Master Commercial Trading Terms & Conditions of Engagement
Governing conventions, Incoterms® 2020 rules, documentary settlement mechanics, and arbitration covenants for physical commodity transactions.
Regulatory Verification & KYC
For counterparty verification, sanctions screening documentation, or designated escrow agreements:
1. Pre-Contractual Negotiations & Soft Corporate Offers (SCO)
All Soft Corporate Offers (SCO), indicative price indications, and vessel laycan availabilities issued by Vision Vibe Global are non-binding expressions of commercial interest until formally ratified by a signed Sales & Purchase Agreement (SPA) and approved by our Central Risk Committee following satisfactory counterparty KYC clearance.
2. Governing International Trade Conventions
Unless expressly modified in an executed contract, all physical commodity transactions are governed by the following international trade conventions:
- Incoterms® 2020 published by the International Chamber of Commerce (ICC), specifically FOB, CIF, CFR, and DAP delivery mechanics.
- GAFTA (Grain and Feed Trade Association) standard contract forms (e.g. GAFTA 100, GAFTA 119) for agricultural bulk shipments.
- FOSFA (Federation of Oils, Seeds and Fats Associations) contract terms for vegetable oils, tallow, and oleochemical products.
- London Metal Exchange (LME) and London Bullion Market Association (LBMA) rules for physical non-ferrous and precious metal deliveries.
3. Documentary Payment Mechanics & UCP 600 Compliance
Payment instruments must be structured as Irrevocable, Transferable or Non-Transferable, Confirmed Documentary Letters of Credit (DLC) or Standby Letters of Credit (SBLC) issued or confirmed by a tier-1 international bank acceptable to Vision Vibe Global. Letters of credit are subject to ICC Uniform Customs and Practice for Documentary Credits (UCP 600) and ICC Uniform Rules for Bank-to-Bank Reimbursements (URR 725).
4. Quality and Quantity Determinations
Final quantity and quality shall be determined at load port by an accredited, internationally recognized independent inspection agency (such as SGS, Bureau Veritas, or Intertek). The certificates issued by such inspection agency shall be final and binding on both parties, except in cases of established fraud or manifest error.
5. Laytime, Demurrage & Maritime Charterparty Clauses
Laytime allowances, notice of readiness (NOR) validity, and demurrage/despatch rates are strictly calculated in accordance with the underlying charterparty agreement (BIMCO standard charterparty forms). Demurrage claims must be submitted with full supporting logs within sixty (60) days of vessel disconnection.
6. Force Majeure & Geopolitical Disruption
Neither party shall be liable for failure to perform resulting from acts of God, naval blockades, war, sanctions imposition, civil unrest, export embargoes, or closure of international maritime straits, provided prompt written notice is served within forty-eight (48) hours in accordance with ICC Force Majeure Clause 2020.
7. Governing Law & International Arbitration
Unless otherwise designated in the specific SPA, all contracts shall be governed by English Law. Any dispute arising out of or in connection with commercial contracts shall be referred to and finally resolved by arbitration administered by the London Court of International Arbitration (LCIA) or the Singapore International Arbitration Centre (SIAC).
These statutes are periodically audited against prevailing ICC Paris guidelines, GAFTA arbitration rules, and international maritime safety protocols.