A wash is not a termination of a contract. This is the time when a party attempts to terminate the contract before it expires and pay the difference between the original contract price and the market price at the time of leaching. It is not a standard; This is an agreement between the two parties not to enter into a contract in full and to negotiate a payment to compensate the other party for the costs of premature termination of the contract. The buyer or seller can request a wash – if no agreement is reached on the washing price, the contract is in place. 3, record 1, English, – contract%20wash%20out A wash-out is a special method of invoicing in supply contracts. In these cases, the goods will not be physically delivered. Instead, there is a settlement of disputes between the parties. Washing agreements can be settled financially in Agiblocks. The following conditions must be met: the main steps of the implementation of a washouts in Agiblocks are as follows: O&W Avocats is specialized in wash-out contracts and in particular in contractual practice according to uniform general conditions, GAFTA, FOSFA, GROFOR. Do not hesitate to contact us.
Wash-outs are common to all commodity exchanges. Frequent reasons for washing are the inability of a seller to cover and deliver the contract products for reasons that cannot be considered a “case of force majeure”. 2, record 1, English, – contract%20wash%20out Note: You must first select the reservation so that it is green. Then select the Delivery without transport button. If you do not select the reservation first, the Delivery without transport button will not be specified. This method is mainly used in contracts for the trade of cereals and animal feed as well as in the trade in oils and fats. Gafta/FOSFA contracts and terms and conditions provide for this. Typically, in a supply chain, each party would pay the full purchase price to its respective seller and receive the full purchase price from its own buyer. This is often not practical. In addition, higher bank charges are incurred if the total purchase price is to be transferred. Cash settlement transaction provided for under a contract to be delivered, where by which the seller pays the buyer the difference between the price stipulated in the contract and the market price of the goods to be delivered on the date of liquidation. 1, Registration 1, English, – Liquidation%20de%20Contraquit Occurs twice in the supply chain, the supply chain is autonomous, which gives rise to a so-called “circle”.
In these cases, the delivery of the goods is also omitted and only a price declaration is made. Due to the large number of people involved in a supply chain, legal difficulties arise quickly. In particular, if one of the parties is domiciled abroad, the reaction must be correct. Invoicing is therefore based on a base price. This is determined according to a specific method provided for in the Contract. The difference between the exercise price and the respective contract price then forms the basis of mutual treatment. A good deal is still a good deal and a bad deal is still a good deal. .