MMTA 'conditional release' wording amended
MMTA members should note that at the meeting of the main MMTA committee on 19th July 2010 the wording for the conditional release was amended.
The item i-4 of the Consolidated Regulations, Terms And Conditions Of Trade Of The Minor Metals Trade Association now reads:
"Where both parties agree at the time of contract to a conditional release, this shall take the form of a release by the Holding Warehouse to the Buyer to the following general format:
Holding confirmation prior to release
To: [Buyer’s details]
CC: [Seller’s details]
From: [Warehouse’s details]
On the request of [Seller] we confirm holding for your account the parcel(s) as detailed below:
Delivery basis:
Customs status:
Storage reference:
Packing:
Gross weight: - as ascertained by us
Net weight: - said to weigh or as ascertained if weighed
Material:
Marks and Numbers:
Stored in our warehouse:
Under ... conditions
Which will, except in case of force majeure, be released to your order irrevocably only upon our receiving a written confirmation directly sent from Buyer’s bank showing contract number / invoice number, confirming that payment in the amount of [currency and amount] has been unconditionally and irrevocably transferred for immediate value date by SWIFT / telegraphic transfer to:
[Seller’s bank details]
We confirm that the above parcel(s) is stored for account of the Seller and that we shall not accept any other release of delivery instructions until [date and time].
Please note that if the bank’s written confirmation is not received by us latest [date and time] (3 working days from the date of this release) then our undertaking as contained in this holding confirmation will automatically expire, without any notice being required, and shall be of no further force and effect."
