PROCEDURE Amendment and termination of contracts
concluded at exchange trading
1. The procedure for amending and terminating the contract concluded at the exchange trading of the RUAPB begins with the initiator of the termination (seller or buyer, or their authorized representative). The initiator of the termination of the contract must send an official letter to the broker, who concluded an agreement with him for the conclusion of this contract, with reasons for cancellation (non-payment of goods on the dates specified in the contract, violation of the delivery time, non-compliance of the goods with quality, etc.). A copy of the letter must be sent to the broker of the other party acting under the contract. Also, it is necessary to provide a certificate from the customs authorities that the goods were not shipped under this contract or a declaration for the shipped goods received by the buyer under this contract.
2. Termination of the contract is carried out only by mutual agreement of the parties.
3. Brokers submit an additional agreement to the contract indicating the reasons for termination. In order to request termination and sign an agreement on termination of a contract, brokers must have such powers enshrined in the assignment agreements. The other party must send its broker a response, an official letter of consent to terminate the contract, or a reasoned refusal to terminate.
4. Only brokers who have concluded a contract have the right to appeal to terminate a contract on the exchange. In special cases, in the absence of a broker for a long time, the client has the right to conclude a service contract for the specified contract with another broker.
5. Brokers who have concluded a contract send an official letter on termination of the contract to the name of the exchange head. The letters are based on the original customer letters, the originals of the contract and cargo customs declarations for the importation of products, the passport of the import transaction (upon conclusion thereof).
6. When using funds, it is also necessary to submit reconciliation statements between the seller and the buyer.
7. After providing a complete set of all documents mentioned above, the RUAPB reviews the materials on the validity of termination of the contract. If a decision is made to terminate the export or import contract, the materials are sent to the State Customs Committee of the Republic of Uzbekistan to make a decision on termination. The term for consideration of the application for termination of the contract and direction to the customs authorities should not exceed 3 working days.
8. The contract is considered officially terminated after the parties have signed an additional agreement to terminate the contract. In case of termination of the export or import contract, the latter is considered terminated only after official confirmation of the additional agreement by the State Customs Committee of the Republic of Uzbekistan, of which the parties are notified.
9. In case of termination of contracts for highly liquid products, the parties to the contract and the exchange follow the procedure for terminating and imposing penalties in accordance with the relevant Provisions for the sale of specific types of highly liquid products
exchange contract, termination of contracts,