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. Expiration of a contract Art. 56

  Section XXIII. Expiration of a contract Art. 56 If within 30 days of default of shipping instructions or default of shipment and neither o...


Section XXIII. Expiration of a contract Art. 56 If within 30 days of default of shipping instructions or default of shipment and neither of the parties has sought an extension of time under Sections XVIII, XXII of these Rules (except Article 50), the contract shall be deemed null and void, and neither the Seller nor the Buyer may claim for damages. Section XXIV. Payment Art. 57 57.1 Unless otherwise specified in the contract, the payment shall be made net against documents at first presentation, on the date fixed by or determinable from the contract and/or these Rules without the need for any request or compliance with any formality on the part of the Seller. 57.2 The Buyer's obligation to pay the price includes taking such steps and complying with such formalities as may be required under the contract or any laws and regulations to enable payment to be made. 57.3 The bank transfer costs shall be at the Buyer’s account. 57.4 It shall not be permitted to retain all or part of a payment for any compensation. 57.5 The Seller is entitled to demand full payment and/or sufficient security for payment by the Buyer before performing, if there is a valid reason to believe that the Buyer will not or cannot fulfill its obligations correctly and/or in time.

 Art. 58 The total payment shall take place when due according to the contract. Every portion of a shipment shall be paid for separately as soon as it falls due. Art. 59 59.1 If the Buyer does not settle within three working days from the due date, he shall pay the costs of collection and an interest charge at an annual rate of 5% higher than the official rate of central bank interest in the country of the Seller. 59.2 This penalty of 5% is not due if the Buyer can prove that the delay of payment was caused by circumstances beyond his control. 59.3 If the Buyer fails to fulfill one or more of its obligations or to do so correctly and/or in time: the Seller's obligations will automatically and immediately be suspended until the Buyer has paid all amounts due (including payment of any extrajudicial costs). Art. 60 If the Buyer has not paid for the documents or has not taken delivery of the seeds on arrival or has declared that he will do neither, he shall be liable for all damages, including the expenses as well as the loss of profit caused to the Seller due to the immobilization of the seeds. 

Art. 61 61.1 If the seeds have been furnished on credit, they remain the property of the Seller as long as the invoice remains unpaid. 61.2 As soon as the date of payment has passed the Seller has the right to take back the seeds from the Buyer at Buyer’s costs. As long as the seeds are unpaid, the payments of the subsequent sales made by the Buyer are automatically assigned to the Seller up to the amount of unpaid invoice. 61.3 The Buyer is not permitted to create any other right with regard to the seeds. Art. 62 62.1 If the circumstances indicate that the Buyer does not intend to pay or is unable to pay, the Seller shall have the right to seek recovery of the outstanding debt either by (i) proceedings brought in a competent court of law, without having recourse to arbitration as provided for in the present Rules; or (ii) an expedited arbitration procedure as provided for in Article 21 of the ISF Arbitration Procedure Rules. 62.2 If the Buyer is liquidated, declared bankrupt or granted a suspension of payments, the Buyer’s payment obligations will fall due immediately and the Seller will be entitled to suspend the further performance of the agreement or to declare the contract and the possible other running contracts terminated without prejudice to the Seller’s right to claim damages. 62.3 If payment in installments has been agreed, the entire amount will fall due immediately without notice of default being required in the event of late payment of an installment.

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