PLATFORM RULES & REGULATIONS

Part A: Rules applicable to all Users

• The minimum lot quantity for any bid on the Platform shall be 20 metric tons (“MT”).
• The minimum split quantity on the Platform shall be greater than or equal to 20 MT.
• Beyond the minimum lot quantity, the bid lot size may be increased or decreased in multiples of 5 MT.
• The prices for any bid may be increased or decreased in multiples of INR 0.05.
• The minimum split quantity may be increased or decreased in multiples of 5 MT.
• A quantity tolerance of minus 1 MT shall apply for all orders at Kandla port and a quantity tolerance of minus 1.5 MT shall apply at Hazira and Mumbai ports, during delivery, for all Trade orders on the Platform (regardless of quantity).
• If the delivered quantity exceeds the original delivery order quantity during delivery, the excess quantity shall be charged at the current market average price plus one unit (INR 1/-).
• The Platform accepts buy and sell bids from its Users during the bid submission window of a call auction and the continuous auction hours.
• Storage period for any Product provided by the Sellers shall be for a maximum period of 15 days from the time of generation of Trade Confirmation on the Platform (“Storage Period”) and can be extended only with the mutual consent between the Buyer and Seller.
• The User understands that the transportation and insurance cost (if applicable) is not included in any prices displayed on the Platform or in the Trade Confirmation generated and the same will be arranged by the Buyer. The insurance responsibility (if applicable) and other liabilities on the Product will shift from the Seller to the Buyer on the payment date. 
• The Buyer and Seller may mutually agree for purchase and sale of additional quantity of the Product beyond the initial quantity as per the Trade Confirmation and for such additional quantity the Seller may issue a new PO. In such cases, the Buyer and Seller to mutually decide on the terms of such purchase and sale without any involvement of the Platform. 
• In addition to the above, in case of Credit Trade including Credit on Broker Trade, the following rules shall also apply:

1. The Buyer to send a Post-Dated Cheque (“PDC”) to the Seller.
2. The DO shall be issued by the Seller immediately on the receipt of the PDC but in no event later than 3 days of receiving the PDC from the Buyer.
3. The Buyer shall have a 70-day window, from the date of receiving the delivery to complete the payment towards the Seller. In the event the payment is not completed by the Buyer within such period, then at the discretion of the Seller, the Buyer may be granted another 30 days period to complete the payment.

Part B: Rules applicable to Buyer

• In case of delay in payment, the Buyer is required to pay an interest of 1% of the total sale amount per month at an annualized rate of 12%, plus applicable GST.
• If the Product as per the Trade Confirmation is not collected within the Storage Period, then separate storage charges will be applicable from the 16th day by the Seller and the same shall be settled offline between Buyer and Seller. The Buyer and Seller may mutually decide to extend the Storage Period for a period of another 15 days or such other extended time as may be mutually decided. For the extended Storage Period, the Buyer shall be liable to pay charges at INR 0.5 per kg + GST or as per mutually agreed terms between the Buyer and the Seller. 

Part C: Rules applicable to Seller

• The Seller to place bids and offer for sale only on Products which are in stock and are available with him for immediate sale. It shall be the responsibility of the Seller to withdraw Sell Bids in respect of Products which are not available with him for immediate sale. 
• Seller shall pack the Products carefully in order to provide safe delivery to the Buyer.
• Seller shall be fully liable for claims without any limitation with respect to Products delivered by it.
• The Seller shall provide the delivery order (“DO”) to the Buyer immediately upon generation of a Trade Confirmation, but in no event later than 3 days after the generation of the Trade Confirmation. The DO shall contain such details as provided in the Sale Document including the transporter details if the same has been communicated by the Buyer in advance. 

Provided where the Buyer and Seller have decided to use the Escrow Services, the DO shall be issued by the Seller immediately on confirmation but in no event not later than 3 days of the confirmation being given by the Platform to the Seller of deposit of the total sale amount by the Buyer in the Virtual Escrow Account. 

Provided further, in case of Credit Trade, the DO shall be issued by the Seller immediately on the receipt of the PDC but in no event not later than 3 days of receiving the PDC from the Buyer.