© FTN EXPORTING
Trading House of Commodities Worldwide
©FTN Exporting, Established 1988
Founder: Davide Giovanni Papa
International Trade, Finance and Agency Expert Worldwide
E-MAIL General: email@example.com or ftnexporting @yahoo.com
Trading website :www.ftnx.net
Educational website: wwww.smice.net
USCT SPCT TRIBE 2020
TRIBE in various forms as produced by FTN Exporting.
Made in Melbourne, Australia (2001) for Worldwide Use as Created by FTN Exporting ( Est:1988) No phone number provided online as our ability to deal wth large number of in coming calls cannot be sustained.
TRADE RULES FOR INTERNATIONAL BUSINESS AND ENTERPRISES (TRIBE)
USCT: ‘Unified Society of Commodity Traders’ 2015 onwards
SPCT: Society of Professional Commodity Trader
The PIA is now the PCT (Professional Commodity Trader )
International Sourcing Specialist (ISS) replaces past term ‘PSI' or ‘SI’
Primary Agent (PA) replaces the term Primary Intermediary (PI)
First released 2002 as URITI and later URPIB.
Edited: 2nd February 2019
Edited and Updated: 1st July 2019
Amended: January 6, 2021
TRIBE 2020 PRACTITIONER
Copyright: FTN Exporting Australia 2019-2020
The copy of these TRIBE rules may only be served by a PCT or Registered / Confirmed USCT member, to other USCT like minded string members. In the latest refinements made to the rules, the term ‘Entrepreneur’ is removed conjoined with the term ‘Enterprise’ to ensure a more appropriate business and professional reference is served. A SPCT member is a commodity trader acting as Principal able to do business with another SPCT member. FTN Exporting is a SPCT member. It is represented by the FTN Exchange. https://www.ftnx.net accordingly the ‘FTNX’ is the home base of all registered SPCT members.Only very proficient member may represent the FTNX or trade on their own deals in their own name.A USCT member is a ISS acting with other ISS informed members in the form of a peer to peer network. A USCT member although highly informed is not yet prepared to act as principal in its own name, and will often need another more experienced trader to close on a live deals created by the USCT member or group headed by a USCT member. When one USCT member in a string is able to connect with a SPCT trader, on an active deal for closing, such a deal is protected by the SPCT Member heading and controlling the string. TRIBE Rules of Association is offered freely as an unrestricted PDF download for PCT’s, end buyers and suppliers worldwide to scrutinise and understand that all Professional Commodity Traders who have been supported and endorsed by FTN Exporting and are now trading in their own name as highly informed specialists who adhere to these strict set of in-house rules, when declaring their USCT or SPCT status. USCT status is not inferring an attachment to FTN Exporting but is informing other principals that the entity they are dealing with is informed.The terms ‘ill informed’ defines a person has not studied our doctrine of trade also known as an ‘outsider.’ While and outsider can conjoin with USCT group they cannot be introduced business initiated being by directly a SPCT member. From 2005 to May 2019 the emphasis from the perspective of the governing body FTN Exporting was to, in the first instance lend support and promote a new emerging class of novice uniformed commodity traders, to become informed, while attempting to propagate the virtues of The FTN Exporting Doctrine of Trade (FEDT) worldwide as ‘International Sourcing Specialists’ (ISS) from which, experienced and highly informed PCT’s would emerge. FTNX has spend a great deal of time in assisting novice traders break into the market place. This achievement has been completed to reasonable degree as the FEDT is becoming a mainstream application amongst such traders, suppliers and end buyers. In 2019 it has become apparent that a shortage of PCT’s may grow in coming years, as not enough ISS have gone through the required transitional process to hold position as a PCT, as this is the entity that is able to trade on their own, or at time on merit, consider submission made by informed others, such as the growing number of ISS who are not ready to take up the PCT aspect. There is no market place for ‘uniformed intermediaries,’ never has been. Maintaining and holding the position of an informed ISS alone was never the objective of the doctrine as everyone had to become a Buyer/Seller (PCT) eventually – or they would simply ‘fade away.’ A limited business potential existed for an informed ISS to become attached to an informed PCT prepared to act all the way in closing a deal, but such ‘attachments’ are mostly short lived and reserved for highly proficient ISS. The ISS who does not take up position of PCT could seek employment as ‘Broker acting for disclosed principal’ or the related employment opportunities pertaining to Agency however in the majority of cases ISS do not want to take up paid employment with others and would prefer to remain in the ISS position longer in a hope to eventually become a PCT, as such, for this aspect to prevail, more PCT’s will be needed who are prepared to attach ISS members for short periods of time strictly on merit.FTN Exporting cannot attach the many ISS members at the same time, as the numbers are too high for any one entity to control effectively.
