RULES TERMS AND CONDITIONS OF THE FTNX EXCHANGE 2021
POSTED: DECEMBER 14, 2020
TERMS AND CONDITIONS OF BUSINESS (IN PART)
Subject to corrections over time.T&C in part, fully established by January 1, 2021.
ADDITIONS : JANUARY 6, 2021 Section (13) Para:16 –22
FRA:FTNX TRIBE Rules of Association (TRA) 2021 Applies
FTNX© 2020 In-house trading terms have all rights reserved for use by FTNX and entities conducting business with FTNX as well as FTNX Registered Agents (FRA)
The CEO of FTNX and FTN Exporting is Davide Giovanni Papa, who is also deemed to be a Professional Commodity Trader (PCT). FTNX and ‘FTN Exporting’ are the same entity. The former is a leading educator, the latter is an entity trading in commodities and related business of agency. Ultimately, all business when buying and selling commodities is conducted by registered business entity FTN Exporting (Est: 1988). The FTNX ‘private’ Exchange also known as the ‘FTNX Index’ is operated by FTN Exporting on the premise established in 2011. Should FTNX ‘without notice’ be separated from FTN exporting to become a legal corporate entity outright, all business conducted prior to incorporation shall not effect the nature of any ongoing business taking place. The exchange provides actual prices for commodities that we need to source or have been secured, under contract, agreement or MOU, as secured from an ‘export ready suppliers in possession of goods’ as located in a country not bearing sanctions or embargo with USA, U.K, Canada and Australia. All prices, offers, processes, routines and procedures offered are created by FTNX. The nature of business FTNX with its suppliers, has no bearing with the nature of business conducted with FTNX and an end buyer. When an end buyer has sought assistance from FTNX to source a particular product; once sourced, it becomes a listed product for other potential end buyer and clients of FTNX to also consider on a ‘first come first serve basis.’ FTNX sources commodities from export ready suppliers, negotiates stringent safe and proper terms or purchase, and enters into a legally binding aspect when purchasing such goods. FTNX is applying the virtues of a created business aspect defined as ICA (Instantaneous Contracting Applications). ICA is applied when conducting business online. The contract is the only document under the ‘ICA’ protocol, that must be delivered as a hardcopy. The ICA application also applies to documents send by email in the PDF format, in where an original document is said to have been sent, once Meta Tags are added to the document being transmitted by email.This understanding must be made apparent on all offers and documents. Sending an ‘original’ document by email without declaring as much will render the document as not an ‘original.’ If the PDF has a passcode to open it, the passcode is sent in a seperate email to the one bearing the restricted PDF. The FTNX is a ‘future’ index, where goods are sold to an end buyer at an agreed upon price or at the listed indexed price for delivery 30 /35 days after contract between FTNX and the end buyer are signed. On the ‘spot’ transactions are not considered. For purpose of clarity the FTNX index is defined as the ‘principal’ buyer or seller depending which side of the transaction is evident. The ‘end buyer’ shall mean the entity taking possession of goods purchased from FTNX . The ‘supplier’ shall mean the entity selling goods to the buyer FTNX. FTNX guarantees the goods offered on the index are genuinely ascertained and secured before the end buyer considers purchasing such goods. FTN Exporting is a noted world leading, respected and honourable trade expert and educator, providing a safe and disciplined practice, the virtues of which are also apparent for all entities conducting business under the FTNX name. These rules terms and conditions
form a part of terms and conditions applied to any business initiated between FTNX and the supplier or end buyer. The FTNX Exchange has no undisclosed or ill informed representatives acting on our behalf. FTNX uses it own disclosed Registered Agents (FRA) as relevant and necessary from time to time, especially those located in a country as per POL (Port of Loading.) Such entities when relevant are disclosed on our offer. Our business website is www.ftnx.net.
- Supplier :Person or entity in possession of export ready goods
- End Buyer :Person of entity paying for ordered goods and taking possession of goods.
- Buyer :FTNX via FTN Exporting
- Seller :FTNX via FTN Exporting
- MOU :Memorandum of Understanding
- AOS :An informal in-house document produced by FTN Exporting for use by a disclosed supplier submitting an offer for goods directly to FTNX to consider purchasing.
