THE INDIA RUBBER WORLD 



[October 1, 1915 



The Rubber Trade x^ssociation of New York Adopts New Rules. 



THE following rules govcrniiis i-Tude rubber contracts, re- 

 cently adopted by The Rubber Trade Association of Xew 

 York, constitute such an important step in the history of 

 rubber importing as to be well worth reproducing in full. 

 Rules. 

 All sales bv private treatv purporting to be made subject 

 to the Rules of the Rubber Trade Association of New York, 

 shall be considered as made subject to the following Rules: 

 Stand.\rd Qualities. 



1. Plantation Standards consisting of //civd Thick anil 

 Thin Pale Plantation Crepe, flncii First Latex Crepe, IIci c\i 

 Ribbed or Plain Smoked Sheets, Unsmoked Sheets and (or) 

 Biscuits, to be as understood in London and (or) New York; 

 Para Standards — To be as understood in Xew York. 



Inferior Qualitv. 



2. Where a parcel of rubber is sold under one of the stand- 

 ard descriptions for a specified shipment, arrival, delivery 

 or on the spot and finally found inferior, buyer shall have the 

 option of rejection and the quantity so rejected, whether the 

 whole or any portion, shall not constitute a delivery on the 

 contract. Should the time for delivery have expired the 

 seller shall have three (3) clear working days to replace the 

 quantity rejected provided that such quantity was. in the 

 opinion of the arbitrators, a bona fide tender, otherwise Rule 

 11 to apply. 



3. Where a parcel of rubber is sold with a description of 

 quality other than specified in Rule 2, and upon delivery is 

 found inferior, or any portion is found inferior, then the buyer 

 must accept the same with an allowance, provided such allow- 

 ance, in the opinion of the arbitrators, be not more than 

 two cents (2c.) per pound or otherwise as may be specified 

 in the contract; but should the parcel, or any portion ten- 

 dered, be rejected the seller to have the option (provided that 

 it was in the opinion of the arbitrators a bona fide tender ) of 

 substituting guaranteed quality on the spot to fulfill his con- 

 tract within three (3) clear working days or the expiration 

 of time for delivery as the case may be, otherwise Rule 11 

 to apply. 



Deliverv Weights. 



4. The words "about" or "more or less," when used to de- 

 fine quantities contracted for, shall mean the nearest amount 

 which sellers can fairly and reasonably deliver, but no excess 

 or deficiency shall be greater than Zyi per cent. The word 

 "ton" shall mean a ton of 2,240 pounds. 



5. Final delivery on any contract to be within 100 pounds 

 of the weight contracted for, but in any case the nearest 

 weight of the contract quantity that the average weight of the 

 packages of the final tender admits. But where it is found 

 impossible to deliver within 100 pounds, taking the average 

 weight of the packages tendered, any deficiency, or excess, 

 shall be invoiced or invoiced back, as the case may be. at 

 the market price on the date of delivery. Should buyer and 

 seller fail to agree on the market valuation at such time same 

 is to be fixed, without fee, by the arbitration committee. 



6. Buyers shall have the option of rejecting any tender of 

 less than 2.000 pounds, except in completion of a contract; 

 but tenders of less than 2,000 pounds may be combined pro- 

 vided rubber so tendered is in the same neighborhood. 



Declaration of Vessels. 



7. After declaration should the vessel, or vessels, carrying 

 any portion of a contract calling for shipment be lost, such 

 contract is to be cancelled to the extent of the goods lost. 

 Should the shipment not be declared by the seller prior to 

 the loss of the vessel carrying the shipment, such loss shall 

 not vitiate the contract or any part thereof. 



Prompt Shipment. 



8. The term "prompt shipment" from foreign ports shall, 

 under normal conditions, be considered as follows : Within a 

 period of fifteen (IS) days if shipped from Great Britain or 

 Europe, thirty (30) days if shipped from the Far East, thirty 

 (30) days if shipped from the Amazon Valley. 



Tenders. 



