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)


Preamble

 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. 

 


1.0 Definitions

  1. Supplier :Person or entity in possession of export ready goods 
  2. End Buyer :Person of entity paying for ordered goods and taking possession of goods.
  3. Buyer :FTNX via  FTN Exporting
  4. Seller :FTNX via  FTN Exporting
  5. MOU :Memorandum of Understanding 
  6. 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.
  7. 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. 
  8. RFQ :Request for a Quote: An in-house  document produced by an FRA and submitted to FTNX on behalf of a disclosed end buyer. 
  9. An “Offer” is a formal  document produced by the Seller FTNX as made directly to a named  end buyer  to consider. 
  10. An “Offer” can also be produced by the Supplier to FTNX.
  11. 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. 
  12. 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 

  1. 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 
  2. 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. 
  3. 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.
  4. An ‘AOS’ becomes a formal offer once accepted. 
  5. 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. 
  6. 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.
  7. 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. 
  8. Crude oil may not be offered to the  FTNX from a country bearing sanctions with  USA in the first instance.
  9. 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.
  10. Reprocessing  crude oil into another product must be  delivered to the country not bearing sanctions with the USA.
  11. 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.
  12. 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. 
  13. 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. 
  14. As from January 1, 2021 FTNX will not consider goods being purchased by a trading house or Agents from a non preferred country:
  15. Agent acting for a disclosed principal; from a non preferred countries are:   (1) Japan, (2) Brazil, (3) China or (4) UAE. 
  16. Only  end buyers ( or their lawyer) from a non preferred countries  may approach FTNX to purchase/list goods  offered on the FTNX index
  17. 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
  18. English language applies to the nature of all business being initiated with FTNX. 


3.0 Validity

  1. 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. 
  2. An AOS or offer bearing less than 3 month validity shall not be considered by FTNX 


4.0 Transaction Code 

  1. All enquires to FTNX shall bear a transaction code.
  2. The transaction code shall contain a mixed field of 9 numbers and letters minimum.
  3. 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) 

  1. Acceptable Products and Services:Professional Commodity Trader (PCT) 
  2. ‘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.
  3. 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.’ 
  4. 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.’ 
  5. Any ‘weapons’ or ‘material’, whether raw or processed, ‘used’ to ‘make’ weapons or devices of ‘mass destruction’, will not be traded upon. 
  6. 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.
  7. 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.  
  8. Any ‘biological material’ that could be ‘misused’ to the ‘detriment’ of humans. (Medical equipment and medicines ‘allowed’ at the discretion of the ‘Principal’.)
  9. 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.
  10. 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.
  11. 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.’
  12. 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.
  13. A supplier or end buyer who is an  ‘undischarged bankrupt’ may not conduct business with the FTNX Exchange 
  14. 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.
  15. 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.
  16. Likewise, ‘trading’ in such ‘instruments’ is NOT ‘allowed’. This rule serves an exception to the matter of payment of a deposit. 
  17. Any PCT or entity, in any Country, in where such has been noted for ‘blatant long term human rights violations’ are to be ‘avoided’. 
  18. No business can be conducted with any Principal located in a Country where a violent or civil dispute’ has broken out.
  19. FTNX  Exchange does not trade in live animals.  
  20. 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’.
  21. 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.
  22. A ‘PCT’ must not enact or engage with selling goods to known terrorist organisations.
  23. Dishonourable or ‘ill-informed’ traders will  NOT be entertained by the FTNX  Exchange.
  24. 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’. 
  25. Delivery modes ‘DAP’  ‘DAT’ or ‘DEQ’ Incoterms is not used by the FTNX Exchange.  
  26. All matters of a potential transaction are not entertained, where trading terms, in part or fully, are  improper , incorrect, unworkable , fake or illegal.
  27. Dealing is scrap metal allowed where the metal is processed into individual types. 
  28. 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.  
  29. Dealing in currency, cash or other forms of security is not allowed unless the PCT is holding a current securities license.
  30. No ‘Bonny Light’ crude oil from ‘Nigeria’ will be considered by the FTNX Exchange. 
  31. No Trans-shipped goods allowed.  Buying or selling goods as secured directly from a country holding sanction with USA not allowed. 
  32. No product from a mine may be traded unless the mine is fully operational. 
  33. 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.
  34. 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.
  35. Any person making racist comment about another person, or who is known  for racist rants and taunts online,  will not be serviced by FTNX.  
  36. Social sites, private traders, B2B platforms, and trading groups  will not be entrained by FTNX.
  37. 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 

  1. The contracting / business  period  for all transactions, from commencement to closing is 90 days 
  2. From when FTNX  forwards acceptances of an ‘AOS’ or offer  until first delivery is defined as a contracting period.
  3. From when the end buyer contacts FTNX until final  delivery has completed is defined as a  business period.