- OTS :An ‘Offer to Sell’ in house document produced by an FTNX Registered Agent (FRA) and submitted to FTNX on behalf of a disclosed supplier.
- RFQ :Request for a Quote: An in-house document produced by an FRA and submitted to FTNX on behalf of a disclosed end buyer.
- An “Offer” is a formal document produced by the Seller FTNX as made directly to a named end buyer to consider.
- An “Offer” can also be produced by the Supplier to FTNX.
- An “Offer to Procure” (OTP) is a formal document produced by FTNX to a supplier at the time when purchasing goods; An “AOS” once signed and returned by FTNX is a binding offer.
- All business must be evident in writing. No phone calls/communications accepted until the contract stage of any deal has been finalised.
2.0 Assurance of Goods
- The supplier is required to make an offer or as preferred, produce an “AOS” in-house form correctly filled in as downloaded from the FTNX library www.ftnx.net
- An ‘AOS’ if not accepted by FTNX, has no legally binding effect. Acceptance is conveyed once the form is retuned by FTNX bearing a seal and signature.
- An ‘AOS’ once returned as signed and accepted by FTNX is a legally binding aspect to FTNX as well as entity accepting the contract whether contract model is provided by FTNX or the Supplier.
- An ‘AOS’ becomes a formal offer once accepted.
- The end buyer considering to buy goods from FTNX directly must submit an initial purchase enquiry ( Inquiry to Buy: ITB ) via email disclosing all relevant matters pertaining to the listed goods as declared by the transaction code.
- Should the email and supporting ITB from the end buyer have merit, an offer will be served by FTNX.The ITB is not legally binding and stands on the same platform and a quotation.
- Should an end buyer or supplier engage in business with a FRA, instead of FTNX directly, the supplier or end buyer must conclude such business with the FRA who is a registered representative of FTNX.
- Crude oil may not be offered to the FTNX from a country bearing sanctions with USA in the first instance.
- In the second instance; Crude oil from a country bearing sanctions may be offered to the FTNX on the condition that the crude oil is send to a country not bearing sanctions with the USA, for reprocessing.
- Reprocessing crude oil into another product must be delivered to the country not bearing sanctions with the USA.
- A product from a country holding sanctions with the USA where the product has changed from one form to another as changed in a country not bearing sanction with USA, is acceptable for listing and trading by the FTNX.
- Payment for goods cannot be paid into a bank account located in a country bearing sanction with USA, Australia or Canada , but to a bank account located where the country does not sanctions in place with USA.
- Disclosed End buyers or their registered agents are assured goods on the condition that the agent or trading house is not from a non preferred country.
- As from January 1, 2021 FTNX will not consider goods being purchased by a trading house or Agents from a non preferred country:
- Agent acting for a disclosed principal; from a non preferred countries are: (1) Japan, (2) Brazil, (3) China or (4) UAE.
- Only end buyers ( or their lawyer) from a non preferred countries may approach FTNX to purchase/list goods offered on the FTNX index
- The end buyer ( and belligerent suppliers ) from non preferred countries may be required to also pay a higher performance guarantee to initiate business directly wth FTNX
- English language applies to the nature of all business being initiated with FTNX.
- A supplier may submit an ‘AOS’ or offer as a PDF, serving validity for 3 months minimum. The preferred expectation is 6 months or more.
- An AOS or offer bearing less than 3 month validity shall not be considered by FTNX
4.0 Transaction Code
- All enquires to FTNX shall bear a transaction code.
- The transaction code shall contain a mixed field of 9 numbers and letters minimum.
- Should business be initiated with FTNX the transaction code cannot be changed for the life for the transaction.
5.0 Type of Goods/Services: FTNX, Suppliers and End Buyers (PCT)
- Acceptable Products and Services:Professional Commodity Trader (PCT)
- ‘PBG’ otherwise known as ‘financial instruments’ carrying title as‘Prime Bank Guarantees’. This includes Bank Warrants, Pension Funds, Medium Term Notes (MTN) and the likes will not be entertained by the FTNX Exchange.
