Can You Really Make Money Trading Commodities Online? The Necessary NDA 4
8) In each succesful purchase, after the contract is signed, this office is to ensure that the buyer obtains the letter of credit from an international bank within seven (7) working days or in any other mutually acceptable manner, executes full payment.
Again, this is all done by L/C and it has to be done in a week. It usually only takes one or two business days to get an L/C issued, unless there is a financial screw up and in that case you want to run, not walk, to the nearest exit as the deal is about to blow up.
9) Should this contract enter a stage of complete inactivity, it shall be declared null and void 60 days from the date of the last relative transaction with the exception of the non-disclosure and/or non-circumvention clauses which remain in effect for the stated duration herein.
Sometimes deals go bad and go into hibernation. In those cases, the deal is to be declared dead 60 days after anything of significance last occurred. This is to protect all parties from getting saddled with albatrosses around their necks that never produce any deals. However, it's also clear that even if a deal goes sour and dies, all the parties still can't blab about it under the terms of the entire NDA.
10) The "parties" agree that this contract shall apply exclusively for the product(s) commonly understood to be:
This is where you outline in extreme detail exactly what you're dealing with.
And that further an exclusivity clause is hereby placed into effect whereby the "parties" agree that they shall not transact any business of any form at any time relating to the aforesaid product(s) during the term of this contract with any party which is not a signatory to this agreement and is located in the "exclusive territory area" defined as:
This is a very interesting clause as well. What the parties are agreeing to in this case is that they are not going to do another deal with the same commodity with anyone else in the territory defined. Let's say you're in the USA, your buyer is in Germany and your seller is in Japan and you're doing an urea deal. Under nation you could put:
and then none of the three of you could get into a deal having anything to do with urea that has anything to do with any of those three countries. Sometimes, you'll place ENTIRE WORLD under territory area, and that prohibits anything at all anywhere at all. However, keep in mind that if you're doing an urea deal that does not keep any party to this NDA from doing a Rice, Ethanol, or Aluminum deal.
In witness whereof the "parties" hereto have executed and delivered these convenants by mutual agreement the day and year written on all faxes, letters, documents and electronic correspondence of any kind are to be considered original, legal and binding. Each representative signing below avows that he is duly empowered by his respective name company to bind to the commitments and obligations contained herein.
All this means is that this is a legal document and don't try to mess with it. You sign it, you're on the hook forever. Get used to it. If you don't like it, you don't have to sign it!
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