9. Plantation grades when tendered to the buyers shall be 

 taken within three (3) clear working days; all other grades 



within two (2) clear working days. The tender to be received 

 by the first buyer before 3.30 p. m. (11.30 a. m. on Saturdays), 

 and the first and each subsequent buyer must pass same on 

 with due despatch, but in any case within one (1) hour of 

 receipt. Tenders received between 1 p. m. and 2 p. m. must 

 be received by the next buyer before 3 p. m., but in no case 

 later than 5 p. m. on the last working day of the period of 

 delivery (1 p. m. on Saturdays). For the purpose of this rule 

 a day is to be taken as commencing at 10 a. m. and ending 

 S p. m. (Saturdays 1 p. m.). Any party failing to re-tender 

 within the times specified as above becomes a first seller. 



10. It shall be considered a proper tender when rubber is 

 discharged from steamer and (or) ready for delivery. 



Default. 



11. \Vherever it may be admitted by the seller, or decided 

 by arbitration, that the seller has failed to fulfill the terms of 

 the contract, the buyer shall close by invoicing back the rub- 

 ber to the seller at once at a price and weight to be fixed 

 by arbitration, which price shall not be less than 2 per cent, 

 and not more than 10 per cent, over the estimated market 

 value of the shipment contracted for on the day upon which 

 the default occurs, the difference to be due in cash in ten 

 (10) days. 



Examination and Acceptance. 



12. Buyer shall be atiforded full opportunity, by the seller, 

 of examining rubber on the dock or at warehouse, and once 

 delivery is taken it constitutes final acceptance. All risk 

 after weighing for account of buyer. Delivery shall be con- 

 sidered completed after rubber has passed the weighmaster's 

 scales and weights ex-dock or ex-warehouse to be final. 



Weighing and Taring. 



13. L'nless otherwise stated in the contract all tenders of 

 plantation rubber or rubber in bales may be weighed in drafts 

 at the option of the seller. Rubber shall be weighed gross 

 to the 1 pound, if in drafts, and may be weighed to the 'A 

 pound, if weighed by the package. Cases tared shall be 

 weighed to the ^ pound. Paras shall be grossed and tared 

 case by case to the 1 pound. All other grades of rubber which 

 cannot be readily tared are to be billed at tares guaranteed 

 by seller. 



Plantation Tares. 



14. Plantation tares shall be ascertained by taring 10 per 

 cent, of each lot (but in no case less than 3 cases) and adjust- 

 ment made on the basis of shrinkage or gain as compared 

 with the marked tares. Weighmaster is to furnish weight re- 

 turns or marked tares. Where no official weights or marked 

 tares are available all cases are to be tared. If either party, 

 buyer or seller, desires to have any quantity in excess of 10 

 per cent, of the delivery tared, it shall be at the expense of 

 the party demanding same. 



Monthly Delivery Contracts. 



15. Where a contract calls for monthly delivery or ship- 

 ment, each month or specified part of a month's delivery or 

 shipment is to be treated as a separate contract. 



Option of Deliveries. 



16. Where rubber is sold for shipment from a foreign port, 

 the seller may tender in fulfilment of the contract, rubber not 

 coming from that port, provided it is of the same description 

 and quality as the rubber named in the contract and is ten- 

 dered according to the terms of the contract so far as the 

 time and place of delivery are concerned. 



Arbitration in Identical Contracts. 



17. When the subject matter and terms of contracts are 

 identical, or identical except as to date and price, all arbitra- 

 tions shall be held as between first seller and last buyer as 

 though they were contracting parties, and the award made 

 in pursuance thereof, subject to the right of appeal to the 

 committee of the association, shall be binding on all inter- 

 mediate parties, providing that the terms of the contract have 

 been fully fulfilled. 



Notification of Rejections. 



18. If acceptance of any parcel of rubber is refused by a 

 buyer, immediate notification must be given the seller, same 

 to be supplemented in writing within 24 hours, stating specific 

 reasons for such refusal. 