From May 2019, FTNX focus will be applied on the trading aspect of the PCT, as not enough applicants are going through the ISS to PCT transitional process in a reasonable amount of time. New applicants coming on board in the future will need to take up the study and trading aspect in the first instance as a PCT in where matters of string deals are relegated to second place as we guide the PCT aspect while trading ‘just like any other PCT.’ FTN Exporting will set focus of dealing with entities trading as a PCT by name, in an effort to establish this aspect of business at a much faster pace. This was the scope from day one as it pertains to the doctrine and as inferred by these rules, which accommodate to signify that everyone is a ‘PCT’ applying the orthodox trading aspect in the first instance, in where those who are not actually ready to close contract ‘in their own name’ can have another PCT to consider the deal, in where one party or person with supplier ‘in hand’ is able to ‘step back’ to ‘surrender’ the deal to another PCT able to close to contract stage, where the PCT ‘surrendering’ the deal is able to fall back upon the in-house rules pertaining to the required ‘stepping back’ procedures, as an ISS finding its place among the protected string, while the deal is in force. In the past mentored and supported applicant where part of the FTN Exporting string as part of the educational process, where applicant would learn to break away over time to hold the PCT status ‘at their own pace.’ This educational aspect is not longer available. Our presence in the market place acting as a PCT, will now serve added insight to emerging PCT’s in showing such entities by example, and not via ‘lessons’ that the PCT aspect is not a difficult aspect to apply or learn once some experience is in hand, in where FTNX can ‘still’ oversee proceedings accordingly as ‘the leading PCT amongst other PCT’s.’ An ISS calling themselves a PCT but not acting as one, can only make the attempt to present their offerings as an ISS to any another PCT prepared to do the closing, strictly on merit, is the new educational aspect being served from 2020, in accordance with TRIBE Rules of Association (TRA)
1st Edition, Released: 4th November 2002 (as URITI)
The name ‘URPIB’ became apparent in 2005 up to 2016 (now outdated).
The name TRIBE now resets these rules for the next 10 years or more except for minor changes
TRIBE: First Beta Draft Release : 6 December 2016
Editing, Grammar / Spelling checks are ongoing in 2019-2020.
Trivial mistakes and obvious errors do not apply;
Rules come into provisional effect when posted.
Part (1) Revision Beta released :1 May 2020
Effective Date:1 May 2020
Second Revision:4th July 2019
TRIBE: A distinctive or close-knit group headed by ONE leader.
With kind thanks for the assistance served by Mr James Guard (SPCT No. 0007) USA, in editing the original base version.
TRIBE Article 1, § 1-43
General Initial Aspects and Definitions
- An informed ‘Private Commodity Trader’ (PCT), may also be defined as a ‘Seller’, ‘Buyer’ or 'Buyer and Seller' and or ‘Principal’, in the ‘united’ form, when such an entity is ‘acting’ for another ‘undisclosed Principal’ such as an End Buyer or Supplier when trading alone, or when in charge of a formed ‘string,’ being headed by a nominated ‘P.A,’ as nominated by the ‘PCT.’
- The ‘P.A,’ is defined as being as ‘Primary Agent,’ of the ‘PCT,’ when ‘surrendering’ a potential business proposition to the PCT for closing.
- A P.A status may also be nominated only by a ‘PCT,’ serving support to a ‘string deal’ in where one member in the string with skill and abilities is taking up the position of ‘P.A’ when working on such a deal with the ‘PCT’ acting to close on the same deal.