- Any form of ‘Gold Bullion’ (or other precious metals) held in ‘electronic depository’ form. Physical trading in Gold, in any form, is ‘allowed’ where NO ‘Certificate’ is apparent on such Gold – this is also defined as ‘Deep Storage Gold’, (DSG) ‘Alluvial Gold’ or ‘Dust’. ‘DSG’ must be ‘refined’ at Buyer’s cost to obtain ‘Formal Assayers Certification.’ The ‘Incoterms’ delivery mode that is allowed is be applied is ‘CPT.’
- Any form of ‘Diamonds’ held in ‘electronic depository’ or physical form may NOT be traded. Physical trading in any other ‘precious stones’ is also NOT ‘allowed.’
- Any ‘weapons’ or ‘material’, whether raw or processed, ‘used’ to ‘make’ weapons or devices of ‘mass destruction’, will not be traded upon.
- Counter-trades ere allowed to be tried and tested by the FTNX exchange.The term “counter trade” shall be apparent on any such listing. Counter trade are subject to long negotiating periods.
- Any ‘military equipment’ and such associated materials to make such equipment are generally NOT ‘allowed’, except those ‘commonly used’ military equipment, where the government of the producing country entertains enquiries made by a PCT.
- Any ‘biological material’ that could be ‘misused’ to the ‘detriment’ of humans. (Medical equipment and medicines ‘allowed’ at the discretion of the ‘Principal’.)
- A ‘felon’, or ‘person’, who has been ‘tried’ under ‘Westminster’ or ‘Democratic’ type of judicial system, ‘incarcerated’ in a prison for ANY reason involving matters of ‘theft, arson, fraud or deception’ may NOT be involved the nature of business with FTNX.
- The PCT, same like minded peer traders, and / or entrepreneur ’ whether involved in a string or not, shall not ‘trade, resell, plagiarise, or surrender any commercial or personally held ‘trade secrets, copyright material’ or matters considered ‘secretive by nature’ belonging to any entity, whether they are involved with, or not handling such material, including information provided by a principal to members of a string and peers therein.
- The FTNX Exchange shall not practice any business that suggests ‘money laundering’ or any associated ‘criminal activity’, such as the ‘trafficking of people’ or ‘prohibited substances’, this includes accepting bribes or ‘kickbacks.’
- Any ‘Transaction’ in which the ‘parties’ are not transacting in the ‘same written language’ as the principal heading the deal is not allowed. English is the language applied to all business with FTNX.
- A supplier or end buyer who is an ‘undischarged bankrupt’ may not conduct business with the FTNX Exchange
- A person of ‘diminished mental capacity’, or a person who cannot ‘comprehend’ the ‘language’ of a ‘deal’ they are entering into may not conduct business with the FTNX Exchange. This aspect includes ANY person under 21 years of age.
- Any ‘other’ commodity ‘traders’ who ask for ‘T/T, MT/SWIFT type of payments’, ‘PBG payments’ or an ‘active’ or ‘inactive’ SLC ‘upfront’, are NOT to be entertained.
- Likewise, ‘trading’ in such ‘instruments’ is NOT ‘allowed’. This rule serves an exception to the matter of payment of a deposit.
- Any PCT or entity, in any Country, in where such has been noted for ‘blatant long term human rights violations’ are to be ‘avoided’.
- No business can be conducted with any Principal located in a Country where a violent or civil dispute’ has broken out.
- FTNX Exchange does not trade in live animals.
- A ‘PCT’ must, at all times, ensure that the ‘Product’ they are dealing with is indeed ‘merchantable’ and ‘appropriate’ and is readily ‘sourced’ from reputable ‘Suppliers’.
- Further, the ‘PCT’ must have made ‘reasonable effort’ to ascertain, by whatever means, that the ‘Product’ they are dealing with is ‘safe, legal and genuine’, and is ‘generally acceptable’ as a ‘tradable and merchantable product’, worldwide.
