Terms & Conditions, and rent Tariff

  1. Rent and Insurance; buyers are responsible for insurance against fire, explosions and SRCC from the commencement of the delivery period. Buyers are also responsible for the insurance once the goods leave the store or factory from where they are being delivered or collected, whether they have been paid for or not. Should buyers not collect or call for goods during the contractual delivery period, they shall pay to the sellers as per our current rent schedule.

     

  2. Failure to Pay by the Due Date; if payment is not received by the due date, sellers have the right at any time thereafter to sell the goods against the buyer, and buyers shall make good the loss, if any, on such sale in addition to the payment of rent, together with interest up to dateof sale at the rate of 3% p.a. over the Bank of England base rate at the time being in force on the invoice value of the goods. If sellers do not exercise their right to sell the goods against the buyer they shall, nevertheless, be entitled to interest up to date of payment at the rate aforesaid. Any uncollected/undelivered balances at the end of the contractual period to be invoiced and paid for as due.

     

  3. Title of Goods; The goods shall remain the property of the seller until payment is made in full, although the goods shall be at the buyers risk from the time the buyer takes possession of them. The buyer shall be at liberty to sell the goods to a third party but only on the condition that:
    1. Any money and/or benefit the buyer receives from any on sale shall be held in trust for the seller pending full payment of the purchase price due from the buyer to the seller.
    2. If by any such on sale the goods have been made into new goods or mixed with other goods, ownership will still remain with the seller as surety for the payment of the full purchase price.

     

  4. Duty/Tax/Levy; should any duty, tax or levy or any other change whatsoever be imposed by the EU or any member national government thereof relating to the goods before delivery thereof the buyers shall bear the burden of such duty, tax, levy or other charges and the costs arising there from.

     

  5. General Conditions; this contract is made upon the general terms, conditions and rules, including the arbitration rules, contained in the relevant contract of the GAFTA (of which the parties admit they have knowledge and notice) except where details to the contrary are specified on an individual contract. The contract issued by Gemcom Ltd shall be the excusive basis on which sales are concluded. Objections, if any, must be received by us in writing or by facsimile within one business day from your receipt of the contract.

     

  6. Rent Tariff; Weeks 1 and 2 of the contractual delivery period are free of charge. Weeks 1 and 2 thereafter 75p per m/t per week or part thereof, the third and fourth weeks £1.50 per m/t per week and the fifth week onwards £2.50 per week of part thereof. If after 8 weeks any goods remain uncollected in the store, we will endeavor to keep storage available. However, this is not always possible and we reserve the right, as per the collection of goods clause, to remove part of or all of, remaining balances to outside storage at buyers risk and expense. These rates apply to all ex store and delivered contracts in the UK.

We also reserve the right to vary any of the above terms and / or conditions at any time, after giving at least one months notice of intention in writing to do so.

68 Great Portland Street  London  W1W 7NG

t +44 (0)20 7580 8004  e info@gemcom.co.uk