Common use of CIRCLE Clause in Contracts

CIRCLE. Where a Seller repurchases from its Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause, the same goods shall mean goods of the same description, of the same country of origin, same currency, of the same quality and, where applicable, of the same analysis warranty for delivery to the same port(s) of loading during the same period of delivery.) (A) If the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity shall be settled between each Buyer and its Seller in the circle by payment by each Buyer to its Seller of the excess of the Seller’s invoice amount over the lowest invoice amount in the circle. (B) Such settlement shall be due for payment no later than 15 consecutive days after the last day of the Delivery Period or, should the circle not be established before this time expires, then settlement shall be due for payment no later than 7 days after the circle is established. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the contract Delivery Period. (C) All Sellers and Buyers shall give every assistance to the establishment of the circle and where a circle shall have been established same shall be binding on all parties to the circle. Should any party in the circle commit, prior to the due date for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53, the invoice amount for the goods calculated at the closing-out price, as provided for in the Bankruptcy/Insolvency Clause, shall be taken as the basis for settlement instead of the lowest invoice amount in the circle, and in this event each Buyer shall make payment to its Seller or each Seller shall make payment to its Buyer the difference between the closing-out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases Sellers re-purchase from its Buyer, their Buyers or from any subsequent Buyer, Buyer the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchasedre-purchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause, clause the same goods shall mean goods of the same description, of from the same country of origin, same currency, of the same quality quality, and, where applicable, of the same analysis warranty warranty, for delivery to from the same port(s) of loading during the same period of delivery.) (A) . Different currencies shall not invalidate the circle. If the circle is established before the goods are shipped, or if the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been establishedshipped, invoices based on the mean contract quantity quantity, or if the goods have been shipped invoices based on the shipped quantity, shall be settled between each Buyer by all Buyers and its Seller their Sellers in the circle by payment by each Buyer all Buyers to its Seller their Sellers of the excess of the Seller’s Sellers' invoice amount over the lowest invoice amount in the circle. (B) Such settlement . Payment shall be due for payment no not later than 15 consecutive days after the last day of the Delivery Period ordate for shipment, or should the circle not be established ascertained before the expiry of this time expirestime, then settlement payment shall be due for payment no not later than 7 15 consecutive days after the circle is establishedascertained. No Where the circle includes contracts expressed in different currencies the lowest invoice amount shall be considered to exist if its existence is not established within 45 days after replaced by the last market price on the first day for contractual delivery and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract Delivery Period. (C) price in the currency of the contract. All Sellers and Buyers shall give every assistance to the establishment of ascertain the circle and where when a circle shall have been established ascertained in accordance with this clause same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date for payment, to of payment commit any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53this contract, settlement by all parties in the invoice amount for the goods circle shall be calculated at the closing-closing out price, price as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as the a basis for settlement settlement, instead of the lowest invoice amount in the circle, and in . In this event each Buyer respective Buyers shall make payment to its Seller their Sellers or each Seller respective Sellers shall make payment to its Buyer their Buyers of the difference between the closing-closing out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases Sellers re-purchase from its Buyer, their Buyers or from any subsequent Buyer, buyer the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchasedre-purchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause, clause the same goods shall mean goods of the same description, of from the same country of origin, same currency, of the same quality quality, and, where applicable, of the same analysis warranty warranty, for delivery shipment to the same port(s) of loading destination during the same period of delivery.shipment) (A) If . Different currencies shall not invalidate the circle. Subject to the terms of the Prevention of Shipment Clause in the contract, if the goods are not delivered appropriated, or, having been delivered, appropriated documents are not presented as a result of a circle having been establishedpresented, invoices based on the mean contract quantity shall be settled between each Buyer by all Buyers and its Seller their Sellers in the circle by payment by each Buyer all Buyers to its Seller their Sellers of the excess of the Seller’s Sellers' invoice amount over the lowest invoice amount in the circle. (B) Such settlement . Payment shall be due for payment no not later than 15 consecutive days after the last day of the Delivery Period for appropriation, or, should the circle not be established ascertained before the expiry of this time expirestime, then settlement payment shall be due for payment no not later than 7 15 consecutive days after the circle is establishedascertained. No Where the circle includes contracts expressed in different currencies the lowest invoice amount shall be considered to exist if its existence is not established within 45 days after replaced by the last market price on the first day for contractual shipment and invoices shall be settled between each Buyer and his Seller in the circle by payment of the differences between the market price and the relative