03/14/2001
Currently, the above-mentioned contracts require payment by certified check only. These amendments will offer added flexibility through an additional option to the clearing members upon mutual consent. The amendments for the relevant contracts are below for your review.
(underlining indicates additions)
NY Harbor Unleaded Gasoline:
Rule 190.09(F)(2) Delivery Day
The buyer shall pay the seller at the office of the seller by certified check by 12:00 noon of the business day following the receipt of the product, or by 12:00 noon on the last business day of the delivery month, whichever is earlier. The amount of payment shall be based on volume delivered as determined in accordance with Rule 190.02. Should the inspector, appointed under Rule 190.12, be unable to supply quantitative results prior to the time established herein for payment of the product, a pro forma payment based on 42,000 U.S. gallons per contract shall be made. Payment adjustments based on actual quantity transferred shall be completed between Clearing Members by 12:00 noon of the first business day after receipt of the telexed Inspector’s report but no later than the third business day after transfer of physical product. Alternatively, buyer and seller may mutually agree to effect payment or adjustment, as otherwise prescribed in this Rule, by federal funds money wire as a substitution for a certified check.
NY Harbor Heating Oil:
Rule 150.09(F)(2) Delivery Day
The buyer shall pay the seller at the office of the seller by certified check by 12:00 noon of the business day following the receipt of the product, or by 12:00 noon on the last business day of the delivery month, whichever is earlier. The amount of payment shall be based on volume delivered as determined in Rule 150.02. Should the inspector, appointed under Rule 150.12, be unable to supply quantitative results prior to the time established herein for payment of the product, a pro forma payment based on 42,000 U.S. gallons per contract shall be made. Payment adjustments based on actual quantity transferred shall be completed between Clearing Members by 12:00 noon of the first business day after receipt of the telexed Inspector’s report but no later than the third business day after transfer of physical product. Alternatively, buyer and seller may mutually agree to effect payment or adjustment, as otherwise prescribed in this Rule, by federal funds money wire as a substitution for a certified check.
Platinum:
Rule 90.08(G) Delivery Day
The buyer who receives a Notice of Intention to Deliver shall present it before 12:00 noon of the following business day at the office of the seller by whom it was issued with a certified check for the amount payable as shown on the Notice of Intention of Deliver. Upon the receipt of the certified check, the seller shall give the buyer a depository receipt and, unless such receipt was issued pursuant to Rule 90.10(a)(5) or (6), an assay certificate which corresponds to the Notice of Intention of Deliver. The seller must endorse the depository receipt and set forth the date of endorsement. The day the buyer receives the stated documents shall be referred to as the Delivery Day. Alternatively, buyer and seller may mutually agree to effect payment on Delivery Day by federal funds money wire as a substitution for a certified check.
Palladium:
Rule 100.08(G) Delivery Day
The buyer who receives a Notice of Intention to Deliver shall present it before 12:00 noon of the following business day at the office of the seller by whom it was issued with a certified check for the amount payable as shown on the Notice of Intention of Deliver. Upon the receipt of the certified check, the seller shall give the buyer a depository receipt and, unless such receipt was issued pursuant to Rule 100.10(A)(5) or (6), an assay certificate which corresponds to the Notice of Intention of Deliver. The seller must endorse the depository receipt and set forth the date of endorsement. The day the buyer receives the stated documents shall be referred to as the Delivery Day. Alternatively, buyer and seller may mutually agree to effect payment on Delivery Day by federal funds money wire as a substitution for a certified check.
Propane:
Rule 230.14(C) Payment Date
The buyer shall pay the seller at the office of the seller by certified check by 12:00 noon of the second business day following completion of delivery. The amount of payment shall be based on the volume delivered as determined in Rule 230.04. If the seller requires multiple delivery dates, payment for partial delivery shall be required for each portion of product transferred. The seller, upon receipt of payment, shall give the buyer all appropriate documents necessary to transfer ownership of the product to the buyer. Alternatively, buyer and seller may mutually agree to effect payment, as otherwise prescribed by this Rule, by federal funds money wire as a substitution for a certified check.