7.0 Payment

  1. 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. 
  2. 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 .
  3. 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.
  4. 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. 
  5. 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. 
  6. 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. 
  7. Cash, SLC, Bills of Exchange, nor  Bank Guarantees are considered as alternative payment mode. 
  8. 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)

  1. All supplier will need to lodge an ISBP 2013 Standby Letter of Credit (SLC)  defined as a Performance Guarantee. 
  2. The usual rate is 2.0% of each shipment contract value. 
  3. End buyer in non preferred countries may also be asked to provide a performance  guarantee of up to 5.0%
  4. 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
  5. The end buyer forfeits its P.G  for failing to perform is matter of accepting deliveries or unjustifiable breach  of contract.
  6. An’LDD’ is defined as a “ Late Delivery Discount.” 
  7. 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  

  1. 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.’
  2. 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 .’  
  3. 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

  1. 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;
  2. FTNX  and party to the contract will  make all efforts to remedy delays  personally and amicably.
  3. 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.
  4. Parties to the contract shall continue with the transaction  amicably, in support of each others position, even though delays with deliveries are evident.
  5. Standards Force Majuere clause applies to included matters of epidemic, pandemic and terrorism.


11.0 Frustration

  1. A  legally frustrating event  beyond the  control of the buyer or supplier is supported by FTNX ‘Good Samaritan’ contracting  clause.
  2. 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.
  3. 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. 
  4. 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

  1. 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.
  2. A supplier must provide an AOS or full offer to the Buyer FTNX. An AOS of offer without a price basis is invalid. 
  3. The offer must be valid for 3 months or more; 6 months preferred.
  4. Delivery initially is at ICC Incoterms 2020 FOB or  FCA. FTNX will accept ICC Incoterms 2010 delivery rules.
  5. 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. 
  6. No  financial disclosures or  evidence of goods  shall be tolerated, as a conditions of doing business . 
  7. 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)

  1. 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.
  2. 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.
  3. 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. 
  4. 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.
  5. CERC is only available as a hardcopy as posted by courier to the beneficiary once the contracting aspect has closed .
  6. 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 .
  7. A CERC rate may also fall as prices go down.  
  8. A CERC is transferable as per the instructions on the Certificate. 
  9. 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.
  10. 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. 
  11. 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 . 
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. 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.’
  18. 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.
  19. 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.
  20. 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.
  21. FTNX at its ‘discretion’ means; the offer produced by the seller (FTNX) will note  if  Section (13) Paragraph (16–22) is relevant.
  22. 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 

  1. All prices  defined United Stated Dollars. British Pounds and Euro also considered if  clearly marked accordingly. 
  2. Quantities are described in ‘Tonnes’ ( Metric Tons)  1000 Kilograms is one metric tone (MT) .Imperial units / measurements may not apply for goods.
  3. Minimum NBC revolving shipments at 12,500 MT considered.
  4. Revolving shipments of 75,000 MT or more up to 140,000 MT preferred (VLBC) considered.
  5. ULCC or ULBC shipments are not considered.
  6. For single NBC FOB shipments. 75,000 MT or more up to 140,000 MT preferred (VLBC) considered.
  7. Revolving orders NBC: 6, 12, 24, 26 up to 10 years considered  especially for crude oil, processed fuels and coal considered intently.
  8. For  single 20ft  FCL orders  at FCA Incoterms 2020 MT or more considered.
  9. For revolving  20 ft FCL  orders: 100 MT per months for  3, 6, 9, or 12 months considered 
  10. Fixed Price are based on such quantities. 
  11. 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.
  12. All prices may changed before the fixed  the fixed delivery date  eventuates in any given month.
  13. The fixed delivery date is the 15th day of each month.
  14. 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) 
  15. All transactions shall be completed to arrive at the nearest fixed delivery date. 
  16. All fixed prices applied  to the nearest who dollar value, supporting either FOB or FCA Incoterms delivery rules.
  17. A variable price is one where a reputable assessable website is used to track prices; as agreed upon by parties to the contract.
  18. A fixed discount is applied on the tracked  price,  or  an added fixed premium to the tracked price is offered by the supplier. 
  19. 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
  20. The price of goods as arrived at contract signing date is the amount payable, on the first delivery date 35 days later -/+ 5 days 
  21. The second delivery is payable as per price arrived at, when first delivery is accomplished at 30 days intervals there-after.
  22. 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. 
  23. 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
  24. Offers supporting bi-monthly deliveries allowed. 


FTNX Exchange  Listing Aspect 

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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. 
  6. 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’ 
  7. All goods must have PSI served ‘In Personam’ as secured for the actual goods being offered to FTNX.
  8. 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

  1. 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.
  2. Disputes are settled in the country of the supplier or country of the seller when FTNX is acting  in such a position.
  3. 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.
  4. Documentary letters of credit apply ICC UCP 600 International banking rules.
  5. Delivery rules apply ICC Incoterms 2020, unless the supplier is using Incoterms 2010  which FTNX will accept.
  6. Contract formation rules and foreign governance therein as per U.K Export laws
  7. Sales of Goods Act, U.K (2001) 
  8. Collection process for the  financial instrument is applied as per current ICC URC Collection Rules
  9. 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.
  10. The SLC is for the benefit of the FTNX  to cover all operational expenses , gains and commission payments; as declared at the time . 
  11. FTNX operational expenses are between  1.75% and  6.50% depending on the product, and price basis being served. 
  12. 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.
  13. 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. 
  14. 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.   


 

In Summary

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. 

 


 
FTNX EXCHANGE
ABOUT FTNX
PROCEDURES
TRADE TERMS
TRADE NEWS
FTNX RULES
PDF Download
Contact FTNX
e-mail me

|FTNX EXCHANGE | |ABOUT FTNX | |PROCEDURES | |TRADE TERMS | |TRADE NEWS| |FTNX RULES | |PDF Download| |Contact FTNX|