- A ‘PCT’ must not enact or engage with selling goods to known terrorist organisations.
- Dishonourable or ‘ill-informed’ traders will NOT be entertained by the FTNX Exchange.
- All matters of shipping ‘Charter Party Contracts.’ The PCT may ONLY transact on ‘CFR’ or ‘CIF’ Transactions, in where ‘matters of shipping’ is tenured by the ‘Supplier’.
- Delivery modes ‘DAP’ ‘DAT’ or ‘DEQ’ Incoterms is not used by the FTNX Exchange.
- All matters of a potential transaction are not entertained, where trading terms, in part or fully, are improper , incorrect, unworkable , fake or illegal.
- Dealing is scrap metal allowed where the metal is processed into individual types.
- Dealing in any form of 'safe' waste, such as those used in the recycling industry allowed. Dealing in sewage type of waste is not allowed.
- Dealing in currency, cash or other forms of security is not allowed unless the PCT is holding a current securities license.
- No ‘Bonny Light’ crude oil from ‘Nigeria’ will be considered by the FTNX Exchange.
- No Trans-shipped goods allowed. Buying or selling goods as secured directly from a country holding sanction with USA not allowed.
- No product from a mine may be traded unless the mine is fully operational.
- A product carrying higher price but lower carbon emissions are always sourced and considered first over a product which is cheaper but has higher carbon emissions.
- A PCT may not offer 'investments' and returns on 'investments' but may create 'investment projects' of a fee for others to scrutinise and enact upon.
- Any person making racist comment about another person, or who is known for racist rants and taunts online, will not be serviced by FTNX.
- Social sites, private traders, B2B platforms, and trading groups will not be entrained by FTNX.
- FTNX Exchange will not entertain entities competing with our business; including competing with corporations, including those administered under a Government entity.
6.0 Contracting and Business Period
- The contracting / business period for all transactions, from commencement to closing is 90 days
- From when FTNX forwards acceptances of an ‘AOS’ or offer until first delivery is defined as a contracting period.
- From when the end buyer contacts FTNX until final delivery has completed is defined as a business period.
- During the business period being conducted between parties to the contract, a non cumulative revolving active Irrevocable Documentary Letter of Credit (IDLC), supported by ICC UCP 600 or latest rules, for the value of the contract shall be advised by FTNX directly as an in-house corporate instrument or bank issued instrument depending on the nature of the transaction, in the form as stated on the offer.
- The basis of the IDLC may be marked as negotiable. The bank of the supplier shall initiate process to test the financial capability of FTN Exporting. The advising bank of FTN Exporting in Australia, is a top 100 ranked bank of the world .
- The IDLC is collectibles on presentation of transport documents in a clean state ‘at sight’ to FTNX or our bank.Collection process within 5 banking days of clean presentation of document as specified on the IDLC.
- If the IDLC advised by FTNX is not issued from a leading 125 Top ranked bank of the world, FTNX will issue a confirmed credit as confirmed by a supporting corresponding bank.
- A revolving credit is valid for the life of the contract plus 60 days.A single shipment transaction applies the same basis except for the revolving status.
- The type of instrument shall be defined on each order as relevant. Unless agreed upon otherwise on the contract, all corresponding and IDLC transfer fee is payable by the supplier from the bank account accepting the IDLC to ensure that the IDLC is directly lodged into such an account which must correspond (evidenced) with the banking details provided on the contract.
- Cash, SLC, Bills of Exchange, nor Bank Guarantees are considered as alternative payment mode.
- An end buyer making payment to FTNX must apply the same aspects as agreed upon at time in expressed form.
8.0 Performance Guarantee (P.G)
- All supplier will need to lodge an ISBP 2013 Standby Letter of Credit (SLC) defined as a Performance Guarantee.
- The usual rate is 2.0% of each shipment contract value.
- End buyer in non preferred countries may also be asked to provide a performance guarantee of up to 5.0%
- A P.G is presented for unconditional collection by FTNX if the supplier fails to deliver goods on time as agreed upon in the contract
- The end buyer forfeits its P.G for failing to perform is matter of accepting deliveries or unjustifiable breach of contract.
