In certain instances the amendments will become effective immediately; such changes therefore apply to all deliveries commencing with the March 2004. In all other instances, the amendments will become effective against the next futures contract month to be listed, the March 2006 contract. In the case of each amendment discussed below, the effective date is as noted:
Amendments Effective Immediately:
- Require the Receiver to declare to Deliverer additional information: vessel characteristics, total quantity to be loaded and demurrage/despatch rates [Rule 11.05(1)(a)].
- Move the time by which such declaration must be made to 11:00 am (from current 5:00 pm) [Rule 11.05(1)(a)].
- Require Receiver to keep Deliverer advised of the vessel's estimated arrival time following the declaration [Rule 11.05(1)(a)].
- Provide that, in the event a vessel's Notice of Readiness is presented earlier than 7 days after the declaration, time starts counting on the first local working period after expiration of the 7-day notice period [Rule 11.05(1)(a)].
- Extend the last day by which Receivers may exchange delivery notices among themselves (with no change to the number of notices each Receiver is assigned) from the business day after the notices are assigned by the Clearing Corporation to the day the Notice of Readiness is presented [Rule 11.06(e)].
- Remove obsolete language providing for different treatment of expenses for weighing, sampling and testing in the event the sugar being delivered is shipped to the United States [Rule 11.09(b)].
- Add certificate of origin to the list of documents for which the Deliverer is responsible for the cost [Rule 11.10(1)(e)].
- Require that the Receiver make settlement of despatch with the Deliverer within 60 days of the Bill of Lading Date [Rule 11.10(1)(g)].
- Replace the first paragraph of Rule 11.10(2)(a) to provide clarity to the nomination of berths, nomination of alternate berths, the commencement of lay time and berthing priority in instances of congestion at the berth [Rule 11.10(2)(a)].
- Provide for the apportionment of lay time, demurrage and despatch among Deliverers in instances of multiple Deliverers to a Receiver's vessel [Rule 11.10(2)(a)].
- Add to the existing minimum draft of 30 feet for a delivery port the further definition that the requirement is "30 feet salt water", as well as a new requirement that the port also permit ships with a length overall of up to 190 meters [Rule 11.10(2)(d)].
- Eliminate the allowance for delivery in the Port of La Romana even when these provisions are not met [Rule 11.10(2)(d)].
- Require settlement of demurrage within 60 days of the Bill of Lading date [Rule 11.10(2)(e)].
- Add "certificate of origin" to the list of documents the Deliverer must provide the Receiver [Rules 11.10(3)(a) and (b)].
- Provide that sugar delivered under the contract must be manufactured no earlier than 12 months prior to the delivery month, less than the current 18 [Rule 11.00(e)].
- Provide that the par polarization under the contract be raised from 96 to 97 degrees and revise the schedule of polarization premiums [Rules 11.00(b), (d) and (e)].
- Increase the minimum permitted delivery quantity per port from 20 to 80 contracts [Rules 11.06(b) and 3.06(f)].
- Raise the minimum loading rate from 3,000 to 4,000 long tons per weather working day [Rule 11.10(2)(a)].
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