SOP Exhibits
Title
:
ETS-Offer to Sell
SOP Number :
TS-ES12
Exhibit 3
NATIONAL FOOD AUTHORITY
e-TRADE TRADING SYSTEM
OFFER TO SELL
This is to authorize the NFA to sell my corn stocks deposited at NFA warehouse ___________________ per GC No./s _______________________ at P _________/kg. or higher.
I/We hereby agree to abide by the rules and procedures to be used in matching offers as indicated at the back of this Offer.
This offer is valid until revoked/replaced by the undersigned and supersedes the offer dated ________________________________.
Received by:
________________________________ ____________________________
Name & Signature of Seller
_____________________________ _____________________________
Date & Time Received Telephone Number
_____________________________
________________________________
Date & Time Signed Transaction Code
Copy distribution:
1 - PTC
2 - F/FO
RULES AND PROCEDURES IN MATCHING OFFERS
1.
The PTC shall receive information on interested buyers in Metro Manila which the sellers may view and use as basis for sellers’ asking price. On the other hand, the Manila Trading Center (MTC) shall maintain information update on the available corn deposits and historical and prevailing wholesale prices in Metro Manila and participating source provinces. Through the wide area network ( WAN) of NFA, interested buyers in Metro Manila can buy the posted corn stocks from the participating provinces.
2.
The buyers’ offers shall always be used as the basis for matching. Priority shall be given to the buyer with the highest offered price.
In case price offers are not equally matched, the buyer’s offer shall be matched with the seller offering a lower price closest to the buyer’s offer.
Basis for payment shall be the buyer’s quoted price for the day.
3.
If the choice is between or among sellers offering the same lot quantity and price, the offer with the earliest posting of Offer to Sell shall be matched with the buyer.
4.
In the same manner, if the choice is between or among buyers with the same lot and quantity requirement, the buyer with the earliest posting of Offer to Buy shall be matched to the seller.
5.
The volume/quantity of a buyer or a seller can be matched partially or in full. Offers of buyers/sellers whose volume have not been fully matched shall remain open for trading to the extent of the balance and shall retain their priority ranking under the first come-first serve basis.
6.
The e-TRADE Trading System shall first try to match buyers who posted offers before walk-in buyers are entertained. Walk-in buyers’ offers shall be matched at the last hour of trading and only if the buyer gives a commitment fee and pays in full the total purchase price within 24 hours.
7.
Offers that are matched shall be marked
CLOSED
in the trading boards
.
The MTC shall immediately notify the buyer that his offer has been matched and shall be asked to accomplish the Sales Order (Exhibit 5) and pay the total purchase amount
within twenty-four (24) hours upon notification of the match by the MTC.
If the buyer fails to pay the total purchase amount within 24-hours, the seller’s offer which was matched with his offer shall be re-opened (the mark CLOSED shall be removed from the trading boards). The buyer’s commitment fee shall be forfeited and his offer shall be cancelled/delisted from the trading boards.
8.
Matched sellers’ stocks shall be marked “
SOLD per OR NO. ___
” on the trading boards only if full payment for the stocks has been received. No partial payment shall be allowed. Delisting of sold lots from the Seller’s and Buyer’s Boards shall be effected only after one week after the transaction has been consummated.
This is to acknowledge that I/We have read, understood, and agreed to the above rules and procedures to be used by the NFA in matching offers under the e-TRADE Trading System.
___________________________________ Printed Name and Signature of Seller