- A ‘P.A’ who has not studied a legitimate ‘FTNX Doctrine of Trade’, cannot be nominated holding place as a ‘P.A.’
- The word ‘informed’ here means ‘one who has studied legitimate and valid’ material produced by FTN Exporting (FTNX) defined as the ‘FTNX Doctrine of Trade.’
- The term ‘legitimate’ expressed in this paragraph means,’ as acquired from FTN Exporting directly.’
- When informed an entity soliciting end buyers or/and sourcing products while is an active string carries title as an ‘International Trade Specialist’ or ‘Specialists,’ when specified under the single acronym of ‘ISS’ as relevant, when applied under these rules.
- Under TRIBE Rules of Association (TRA), an informed trader or ‘PCT’ as well as the ‘P.A’ and member of any string supported by the P.A, may depend on these rules and apply the virtues of such, up to a level which support the study taken.
- All members trading under the verifiable aspects of a legitimately acquired ‘USCT’ logo, as made apparent in correspondence and e-mails served by the member, agree to abide by these rules and the relevant aspects of FTNX Doctrine of Trade procedures, supporting these rules, unconditionally, when attached in a ‘string,’ headed by a P.A who is turn is attached to an informed PCT.
- Those who are not informed can only be associated wth USCT member string, if a USCT member within such a string endorses the outsider participation, due to the potential of business being created.
- The ‘PCT’ shall recognised all members attached to the nominated P.A.
- All ‘ISS’ members whether attached or not are encouraged to study these rules, before becoming a part of a ‘peer to peer’ trading group as headed by a ‘PCT.’
- An ‘ISS,’ member as prescribed herein, are all defined entities who carry such title, once they are involved in a deal being headed by an informed ‘PCT.’ Such entities are gaining practice and experience, so as to be able, one day, hold title as PCT in their own name in ‘due course.’
- All ISS members when sourcing and trading for an attached PCT must act in their own name as a PCT in where the ISS or P.A in house status is only apparent when a string is in effect as supported by a PCT prepared to close on an active transaction on behalf of the string.
- A PCT may intermittently use the services of an informed ISS, at its discretions based on merit, as used in a pending trade or related business deal as initiated on merit. A PCT may at the same time also conduct business on its own deal alone, as a buyer/seller and PCT
- In ‘due course’ has meaning under context it applied. A PCT using the services of an ISS, in continuous form, shall do soon a deals to deals basis an in where long term attachment while allowable, is now discouraged, except for ISS showing exceptional sourcing skills.
- An ISS once detached from an active deal headed by a PCT may always search for and secure another PCT to act for.
- An ISS member once attached may not use the name, or trading name of the ‘PCT,’ when soliciting end buyer or securing end buyers unless permission to do so has been conferred by the ‘P.A.’ in writing, as it related to the nature of business being attempted at any given time. The name of the P.A-PCT and not the actual PCT heading the deal is inferred.
- Once permission is conferred to an ISS member to use the trading name identifying a ‘PCT,’ it is attached with on a live deals, such is not ‘permission’ entitling the ISS to continue using such a name , once the initial nature of businesses is over; accordingly the use of such a name is not transferrable to another self initiated ongoing business aspect.
- The use of the ‘name,’ may only apply while the member is part of an active string.
- It is a dishonourable act for an ISS to clem to be representing a PCT when no such attachment is in place.
- An ISS member string position is automatically ‘dissolved,’ form an active string once the initial business it has brought to the attention of the PCT is not longer apparent; and is reinstated each time as more business is presented. A ‘ISS’ act as a ‘PCT’ when not attached to a PCT offering support to close a deal.
- In all cases the initial period of this intermitted ‘relationship’ with the PCT shall not extend for longer than 2 months any given live transition taking place , unless extension is served by the PCT heading the string or supporting an ‘ISS.’
- Therefore anyone trading in commodities in support of these rules and the FTNX doctrine of trade shall do so as a USCT endorsed PCT whether or not the ‘PCT’ is doing the closing.
