CONTRACT N ______For Crude Oil in bulk, f.o.b.terms
Kiev Date ___________
This contracts is made between hereinafter designated as
Sellers and hereinafter designated as Buyers, whereby it is agree
1. Object of Contract
Sellers have sold and Buyers have bought f.o.b.
The goods sold under the present contract shall be of the
The price for the Crude Oil sold under the present contract
on terms f.o.b. is fixed at US $ per barrel for gravity F.P.I.
The price is considered fixed on and in future will be changed on
the date of shipment in conformity with the absolute change of
the price per barrel (or Arabian and Iraq Crude Oil with gravity
of 36,0 — 36,9 A.P.I. (US $ on) f.o.b. Sidon or Tripoli,
Lebanon, respectively, published in Platt’s Oilgram under heading
оMiddle East Crude Prices (average of prices of three companies
— “Esso”, оShell and оMobile Overseas ), provided, however, that
the increase or decrease of the quotation is within the limits
of-of the basic at US $. Should the quotation for Arabian and
Iraq Crude Oil f.o.b. Tripoli, Lebanon, be unequal, an average of
these two quotations shall be accepted. If the above mentioned
quotations are higher or lower than the above limits, the basic
price fixed under the present contract is to be reconsidered at
the request of any of the parties. Should the gravity of the
Crude Oil shipped under the Present contract be higher or lower
than the range of A.P.I., the contract price of the Crude Oil per
barrel of US $ will be increased for each full degree A.P.I.
above maximum range by 2 cents per barrel and on the basis of
thus determined price per barrel of supplied Crude Oil the price
metric ton is established in conformity with the number of
barrels per metric ton corresponding to the actual specific
gravity of the Crude Oil supplied.
4. Time of Delivery
The goods sold under the present contract are to be
delivered by Sellers and accepted by Buyers
The date of the Bill of Lading to be considered as the date
Payment for the goods sold under the present contract is to
be effected out of an irrevocable confirmed Letter of Credit to
be opened by Buyer in with the or with in favour of Sellers for
the value of each lot of the goods to be shipped plus 10%;
validity of the Letter of Credit – 45 days.
The Letter of Credit to be opened not later than 15 days
before tanker’s arrival at the port of loading. Expenses in
connection with the opening, amendment and utilization of the
Letter of Credit to be paid by Buyers.
Should Buyers fail to open the Letter of Credit in time they
are to pay Sellers a fine for each day of the delay, but not
longer than during 20 days, at the rate of 0,1 per cent of the
amount of the Letter of Credit and Sellers have the right not to
load the tanker pending the opening of the Letter of Credit.
Should the delay in the opening of the Letter of Credit
exceed 20 days, Sellers have the right to refuse to deliver the
goods which were to be paid out of this Letter of Credit. And all
the damages incurred by Buyers in connection with the above in
delivery of the goods and with the refusal to deliver them cannot
be claimed from Sellers.
Payment from the Letter of Credit is to be made against
presentation by Sellers to of the following documents: 1)
commercial invoice and 2) Captain’s telegram to Sellers address
indicating the name of the tanker, date and number of the Bill of
Lading, denomination and quantity of the goods shipped.
In case of the opening of the Letter of Credit with another
Bank, payment is to be made against the telegram of Moscow,
acknowledging the receipt of the above documents. Shipping
documents – 3 original and 1 copy of Bill of Lading, Certificate
of quantity and Certificate of qualify of the goods to be
transferred by Setters in accordance with Buyers’ instruction as
soon as possible.
The rate of exchange of US dollars into
6. Delivery and Acceptance
The goods are considered to be delivered by Sellers and
accepted by Buyers in respect to quantity: as per weight
indicated in the Bill of Lading in conformity with the
measurements of shore tanks at the port of loading, in respect to
quality: as per cent certificate of quality issued by a
laboratory at the port of loading. The weight stated in the Bill
of Lading is to be considered final and binding upon both
Previous to loading of the goods, 4 arbitration samples are
to be taken from each of the shore tanks from which the goods are
to be loaded in the carrying tanker. These samples to be sealed
by Sellers as well as by the Captain of the tanker; 2 samples to
be handed over to the Captain of the tanker and the other 2 to be
retained by Sellers. Both parties shall keep these samples during
2 months from the date of delivery and longer until final
settlement of claim, if any.
In case of a dispute on the quality of the goods in
connection with divergencies in the analyses of the arbitration
samples made by the Sellers’ and Buyers’ laboratories, the final
and binding upon both parties analysis is to be made by a neutral
laboratory agreed by the parties.
