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Title: Call Off and Fixed Contract, Key Clauses of Call Off and Fixed Contract
Description: Call Off and Fixed Contract, Key Clauses of Call Off and Fixed Contract
Description: Call Off and Fixed Contract, Key Clauses of Call Off and Fixed Contract
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Call-off & fixed contracts
Call-off contracts:
4
an agreement for various purchases over a period
of time
also called framework agreements, blanket
contracts and standing orders
no commitment to buy certain amounts
Fixed contracts:
same idea as above but commitment to buy
certain volume or value over a period of the
contract
ITC
M8:U4:4
...
§ Description of the goods §
Objective: To describe the goods to
be supplied
...
Contents: The same as for spot contracts
+ an indication of how to deal with
improvements or changes over time
ITC
M8:U4:4
...
§
Duration
12
3
9
6
§
Objective: To provide the duration of the
agreement and how it is to be renewed, if at all
...
ITC
M8:U4:4
...
§
Volume
§
Objective: To present the amounts of the
product that are foreseen to be purchased
over the term of the contract
...
In call-off contracts,
certain volume targets may trigger price
changes (discounts)
...
ITC
M8:U4:4
...
§
Contract price
§
Objective: To determine the amount
the buyer is to pay, or the way in which
this amount is to be determined
...
2-4
6
...
Why: If the contract is long or if the
market is volatile, prices may need to
be revised
...
ITC
M8:U4:4
...
§
Delivery
§
Objective: To specify where and when the
goods are to be sent by the seller, received
and accepted by the buyer, and determine
whether the seller has complied with its
duties
...
2-6
9
...
Why: Same as for spot contracts
Contents: Same as for spot contracts
+ how to deal with a series of deliveries
ITC
M8:U4:4
...
§
Payment conditions
§
Objective: To explain how the buyer is to
pay for the goods, works or capital
investment purchased under the contract
...
ITC
M8:U4:4
...
non-delivery, and remedies
Objective: Determine how problems with
delivery are to be addressed
...
2-9
16
...
To help the judge or arbitrator
know how to determine liability under the
contract
...
2-10
17
...
Why: Disputes may relate to individual
orders/shipments or to the framework
contract
Contents: Same as for spot contracts
ITC
M8:U4:4
...
§ Language of the contract §
Objective: To specify the language in which
the parties are conducting their business
...
2-12
Action Point
4
...
Are there any differences? Note any trends that
appear
...
2-13
Title: Call Off and Fixed Contract, Key Clauses of Call Off and Fixed Contract
Description: Call Off and Fixed Contract, Key Clauses of Call Off and Fixed Contract
Description: Call Off and Fixed Contract, Key Clauses of Call Off and Fixed Contract