Purchase and sale of goods though the Goods Exchange

Article 63.- Purchase and sale of goods though the Goods Exchange

Set-up-company-in-vietnam-Vinasc21. Purchase and sale of goods through the Goods Exchange mean commercial activities whereby the parties agree to purchase and sell a defined quantity of goods of a defined type through the Goods Exchange under the standards of the Goods Exchange, at a price agreed upon at the time the contract is entered into, and with the time of goods delivery determined to be a specific point of time in the future.

2. The Government shall specify activities of purchase and sale of goods through the Goods Exchange.

Article 64.- Contracts for purchase and sale of goods through the Goods Exchange

1. Contracts for purchase and sale of goods through the Goods Exchange include forward contracts and option contracts.

2. Forward contract means an agreement whereby the seller undertakes to deliver and the purchaser undertakes to receive the goods at a specific point of time in the future under the contract.

3. Call option or put option contract means an agreement whereby the purchaser has the right to purchase or sell a specific goods at a pre-fixed price level (hereinafter called executed price) and must pay a certain sum of money to buy this right (hereinafter called option money). The option purchaser may opt to effect or not to effect such purchase or sale of goods.

Set-up-company-in-vietnam-Vinasc1Article 65.- Rights and obligations of parties to forward contracts

1. Where the seller delivers the goods under the contract, the purchaser is obliged to receive the goods and pay for them.

2. Where the parties agree that the purchaser may make cash payment and reject the goods, the purchaser shall have to pay to the seller a sum of money equal to the difference between the price agreed upon in the contract and the market price announced by the Goods Exchange at the time the contract is performed.

3. Where the parties agree that the purchaser may make cash payment and refuse to deliver the goods, the seller shall have to pay to the purchaser a sum of money equal to the difference between the market price announced by the Goods Exchange at the time the contract is performed and the price agreed upon in the contract.