- An’LDD’ is defined as a “ Late Delivery Discount.”
- If FTNX foregoes the issuance of a P.G. the supplier will need to agree to the LDD aspect, where is any delivery which is late; the invoice discounts the price of goods further by the LDD value.
9.0 Rejection of Goods
- In accordance with the contract, once goods have been unloaded port of destination the end buyer has 120 days to reject goods as per each shipment made is not delivered in good condition and ‘as ordered.’
- Evidence and process for claiming rejected goods are stipulated on the contract. FTNX Registered Agent (FRA) Port of unloading will witness and endorse any legitimate claim made in relation to ‘defective goods .’
- Goods which are delivered–not as ordered; FTNX will honour all genuine claims of rejection made in accordance with the contract.
10.0 Force Majuere
- In the event of that loading or unloading operations have been delayed due directly ‘SARS II Cov’ 19 Pandemic, parties to the contract agree to the following;
- FTNX and party to the contract will make all efforts to remedy delays personally and amicably.
- Parities to the contract agree to bear all such delays cause by the “Sars Cov II Virus” (Quantum Merit) without any party claiming a ‘breach of contract’ situation.
- Parties to the contract shall continue with the transaction amicably, in support of each others position, even though delays with deliveries are evident.
- Standards Force Majuere clause applies to included matters of epidemic, pandemic and terrorism.
- A legally frustrating event beyond the control of the buyer or supplier is supported by FTNX ‘Good Samaritan’ contracting clause.
- In the event of a frustrating event including those cause by a belligerent Government, the supplier and end buyer shall agree not call for a breach of contract on the conditions if all payments due have been settled.
- A moratorium shall ensue when a frustrating event has caused delay to deliveries to which parties to the contract shall suspend all dealing and resume such dealings when business confidence returns or 3 months– which ever occurs first.
- If business is unable to be resumed after 3 months, both parties agree to cancel all contracts without consequences or liabilities on the conditions that all payments for concluded deliveries have been settled.
12.0 Operational Aspect
- Enquiry and negotiations, Understandings , Offer , Contract, Payment, P.G, Delivery, Collection, Next Delivery, Rejection of Goods 120 Days-is the liner process and routine supporting any transaction being formed.
- A supplier must provide an AOS or full offer to the Buyer FTNX. An AOS of offer without a price basis is invalid.
- The offer must be valid for 3 months or more; 6 months preferred.
- Delivery initially is at ICC Incoterms 2020 FOB or FCA. FTNX will accept ICC Incoterms 2010 delivery rules.
- All matters herein including delivery; As it applies to the supplier and buyer FTNX , so shall it apply to the end buyer and FTNX as acting as seller as relevant.
- No financial disclosures or evidence of goods shall be tolerated, as a conditions of doing business .
- A PPIC ( Proof of Policy Certificate) shall be issued by FTNX to the End buyer, evidencing our supplier and supply capability therein, once the contracting aspect has been finalised and not before.
13.0 Rebates, Commission Payments and FTNX Carbon Emissions Rebate Certificates (CERC)
- FTNX may rebate the transfer fee and any other transactional fee’s as agreed upon on the contract or as indicated on an ‘offer to procure’ issued by FTNX.
- FTNX may also issues a rebate in the form of a tangible Certificate ( a Promissory note) to the supplier or end buyer buying a product from FTNX which offers a lower rate of carbon emissions, than what other mainstream products produce.
- The price of the goods dictate who shall receive a CERC .Where operation margins are small or price are, high no CERC may be issued,The CERC is an incentive created by FTNX.
- An offer to procure issued by FTNX will declare on its form if a CERC is offered as per the rate displayed on the index.
- CERC is only available as a hardcopy as posted by courier to the beneficiary once the contracting aspect has closed .
- A CERC may be collected upon, by surrendering it to FTNX via email as a PDF, in where upon authenticating, the CERC rate displayed at the time of surrendering is payable. A CERC increases as more sales eventuates at higher prices than the listed price .
- A CERC rate may also fall as prices go down.
