The
Maharashtra State Co-Op.
Cotton Growers' Marketing Federation Ltd.
question shall then be reauctioned. If Federation sustains any loss (including penalty and other charges) in resale of such lot/lots, the same shall be recoverable from the defaulter buyer referred above, (besides the registration deposit forfeited) as arrears of Land Revenue under the provisions of Sub-Section (1) and Section 40 of the Maharashtra Raw Cotton (Procurement, Processing and Marketing) Act, 1971.
(c ) When the bidder makes advance payment @ Rs. 100/- per quintal and signs the contract, such advance shall be adjusted proportionately against the sales proceeds recoverable from him.
4. (A) PERIOD
FOR MAKING FULL PAYMENT :
The purchaser shall make full payment for the cotton seed purchased by
him (after adjusting, proportionately, the advance payment already made
by him) within a period of Eight calendar days from the next day of auction
(i.e. excluding auction day).
(B) EXTENSION
IN PAYMENT PERIOD :
In case, the buyer fails to effect full payment as in 4 (A) buyer may
be allowed to effect full payment within the period of 9 to 15 days subject
to a penalty of 11 paise per Rs. 100/- per day. The penalty shall be calculated
on the basis of the balance price payable by the buyer after giving him
credit for the advance payment already made by him.
(C) CONSEQUENCE
OF FAILURE TO MAKE FULL PAYMENT AND TAKE
DELIVERY :
If the buyer having made the advance payment, fails to effect full payment within 15 days from the next day of auction as in 4 (b) and if he wants extension for making payment and delivery, he should submit his request in writing to zonal Manager for extension for payment and delivery. Zonal Manager may consider his request looking to his previous performance as regard making payment/taking delivery and grant extension for not more than 5 days. The penalty for the extended period i.e. 16 to 20 days should be 12 paise per Rs. 100/- per day.
If the purchaser fails to pay balance amount and lift the cotton seed before the time limit as stated in 4 (b) and 4 (c), the registration deposit and advance payment of Rs. 100/- per quintal paid by him shall stand forfeited to the Federation for non compliance of contract and registration of such defaulting buyer shall stand automatically cancelled. The lot/lots inquestion shall be then reauctioned immediately and if Federation sustains any loss, including penalty and other charges, the amount of such losses shall be recoverable from the defaulting buyer (besides the amount of advance payment and registration deposit which are already forfeited) as an arrears of land revenue under the provisions of sub section (1) and section 40 of the Maharashtra Raw Cotton (Procurement, Processing & Marketing) Act, 1971. If Federation makes any profit in such resale, no part thereof nor the amount of registration deposit nor advance payment made by the party, shall be refunded to the defaulting party.
5) (A) SETTLEMENT
OF DISPUTE :
The Federation will not be responsible for deterioration in quality on
account of rains or for any other reasons, after a period of 8 calendar
days from the date of auction. In case of cotton seed which is covered
by tarpaulins or put in
godown or shed, the Federation may, after the expiry of the said period
of 8 days, remove the tarpaulins or take the seed out of the godown or
shed in case of exigency.