contract Delivery Period. (C) price in currency of the contract. All Sellers and Buyers shall give every assistance to the establishment of ascertain the circle and where when a circle shall have been established same ascertained in accordance with this clause it shall be binding on all parties to the circle. As between Buyers and Sellers in the circle, the non‑presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date for payment, to of payment commit any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53his contract, settlement by all parties in the invoice amount for the goods circle shall be calculated at the closing-closing out price, price as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as the a basis for settlement settlement, instead of the lowest invoice amount in the circle, and in . In this event each Buyer respective Buyers shall make payment to its Seller their Sellers or each Seller respective Sellers shall make payment to its Buyer their Buyers of the difference between the closing-closing out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases from its Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchased, and the provisions of the Default Clause of FOSFA 53 GAFTA 64 shall not apply. (For the purpose of this clause, the same goods shall mean goods of the same description, of the same country of origin, same currency, of the same quality and, where applicable, of the same analysis warranty for delivery to the same port(s) of loading during the same period of delivery.) (A) If the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity shall be settled between each Buyer and its Seller in the circle by payment by each Buyer to its Seller of the excess of the Seller’s invoice amount over the lowest invoice amount in the circle. (B) Such settlement shall be due for payment no later than 15 consecutive days after the last day of the Delivery Period or, should the circle not be established before this time expires, then settlement shall be due for payment no later than 7 days after the circle is established. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the contract Delivery Period. (C) All Sellers and Buyers shall give every assistance to the establishment of the circle and where a circle shall have been established same shall be binding on all parties to the circle. Should any party in the circle commit, prior to the due date for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53GAFTA 64, the invoice amount for the goods calculated at the closing-closing- out price, as provided for in the Bankruptcy/Insolvency Clause, shall be taken as the basis for settlement instead of the lowest invoice amount in the circle, and in this event each Buyer shall make payment pay to its Seller or each Seller shall make payment to its Buyer the difference between the closing-out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Prevention of Delivery Clause of FOSFA 53GAFTA 64, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Prevention of Delivery Clause of FOSFA 53GAFTA 64, this clause is not applicable. (E) When a circle is established as provided for in this clause and all of the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases from its Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause, the same goods shall mean goods of the same description, of the same country of origin, same currency, of the same quality and, where applicable, of the same analysis warranty for delivery to the same port(s) of loading during the same period of delivery.) (A) If the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity shall be settled between each Buyer and its Seller in the circle by payment by each Buyer to its Seller of the excess of the Seller’s invoice amount over the lowest invoice amount in the circle. (B) Such settlement shall be due for payment no later than 15 consecutive days after the last day of the Delivery Period or, should the circle not be established before this time expires, then settlement shall be due for payment no later than 7 days after the circle is established. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the contract Delivery Period. (C) All Sellers and Buyers shall give every assistance to the establishment of the circle and where a circle shall have been established same shall be binding on all parties to the circle. Should any party in the circle commit, prior to the due date for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53, the invoice amount for the goods calculated at the closing-out price, as provided for in the Bankruptcy/Insolvency Clause, shall be taken as the basis for settlement instead of the lowest invoice amount in the circle, and in this event each Buyer shall make payment to its Seller or each Seller shall make payment to its Buyer the difference between the closing-out price and the contract price, as the case may be. . (D) ) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases from its Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchased, and the provisions of the Default Clause of FOSFA 53 4 shall not apply. (For the purpose of this clause, the same goods shall mean goods of with the same description, of the same country of origin, same currency, ,of the same quality and, where applicable, of the same analysis warranty for delivery to the same port(s) of loading during the same period of delivery.) (A) If the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity shall be settled between each Buyer and its Seller in the circle by payment by each Buyer to its Seller of the excess of the Seller’s invoice amount over the lowest invoice amount in the circle. (B) Such settlement shall be due for payment no later than 15 consecutive days after the last day of the Delivery Period or, should the circle not be established before this time expires, then settlement shall be due for payment no later than 7 days after the circle is established. