Unless in the context it is explicitly stated otherwise, all words and expressions used herein but not defined, and defined in the following, shall have the meanings respectively assigned to them therein in the following order of priority:
a) Companies Act, 2013
b) Special Terms and Conditions as applicable to specific commodity/commodities and/or contracts
c) General Terms and Conditions of PetEx.
1.1 “APPROVED USER” means the Trading Member or any other person/s appointed by him to use the Trading System with the prior expressed consent of the PetEx
1.2. “AUCTION” refers to a process of sale/purchase online or otherwise, where goods /commodity are offered for sale/purchase by inviting bids from more than one participant.
1.3. “BRANCH OFFICE” in relation to a Trading Member means:
a) any establishment described as a branch and approved by the PetEx.
b) any establishment carrying on either the same or substantially the same activity as that carried on by the head office and approved by the PetEx.
c) any other place, which the PetEx may approve.
1.4. “BUYER” – For the purpose of these General Terms and Conditions, unless the context indicates otherwise, the term Buyer includes the buying Client and buying Member through whom such client trades and denotes the buying Member when he is dealing on his own account as a principal.
1.5. “COMMODITY” shall mean all goods and products including Petroleum, Petrochemicals, Chemicals and all commodities including energy and any other as may be admitted for trading on the PetEx e-market platform.
1.6. “CLIENT” means a person/entity who has been registered with a Member of PetEx for the purpose of trading or transacting on PetEx e-markets platform and/or who trades through such Member on the terms and conditions prescribed by the PetEx and on whose instructions and account, the Member enters into a transaction on the PetEx e-market or does any act in relation/ incidental thereto.
1.7. “CONTINUOUS TRADING” means trading on PetEx electronic platform in permitted commodities with prescribed specifications, throughout the trading hours as announced by the PetEx and in which the matching of orders shall take place online during the trading hours as per process put in place by the PetEx.
1.8. “CONTRACTS/DEALS/TRADE/TRANSACTION” means, unless the context indicates otherwise, a trade, contract or a ready delivery contract relating to buying and selling of commodities admitted to dealings by the PetEx on its platform and which shall be cleared and settled in the manner prescribed by the PetEx.
1.9. “DELIVERY” means delivery of commodity in accordance with the applicable clearing and settlement obligations under, these General Terms and Conditions and/or any Special Terms and Conditions.
1.10. “FINAL SETTLEMENT OBLIGATIONS” means the amounts payable and/or the commodities deliverable by a Member in respect of the transactions concluded on PetEx platform, as determined by PetEx in such time and such manner as may be prescribed from time to time.
1.11. “MEMBER” shall mean all categories of members admitted by the PetEx including Trading Member, Trading Cum Clearing Member, Commodity Participant Member or any kind or category of member as permitted or may be permitted by PetEx.
1.12. “PARTICIPANTS” shall mean and include collectively all the Trading Members, Clients of trading members and persons authorized by trading members. The term includes all the entities involved in the trading activities excluding PetEx.
1.13. “RELEVANT AUTHORITY” shall mean, the Board of PetEx or such other Official/s or committee of persons as may be specified/authorized by the Board from time to time as Relevant Authority for a specified purpose/s. Relevant Authority shall also include any Regulatory authority specifically specified by PetEx as a Relevant Authority for the purpose of these General Terms and Conditions. The Term “PetEx” and “Relevant Authority” has been interchangeably used for desired giving effect to the clauses and shall have the same meaning and should be read in the context applicable unless specified otherwise.
1.14. “SELLER” For the purpose of these General Terms and Conditions unless the context indicates otherwise the term seller includes the selling Client and the selling Trading Member acting as his broker and agent and denotes the selling Trading Member when he is dealing on his own account as a principal.
1.15. “SETTLEMENT CALENDAR” OR “SETTLEMENT SCHEDULE” shall mean the dates and times for settlement of contracts, Pay-in, Pay-out, Delivery and all other obligations and rights of Trading Members in respect of every trade/transaction/Contract. The phrase `Settlement Calendar’ and `Settlement Schedule’ shall have the same meaning and shall be used interchangeably.
1.16. “SETTLEMENT DATE” means the date on which the outstanding obligations in a Trade are required to be settled as provided in these General Terms and Conditions and/or Special Terms and Conditions and/or as may be prescribed by the Relevant Authority.
1.17. “SPECIAL TERMS AND CONDITIONS” means the terms and conditions subject to which any commodity has been offered for trading on PetEx trading platform. The Term Contract note and Special Terms and Conditions are interchangeably used and have the same meaning unless the context requires otherwise.
1.18. “TRADING” for the purpose of these General Terms and Conditions shall mean trading in commodities through automated trading system of PetEx as prescribed by Relevant Authority from time to time and shall include all types of categories of trading including auction trading, continuous trading and others. The term Trading shall also include any other category of dealing with commodities defined as such by Relevant Authority from time to time.
1.19. “TRADING DAY” means days other than Sunday and other than days which are declared as Trading Holidays by the Relevant Authority from time to time.
1.20. “TRADING MEMBER” means the person or entity granted membership of PetEx for the purpose of trading on the Trading System of PetEx on his own account and/or on behalf of his Clients and the term includes all types of entities registered with PetEx as Members of PetEx. The term “Trading Member” and “Member” are interchangeably used in these General Terms and Conditions and should carry the same meaning as defined herein
1.21. “TRADING SYSTEM” refers to automated electronic online Trading System of PetEx as modified from time to time.