- A CERC is transferable as per the instructions on the Certificate.
- If a (referring) supplier considering our order where supply is not currently available, recommends another supplier who provides FTNX a valid offer which is closed by FTNX, a referral commission is payable by the FTNX Exchange, on good faith.
- The referring supplier for assisting FTNX to secure a product, shall be paid a commission, on the condition that the actual supplier advises FTNX of the referral.
- FTNX will initiate contact with the referring supplier at such a time the offer is accepted form the actual supplier. Likewise when an end buyer or buyer refers another end buyer, commission is paid by FTNX on the same disclosed basis .
- Upon completion of each single or revolving delivery, with the recommended supplier, within 7 days thereafter, a payment equal to 1.10% or less, of the shipment value is paid to the referring supplier unconditionally.
- All other payment of commission are negotiated upon at the time on the same basis when an active referral takes place. Ill informed traders or outsider may not apply. Offer is made to referring suppliers or end buyers only.
- An IPG ( Irrevocable Payment Guarantee; is a legally binding Promissory note ) will be served to the referring supplier once the contract of supply have been formally sealed.
- Payment on all IPG’s are issued within 7 days or each delivery being successfully completed. The IPG will fix the declared minimum Commission rate payable.
- FTNX at its discretion, shall bear fifty percent of the cost of all naturally incurring demurrage charges imposed on the end buyer conducting business under ICC Incoterms 2020 delivery mode at FOB.
- Naturally occurring delays such as demurrage is defined as; ‘A ship arriving at destination port on due date for berthing, which failed to occur on time resulting in the ship having to wait for the next available berthing space.’
- Naturally occurring delays occurring during the expected normal course of business which does not include those events created by the end buyer, shipowner or its crew; events which directly caused the carrier to become delayed.
- Bearing a declared part of demurrage expense and sound calculation thereon ceases to be applied, upon the first line of the carrier being attached to the wharf at destination port.
- Unless agreed upon differently on the contract, the seller FTNX shall discount the purchase value of the offered goods, to the correctly assessed value of said demurrage cost as declared on the on the sellers invoice, to accomodate the said payment.
- FTNX at its ‘discretion’ means; the offer produced by the seller (FTNX) will note if Section (13) Paragraph (16–22) is relevant.
- The price goods as well as FTNX ‘terms and conditions’ offered dictates whether said discretion is omitted or applied.
14.0 Price Basis Quantity and Expectations
- All prices defined United Stated Dollars. British Pounds and Euro also considered if clearly marked accordingly.
- Quantities are described in ‘Tonnes’ ( Metric Tons) 1000 Kilograms is one metric tone (MT) .Imperial units / measurements may not apply for goods.
- Minimum NBC revolving shipments at 12,500 MT considered.
- Revolving shipments of 75,000 MT or more up to 140,000 MT preferred (VLBC) considered.
- ULCC or ULBC shipments are not considered.
- For single NBC FOB shipments. 75,000 MT or more up to 140,000 MT preferred (VLBC) considered.
- Revolving orders NBC: 6, 12, 24, 26 up to 10 years considered especially for crude oil, processed fuels and coal considered intently.
- For single 20ft FCL orders at FCA Incoterms 2020 MT or more considered.
- For revolving 20 ft FCL orders: 100 MT per months for 3, 6, 9, or 12 months considered
- Fixed Price are based on such quantities.
- A fixed price is where a price remains valid for 1 month at a time before the supplier may change the price ; for valid goods secured by FTNX.
- All prices may changed before the fixed the fixed delivery date eventuates in any given month.
- The fixed delivery date is the 15th day of each month.
- The fixed delivery date ensure no delays are caused during the month of December in any given year ( Due to Christian festive Season of Christmas)
- All transactions shall be completed to arrive at the nearest fixed delivery date.
- All fixed prices applied to the nearest who dollar value, supporting either FOB or FCA Incoterms delivery rules.
- A variable price is one where a reputable assessable website is used to track prices; as agreed upon by parties to the contract.
- A fixed discount is applied on the tracked price, or an added fixed premium to the tracked price is offered by the supplier.
