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Delivery Guide
Time: 17 January 2017 Source: Far East Material Trading Center Co., Ltd


Part I Warehousing Procedures

1. Goods from the seller must be stored in the delivery warehouse designated by the Exchange. Before commodity warehousing, the Application Form for Commodity Warehousing shall be submitted in advance.

2. The seller shall supervise the acceptance process at the designated delivery warehouse upon arrival of commodities. If the seller fails to do so, the seller will be deemed to have accepted the acceptance results offered by warehouse personnel of the designated delivery warehouse.

3. After the seller puts commodities into the designated delivery warehouse according to relevant warehouse requirements, the responsible warehouse personnel will issue a Warehouse Warrant in the form specified by the Exchange to the seller and the Warehouse Warrant shall be stamped with a reserved seal approved by the trading center.

4. The seller holds the Warehouse Warrant issued from the designated delivery warehouse and submits a written Application Form for Registration of Warehouse Receipt to the trading center. After approval and registration by the trading center, the Warehouse Warrant will be changed into a Registered Warehouse Receipt.


Part II Delivery Procedures

The day of a successful delivery matching is defined as the first delivery day (D1) and the subsequent fourteen days are respectively defined as the D2, D3, (……), and D15.

1. D1: The buyer and the seller make declarations for delivery. After completion of delivery declaration, the buyer and the seller matched successfully shall pay the Exchange 20% of the value of the delivery items (as per the settlement price on that day) as delivery margin. Meanwhile, the Exchange will check and return their corresponding performance bonds of electronic trading contract. If the delivery matching fails, the corresponding trader will obtain compensatory payment for delayed delivery in accordance with the relevant provisions of the Exchange.

2. D2: Delivery matching is conducted, the buyer pays the bill and the seller submits an inventory certificate. Before 9:00 am on the D2, the buyer submits an Application Form for Delivery Intention, including commodity name, quantity, name of the designated delivery warehouse and other information. But the final delivery is determined by the matching results from the Exchange. Before 16:00 pm on the D2, the buyer shall pay the Exchange (on behalf of the seller) the remaining 80% of the value of the delivery items. Meanwhile, the seller must submit a legal and valid inventory certificate to the Exchange and pay off warehouse charges calculated till 5th delivery day (including D5).

3. D3 ~ D5: Payment for goods is transferred and the buyer takes delivery of the goods. The trading center transfers the payment for goods that the center collects on behalf of the seller to the detailed account of the seller in special settlement accounts of the Exchange. In case of special situations, the trading center can delay transferring the payment. The buyer then goes to the warehouse and takes delivery of the goods. The buyer can go to the warehouse and take delivery of goods by itself, or entrust a third party with goods picking-up or entrust a designated delivery warehouse with goods dispatching. However, in case of the third option, the buyer shall supervise such dispatching at the warehouse. If the buyer fails to do so, the buyer will be deemed to have accepted the fact that the goods are dispatched from the designated delivery warehouse correctly.

4. If the buyer has any doubts in quality and quantity of delivery items, he shall submit a written application to the trading center within five working days (i.e. D3 ~ D8) after the 3rd delivery day and submit quality appraisal results offered by the quality testing institution designated by the Exchange within nine working days (i.e. D3 ~ D12) after the 3rd delivery day. If the buyer fails to make application within the specified period, it is deemed that the buyer has no objections to goods received and the trading center will not accept any further objections to the delivery items. The party responsible for quality or quantity disputes shall bear relevant costs arising from quality inspection, as well as the direct economic loss caused.

5. Within five working days after the 3rd delivery day, if the buyer has no objections to quality and quantity of delivery items or relevant disputes are settled, the seller will issue a special VAT invoice before D15. After the buyer receive the invoice, the trading center will check and return delivery margin to the seller. If the buyer needs the delivery items for future delivery, he shall go through relevant procedures again in accordance with relevant requirements.

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