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the contract Delivery Period. (C) All Sellers and Buyers shall give every assistance to the establishment of the circle and where a circle shall have been established same shall be binding on all parties to the circle. Should any party in the circle commit, prior to the due date for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 534, the invoice amount for the goods calculated at the closing-out price, as provided for in the Bankruptcy/Insolvency Clause, shall be taken as the basis for settlement instead of the lowest invoice amount in the circle, and in this event each Buyer shall make payment to its Seller or each Seller shall make payment to its Buyer the difference between the closing-out price and the contract price, as the case may be. (D) In the event of a claim under the Prohibition Clause or the Strikes, Etc/Force Majeure Clause or Prohibition Clause paragraph (b) of FOSFA 534, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Prohibition Clause or the Strikes, Etc/Force Majeure Clause or Prohibition Clause Clause, paragraph (b) of FOSFA 534, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases from its Buyer, or from any subsequent Buyer, the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchased, and the provisions of the Default Clause of FOSFA 53 GAFTA 64 shall not apply. (For the purpose of this clause, the same goods shall mean goods of the same description, of the same country of origin, same currency, of the same quality and, where applicable, of the same analysis warranty for delivery to the same port(s) of loading during the same period of delivery.) (A) If the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been established, invoices based on the mean contract quantity shall be settled between each Buyer and its Seller in the circle by payment by each Buyer to its Seller of the excess of the Seller’s invoice amount over the lowest invoice amount in the circle. (B) Such settlement shall be due for payment no later than 15 consecutive days after the last day of the Delivery Period or, should the circle not be established before this time expires, then settlement shall be due for payment no later than 7 days after the circle is established. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the contract Delivery Period. (C) All Sellers and Buyers shall give every assistance to the establishment of the circle and where a circle shall have been established same shall be binding on all parties to the circle. Should any party in the circle commit, prior to the due date for payment, to any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53GAFTA 64, the invoice amount for the goods calculated at the closing-out price, as provided for in the Bankruptcy/Insolvency Clause, shall be taken as the basis for settlement instead of the lowest invoice amount in the circle, and in this event each Buyer shall make payment pay to its Seller or each Seller shall make payment to its Buyer the difference between the closing-closing- out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Prevention of Delivery Clause of FOSFA 53GAFTA 64, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Prevention of Delivery Clause of FOSFA 53GAFTA 64, this clause is not applicable. (E) When a circle is established as provided for in this clause and all of the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.

CIRCLE. Where a Seller repurchases Sellers re-purchase from its Buyer, their Buyers or from any subsequent Buyer, Buyers the same goods or part thereof, a circle shall be considered to exist as regards the particular goods so repurchasedre-purchased, and the provisions of the Default Clause of FOSFA 53 shall not apply. (For the purpose of this clause, clause the same goods shall mean goods of the same description, of the same country of origin, same currency, of the same quality quality, and, where applicable, of the same analysis warranty warranty, for delivery to from the same port(s) of loading Loading Facility (as specified in Clause 8) during the same period of delivery.) (A) . Different currencies will invalidate the circle. If the circle is established before the goods are loaded, or if the goods are not delivered or, having been delivered, documents are not presented as a result of a circle having been establishedloaded, invoices based on the mean contract quantity quantity, or if the goods have been loaded invoices based on the loaded quantity, shall be settled between each Buyer by all Buyers and its Seller their Sellers in the circle by payment by each Buyer all Buyers to its Seller their Sellers of the excess of the Seller’s Sellers' invoice amount over the lowest invoice amount in the circle. (B) Such settlement . Payment shall be due for payment no later than 15 consecutive days 1 business day after the last day date of the Delivery Period ordelivery period, or should the circle not be established ascertained before the expiry of this time expirestime, then settlement payment shall be due for payment no later than 7 days 1 business day after the circle is establishedascertained. No circle shall be considered to exist if its existence is not established within 45 days after the last day of the contract Delivery Period. (C) All Sellers and Buyers shall give every assistance to the establishment of ascertain the circle and where when a circle shall have been established ascertained in accordance with this clause same shall be binding on all parties to the circle. As between Xxxxxx and Sellers in the circle, the non-presentation of documents by Sellers to their Buyers shall not be considered a breach of contract. Should any party in the circle commit, prior to the due date for payment, to of payment commit any act comprehended in the Bankruptcy/Insolvency Clause of FOSFA 53this contract, settlement by all parties in the invoice amount for the goods circle shall be calculated at the closing-closing out price, price as provided for in the Bankruptcy/Insolvency Clause, which shall be taken as the a basis for settlement settlement, instead of the lowest invoice amount in the circle, and in . In this event each Buyer respective Buyers shall make payment to its Seller their Sellers or each Seller respective Sellers shall make payment to its Buyer their Buyers of the difference between the closing-closing out price and the contract price, as the case may be. (D) In the event of a claim under the Force Majeure Clause or Prohibition Clause of FOSFA 53, the date for settlement shall be deferred until the expiry of the extended delivery period. Thereafter, if the contract is cancelled under the terms of the Force Majeure Clause or Prohibition Clause of FOSFA 53, this clause is not applicable. (E) When a circle is established as provided for in this clause and all the parties in the circle have the same Loading Obligation Date, none of the Sellers in the circle shall be required to pay detention to their Buyers in the circle.