Terms of trade

Scope

These terms describe the general basis on which XINYI SMART SERVICE quotes and trades. They are a summary for information. Every shipment is governed by the individual sales contract signed by both parties, and where that contract differs from anything on this page, the contract prevails.

Quotations and validity

Quotations are offers to treat and are not binding until confirmed in a signed sales contract. Every offer states its validity period, which is typically between three and seven working days for commodities with actively traded reference prices. Prices are quoted in United States dollars unless the offer says otherwise, and are exclusive of destination duties, taxes and clearance costs.

Incoterms

We quote and contract under Incoterms 2020. Unless the contract states otherwise, risk and cost pass as defined in the rule named in the contract. CIF quotations include marine insurance at 110 per cent of invoice value on institute cargo clauses appropriate to the commodity.

Specification, sampling and inspection

The contract states the specification, the test method, the sampling protocol, the nominated surveyor and the tolerance. Unless the contract provides otherwise, the certificate issued by the nominated surveyor at the load port is final and binding on both parties as to quality and weight at the time of shipment.

Payment

Standard terms are payment by irrevocable letter of credit at sight, opened by a bank acceptable to the seller and workable against the contractual documentary set. Alternative instruments — confirmed L/C, documents against payment, cash against documents, or telegraphic transfer against a performance bond — are available where agreed in writing before the contract issues.

Shipment and delays

Shipment windows are stated in the contract. We are not liable for delay caused by events outside our reasonable control, including port congestion, vessel omission or rollover, equipment shortage, adverse weather, strike, government action, or restrictions on export or import imposed after the contract date.

Claims

Quality or weight claims must be notified in writing within the period stated in the contract, conventionally fourteen days from discharge, supported by an independent surveyor's report and retained samples. Claims notified after that period, or unsupported by independent evidence, cannot be entertained.

Governing law and disputes

Contracts are governed by the law stated in the contract, which is Malaysian law unless otherwise agreed. Disputes on grain, feed, oils and fats contracts may be referred to GAFTA or FOSFA arbitration where the contract so provides; other disputes are referred to arbitration in Kuala Lumpur under the rules of the Asian International Arbitration Centre.

Website content

Specifications, packing details and minimum order quantities published on this website are indicative standard trading parameters. They are not an offer and do not form part of any contract until repeated in a signed sales contract. We aim to keep the site accurate but do not warrant that every figure is current.