- A ‘PCT’ at all times conducts business, ‘on behalf of undisclosed principals’, meaning; the Supplier or entity in ‘Possession’ of export ready goods being offered, and /or End Buyer taking ‘Possession’ of goods as ordered, being purchased from the ‘PCT.’
- The PCT is not obligated in allowing anyone to use its name unless permission in expressed form is apparent as per document served or email entry.
- Anyone who is conducting commercial business, personally applied between two other ‘Principals’, is also defined in the general term to be a ‘Principal’, when ‘net profits’ and ‘net gains’ are being sought.
- This type of ‘PCT’ and Principal is defined in the ‘united’ form as a ‘Buyer/Seller’ of commodities.
- All other PCT’s regardless of status attached to the PCT heading the deal earn a commission payment for services rendered, but only if the PCT has earned a gross profit, from the same deal, from where the commission payment shall be drawn from to pay attached string members.
- An informed ‘Buyer/Seller’, when acting as a ‘Seller’, to end buyer on this side of a live deal is the strongest entity of any pending transaction.
- Next comes the nominated P.A acting on the same side.then comes the ISS members on the same string. Outsiders in an active string are served the final consideration.
- No buy/sell transaction can be commence by a ‘PCT’ unless goods from a supplier have first been secured or assured, in expressed form. Not exception to this premise rules is allowed.
- No string member for one side of a deal may confer with string member on the other side of the deal , in effect by passing the PCT heading the deals , while an active deals in in place.
- An ‘ISS’ member, more so those assigned a USCT number, should avoid attaching themselves to an ill informed ‘PCT’ claiming to be a buyer or seller.
- A ‘Person’ claiming to a ‘PCT’ or any ‘ISS’ they encounter, that such is acting for a ‘Disclosed Principal’, must ‘disclose’ such a ‘Principal’ upfront at the ‘start’ of the ‘Transaction’, including anyone claiming ‘Mandate-ship’ status. Failing to declare as much, defines that no transaction may commence, and no consideration given to the ‘Outsider’ to join a valid string and test what is being offered.
- Race, creed, lore, custom, political affiliation, gender or religious beliefs, play NO part with the ‘nature of business’ being ‘enacted upon’ and that; ‘racial prejudice’ or any ‘assertions’ based on ‘prejudicial’ matters shall NOT be ‘entertained’, nor ‘tolerated’, by any ‘Principal’ or by those ‘attached’ to such.
- Matters of ‘embargo’ or ‘Sanctions’ are matters of ‘Government and politics’ and not of ‘individuals’, in where matters for ‘Government’ in a ‘repressed regime’, are NOT matters ‘related’ to ‘individuals’ trading from such countries is the assumption.
- In where an informed ‘PCT, with ‘good intent’, is ‘trading’ from a Country where ‘embargo’ or ‘sanctions’ apply, such ‘secures goods’ from one Country where ‘no sanctions /embargo applies’, for ‘selling’ to another where ‘no sanctions / embargo applies’, such may ‘seek protection’ under these ‘Rules’ and may be ‘attached’ to a principal acting as an informed ‘Buyer/Seller’ enacting and adhering to these Rules
- The ‘Principal’ and ‘PCT’ of a ‘string Contract’ shall, at all times, ‘protect’ the ‘lawful interests’ of any ‘person’ they are ‘involved’ with ‘unconditionally’, in where such is providing, or has provided ‘valuable information’ which leads to the ‘closing’ of a successful ‘Transaction’.
- The ‘Principal’ of a ‘string Contract’ shall NOT enter into ‘unlawful business Transactions’. A deal entered into illegally has no support of these Rules or Doctrine of Trade.
- No PCT who has been noted by other PCT to be acting dishonourably and or in contrary to these rules and or FTNX doctrine of trade, who has be placed on the FTNX Banned For Life registry (BFL) may enact with a standing USCT TRIBE practitioner is a PCT headed transactions.
- No PCT who has attained an adverse rating of 7.5 or less from a score of 10, may transacted in a USCT TRIBE initiated string deal.
