Explanation of relevant Clauses in the Sale & Purchase Agreement:-
Except where the context otherwise indicates, the following terms shall have the meaning as described and shall include plural as well as singular.
Bill of Lading The official document, issued at the load port after completion of the loading operations, stating, among other things, the ship's loaded quality, expressed in Cubic Meters (M3) and in Metric Tons (MT) or barrels per the definitions herein. This document has to be signed in original by the ship's Master and made out in accordance with the instruction hereinafter specified in the agreement.
CIF shall mean cost insurance freight.
Loading Date The date mutually accepted by both the SELLER and the BUYER as the date on which the nominated international Surveyor Company has ascertained the quantity and quality of the product pumped into the Buyer's designated vessel.
Platt's' Platt’s www.platts.com McGraw Hill, London is the organization internationally recognized and accepted who publish official market prices of petroleum products on a daily basis.
Execution Date The date on which the SELLER and the BUYER receive their respective faxed copies of this agreement, or as may be indicated otherwise in The Agreement.
API/ASTM Standards referenced to this Agreement are those in effect as at July 1st 1993. In the event that such Standards are subsequently revised or modified or new standards are issued, the new revised or modified standards will apply. Each party must advise the other party to this Agreement, within three (3) months after such revision, new or modified Standards are introduced and until such this standards shall be used.
Affiliate shall mean any company or corporation of seller or buyer which owns directly or indirectly fifty (50) percent or more of the shares carrying voting rights of such party (party company) and any company or corporation other than such party of which such parent company or such party owns directly or indirectly fifty (50) percent or more of the shares carrying voting rights.
Agreement shall mean the Crude Oil Sales / Purchase Contract of which these specific provisions agreed between Buyer and Seller form the conditions of Sales and Purchase.
API shall mean American Petroleum Institute.
ASTM shall mean American Society for Testing and Materials.
Barrel shall mean a volume of forty-two (42) US gallons corrected for temperature to (60) degrees Fahrenheit.
Cargo shall mean any particular quantity of the oil loaded into vessel as set out in this agreement includes Part Cargo.
Commodity referred to as being Crude Oil, elsewhere in the agreement also referred to as product, which Specifications, will be furnished by the SELLER and added to this contract agreement.
Completion of Discharge shall, in respect of a cargo, mean the final disconnection of vessel's discharge hose(s) following the discharge thereof.
Day shall mean calendar day
Discharge Port(s) shall, in respect of a cargo, mean the port(s) nominated by buyer and accepted by seller for discharge of such cargo in accordance with the agreement.
Grade shall mean any grade of the oil specified in the agreement.
Gallon A unit of volume equivalent to 231 cubic inches or 0.3785 cubic metres, all measured at 60 degrees F.
LAYTIME shall have the meaning as that given to it in paragraph 15 of this agreement.
Metric Ton shall mean unit of weight equal to one thousand (1000) Kilograms and 7.57 Barrels shall be equal to one (1) metric Ton, measured at 60 degrees Fahrenheit.
Month shall mean a calendar month.
Oil shall mean crude oil specified in this agreement.
Port Cargo shall mean when a cargo is discharged in more than one Discharge Port or received by more than one receiver at the Discharge Port.
Party shall mean either Seller or Buyer.
Parties shall mean Seller and Buyer jointly.
Trans-shipment shall mean the transfer of the oil from a vessel into another vessel.
Vessel shall mean the ship whether owned or chartered or otherwise obtained by seller and employed by seller to ship the oil to the discharge port.