over to its banker the necessary documents of title to the goods and which will be sent by Its Bankers to their branch or nominated bank at the port of destination.
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The Buyer shall open a letter of credit with its Banker in favour of the Sellers Bankers and on receipt of the documents of title by the Seller's foreign Bankers; the Buyer's Bankers will credit the amount of the price in the Sellers' name with the Seller's Bankers.
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If any Import licence is required to be obtained by the Buyer at the place of destination the same will be obtained by the Buyer and the Buyer will be liable to pay all custom duty, import duty and other charges for clearance of the goods.
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If any export licence Is required to be obtained for exporting the goods from India under the Indian Law, the same will be obtained by the Seller...
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