7. Terms of Transportation
a) Buyers in accordance with the lifting schedule agreed by
the parties, are to inform Sellers by telegraph or by telex not
later than 15 days before arrival of the tanker at the port of
loading, of the name, capacity, flag and draught of the tanker,
approximate date of her arrival at the port of loading as well as
the port of destination. Furthermore the Captain is to cable to
Sellers as well as to the shipowners at the port of loading the
day of the forthcoming arrival of the tanker at that port 4 days
before her arrival. Untimely receipt of one of the above
telegraphic or telex notification or untimely arrival of the
tanker at the port of loading entitles Sellers accordingly to
postpone the delivery of that lot of the goods which to be
shipped by the tanker.
Should the tanker fail to arrive at the port of loading for
more 20 days over the time her arrival advised by Buyers, Sellers
have the right to refuse to deliver corresponding quantity of the
goods for the shipment of which the tanker did not arrive in
In all case of delay in delivery of the goods and demurrage
of the tanker in connection with the ulmimely receipt of one of
the above notifications as well as delay in arrival of the
tanker, Seller are released from responsibility for delay in
delivery of the goods, and no demages incurred by Buyers in
connection with it can be claimed from Sellers.
b) On arrival of the tanker at the port of loading the
Captain is to give Sellers` representative at this port written
notice of readiness of the tanker for loading The Captain is
entitle to hand in the above notice at any time of the day.
c) Lay days to commence 6 hours after such notice is handed
in by Captain, berth or no berth. Sundays and Holidays are not to
be included into lay time whether used or not, and time of stormy
weather preventing loading as well as time during which shipment
could not be executed qwing to technical and other conditions
depending on the tanker, is not to be included into the lay time.
d) Time allowed for tanker’s loading is fixed at 50 % of the
time stipulated in the Charter Party (or loading and unloading.
The time allowed for loading, however is not to be less than
e) Demmurage is to be paid the rate stipulated in the
Charter Party per day and pro rata for any part of the running
day but not more than
However, Sellers are not to pay any demurrage if the total
hours for tanker’s actual loading and unloading do not exeed the
total hours provided for in the Charter Party.
Sellers guarantee reception of tanker with draught not more
In case of non-conformity of the qualify of the goods
actually delivered by Sellers with the contract specification,
any claim concerning quality of the goods may be presented within
two months from the date of delivery.
No claim shall be accepted by Sellers after expiration of
the above period.
No claim submitted for one lot of the goods shall be
regarded by Buyers as a reason for rejecting any other lot or
lots the goods to be delivered the present contract.
Should any circumstances arise which the complete or partial
fulfilment by any of the parties of their respective obligations
under this contract, namely: fire, ice conditions of any other
acts of the elements, war, military operations of any character,
blockade, prohibition of export or import or any other
circumstances beyond the control of the parties, the time
stipulated for the fulfilment of the obligations shall be
extended for a period equal to that during which such
If the above circumstances last for more than 20 days any
delivery or deliveries which are to be performed under the
contract within that period may be cancelled on the declaration
of any of the parties, and if the above circumstances last more
40 days each party shall have the right to discontinue any
further fulfilment of their obligations the contract in the whole
and in such cases neither of the parties shall have the right to
make a demand upon other party for compensation of any possible
The party for whom it became impossible to meet its
obligations the contract, shall immediately advise the other
party as regards the beginning and termination of the
circumstances preventing the fulfilment of its obligations.
Certificates issued by the respective chamber of commerce of
the Sellers’ or Buyers’ country shall be sufficient proof of such
circumstances and their duration.
Any dispute or difference which may arise out of the present
contract or in connection with it shall be settled with the
exception of submission to the law courts, by the in accordance
with the rules of the said Commission.
Decisions of this Arbitration to be considered final and
binding upon both parties.
11. Other Conditions
a) Neither party is entitled to transfer their rights and
obligations under the present contract to a third party without
the other party’s previous written consent.
Besides, Buyers are not entitled to resell or in any other
way alienate the goods bought under this contract to any third
country without the other party’s previous written consent.
b) After the signing of the present contract all previous
negotiations and correspondence between the parties in connection
with it shall be considered null and void.
c) All amendments and additions to the present contract are
valid only if they are made out in writing and signed by both
d) All taxes, custom and other dues, connected with the
conclusion and execution of the present – contract, levied within
– expect expenses connected with the Letter of Credit, to be paid
by Sellers, and those levied outside to be paid by Buyers.
12. Juridical Addresses
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