FOSFAFederation of Oils, Seeds, and Fats Associations, Limited
FOSFAFlorida Office of Student Financial Assistance (more commonly seen as OSFA)
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This seminar will give immense opportunities to the edible oil industry to understand the FOSFA terms, which are acceptable globally.
In this respect, they have organized this Seminar, which is first of its kind as FOSFA delegation is visiting Pakistan for the very first time.
It merits mentioning here that the Federation of Oils, Seeds and Fats Associations (FOSFA) is a professional international contract issuing and arbitral body concerned exclusively with the world trade in oilseeds, oils and fats with 975 members in 79 countries.
"FOSFA contracts are pretty specific and the international system of certification is well set up for oils," said Mr Vanmarcke.
The language used in most pro forma contracts, those of FOSFA and NIOP in particular, is English.
The main standard clauses under FOSFA CIF and "cost and freight" (C&F) contracts are:
The arbitration clause states that any dispute arising out of a FOSFA contract shall be referred to arbitration either in London or elsewhere if agreed by both parties.
First, a fair price for a specific transaction can usually be easily established through reference to a general "market price." This may be a traded price published in the specialized press, or it could be a price published by an official body, such as FOSFA. For soybeans and soybean oil and meal, crude palm oil, and canola, the futures market also offers acceptable price guidance.