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Seller's
Rules
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Registration, and issuance of a user ID
(email address) and password are required prior to gaining access to the
active trading
floor, and submitting an offer to sell your rice.
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After you have received your ID
(email address) and
password, you will granted access to the active trading floor and may then
offer (sell) rice online, utilizing the Offer Form at the upper
locator button (Sell Rice).
Each individual lot of rice to be offered, requires the
completion of a separate Offer Form. |
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All offers are valid only after
written confirmation from CRE, via fax or e-mail. |
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All offers submitted online are firm and exclusive to CRE for the length of offer, as
shown on the Offer Form. This means, that rice identified
on the Offer Form, cannot be offered or sold to another
party during the time period specified at “Length of Offer.”
Offers can have a minimum length of three (3), and a maximum of
ninety (90) trading days. |
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All offers are valid from date of
posting by CRE, through noon of the expiration date. |
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All offers are sold when the bid
price meets or exceeds minimum offering price, at the close of
trading. |
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Price to the seller/grower is net of all
deductions (Commission, RRB, CRC). A seller/grower may opt to have CRE
handle all FSA paperwork for an additional charge of $.02/cwt. |
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Violations
will be examined by the audit committee of CRE and may result in
penalties or denial of trading floor access. |
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Cash
Forward Contracting
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Contracts
for the purchase of rice, at a later date, within the same crop year,
will be encouraged. |
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Payment
Terms – Buyer to deposit 10% of purchase price, into escrow account,
balance upon availability. |
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Arbitration
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Any
controversy or claim, arising out of or relating to, any transaction
conducted on the California Rice Exchange trading floor, and/or its
options contracts or relating to this Seller’s Guidelines, or
the breach thereof shall be settled by arbitration administered by the
American Arbitration Association in accordance with its Commercial
Arbitration Rules, and judgment on the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof.
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Confidential Information
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All information submitted to
CRE shall be
maintained as confidential. CRE shall not disclose such
confidential information to any other person, except to another
neutral third party as necessary for audit or arbitration purposes. The
only time at which the seller/grower is identified, is at the time
warehouse receipts or similar documents, (representing ownership
interest) are presented to the buyer, at the close of the transaction. |
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