- The tracked price, premium or discount is calculated from when the contract aspect has been accomplished and secured each month thereafter on the 15th days of the months, at 12.01 PM AEST
- The price of goods as arrived at contract signing date is the amount payable, on the first delivery date 35 days later -/+ 5 days
- The second delivery is payable as per price arrived at, when first delivery is accomplished at 30 days intervals there-after.
- The sequences continues in a – i.e; 12 month revolving monthly delivery contract, until the final delivery as per the tracked price secured on the 11th month.
- FTNX must lodge the IDLC within 7 days of contract signing, in where first delivery is 35 days -/+ 5 days and every 30 days thereafter for subsequent deliveries
- Offers supporting bi-monthly deliveries allowed.
FTNX Exchange Listing Aspect
- When a listed product is apparent, where better price is made available exceeding a 3.0% differential, the previous supplier is removed in where the new supply price is added to the exchange.
- Only one product of the same grade may be listed on the Exchange. Only verifiable secure product are listed at price created and offered by FTNX. Such prices are legitimately served as are the goods listed on the index.
- When the term ’FTNX’ is added to the listed product; then the product secured by FTNX is listed carrying our minimum assurance as to quality and grade. Such a product is then defined as being an exclusive product of FTNX.
- The FTNX Exchange lists products that we anticipate will be required in the near future or goods that FTNX has already secured under and MOU, offer or contract.
- The sourcing prices on the index are suggested FOB or FCA prices, when FTNX is sourcing goods, base on what our clients has conveyed to us. Ultimately the price served by the supplier to FTNX will create the price basis on the Exchange.
- When destination port is apparent on listed product being sourced, CIF,CIP or CFR Incoterms 2020 or 2010 delivery, and UCP banking rules apply, in where freight component is based upon the presentation of ‘Shipowners Endorsed BOL’
- All goods must have PSI served ‘In Personam’ as secured for the actual goods being offered to FTNX.
- Where no BOL is not needed , the Ship Mate’s receipt is the primary document (FCA, FOB)
15.0 General Governance Laws and Rules Usage
- FTN Exporting has governance in all matters or process and procedures when using in-house trading aspects, in conjunction wth standing international rules and laws.
- Disputes are settled in the country of the supplier or country of the seller when FTNX is acting in such a position.
- Disputes are settles as per LCIA arbitration process, when FTNX is acting as a seller, or required by the supplier when FTNX is the buyer.
- Documentary letters of credit apply ICC UCP 600 International banking rules.
- Delivery rules apply ICC Incoterms 2020, unless the supplier is using Incoterms 2010 which FTNX will accept.
- Contract formation rules and foreign governance therein as per U.K Export laws
- Sales of Goods Act, U.K (2001)
- Collection process for the financial instrument is applied as per current ICC URC Collection Rules
- Assignment of the whole credit may be served on the condition that a SLC is advised to release the credit into the account of the supplier.
- The SLC is for the benefit of the FTNX to cover all operational expenses , gains and commission payments; as declared at the time .
- FTNX operational expenses are between 1.75% and 6.50% depending on the product, and price basis being served.
- Then FTNX has no representatives. If a FTNX Registered Agents (FRA) is apparent, details of the FRA will be applied or made apparent, on all /some documents produced by FTNX, except the contract.
- A Supplier or End buyer may not approach FTNX directly when a legitimate FRA is acting on our behalf. A FRA must remain with the transaction until failure or success is apparent.
- A Supplier or End buyer using a FRA at one time , may approach FTNX directly if no contact with the previous FRA has been in place for 6 months or more; otherwise the same FRA must be contacted first.
These are the basic rules of the FTNX Exchange. Only the offer made at the time may circumvent some parts of these terms and conditions. In all cases, UCP 600 and Incoterms delivery rules must prevail before FTNX will consider servicing an end buyer, or supplier. A FRA registered in 2021 must submit an in-house OTS or formal disclosed offer, before FTNX will service the FRA. Secure and safe transactions are of primary concern of the FTNX of which these terms and conditions strictly adhere with, on a universally acceptable basis.