- The entity governing the rules is FTNExporting is also a PCT when trading; in where these rules apply accordingly, in where only FTN Exporting may break a rule in refining aspect of such rules or when experimenting with new initiatives. Whether or not a string deal in place.No other PCT has this discretion.
TRIBE Article 2, § 1-39
Parties to a ‘String’ Contract
- A ‘String Contract’ is defined as a ‘party of like minded entities’, enacting in a ‘group’ situation, as a whole, in the nature of business of ‘buying and selling goods, or related services’, for ‘gains’ or ‘commissions’, in where one ‘side’ of a deal commences with a ‘Supplier in possession of goods’, or services, and ends with an ‘End Buyer’ willing to ‘buy and take possession of such goods’, or acceptable services.
- All ‘Transactions’ involving a ‘String Contract’ must have 3 (three) ‘Principals’ apparent. The ‘Supplier’ the ‘Buyer/Seller’ (PCT) and the ‘End Buyer.’This unique trading group is defined as an ‘In Trinity’ business application and is considered the best application to apply
- The term ‘In Trinity’ is specific in ‘meaning’ that even though 3 (three) said ‘Principals’ to a ‘Contract’ may prevail, as it pertains to the commercial aspects of business application being applied, in where the ‘meeting of minds’ of the ‘transacting party’ has led to a ‘Contract Forming’ and ‘Signing’, and in where each said ‘Principal’ to the contract, is treated as an ‘independent’ entity.
- Each independent entity intertwined in one single business transaction, in part bears a share of ‘personal liabilities’ and ‘obligations’ to the nature of business being applied, including ‘bearing fiduciary’ or ‘legal consequences’ of their own ‘actions’.
- An entity ‘paying for’ and ‘accepting possession of goods’ or services being ‘ordered’, is defined as an ‘End Buyer’ and a 'Principal’.(In Trinity)
- An entity ‘paying for’ but not ‘obtaining possession of goods’ being ‘ordered’, is defined as an ‘PCT or ‘Buyer/Seller’ and a 'Principal’.(In Trinity)
- An entity ‘accepting payment’ and ‘offering goods its owns’ as ‘sourced’ is defined as an ‘Supplier’ and a 'Principal'. (In Trinity)
- The ‘PCT’ is ‘Conveyancing’ a transaction; its skill in doing so is apparent when enacting ‘In Trinity’ or in a stringily the way to the final deed and contract.
- A ‘Supplier’ offering ‘export ready’ goods ‘in possession’ of such, or an entity who is providing ‘expert services’ for ‘payment’ of such ‘services’, is also defined as being a 'Principal'.
- If the Supplier is officially using a ‘Tenured’ Agent or Broker, then this entity shall be treated, as one would a ‘Supplier’ but not a Principal.
- ‘Export ready’ specifically means: a ‘Supplier in Possession’ of ‘clean goods’ as owner of such goods, and the property in them, being offered, in where such is ‘Ready, Willing and Financially Able’ (RWA) to ‘export’ such goods.
- The term ‘Clean’ shall refer to mean: in ‘good condition as ordered’ as it physically applies to actual goods.
- The terms ‘Clean’ shall also refer to mean ‘Clean’ production of transport documents, as sighted by the confirming bank or banking issuing a credit, in where no ambiguity or alterations are present, as presented for ‘at sight’ inspection, not in contrary to the terms of the financial instrument supporting the initial transaction.
- The terms ‘at sight’ simply refers to mean that the issuing or confirming bank handling the transport documents, will examine such documents ‘at sight’ in accordance with the terms and conditions of the financial instrument supporting such.
- An ‘ISS’ or ‘P.A’ holding position in an appropriate ‘String’ is NOT ‘allowed’ to be a ‘Signatory’ of a ‘Contract’.
- The principal shall not accept an ‘Offer, Assurance of Supply’ or contract unless its signed by another principal.
- The ‘nature of business’ being ‘enacted’ upon, is ‘independent’ to the ‘obligations’ and ‘responsibilities’ of each ‘Principal’ to the ‘Contract’, as it pertains to ‘performance’.
- Any entity using the name of the ‘Principal’ to obtain a ‘favourable’ position in a ‘Transaction’, for their ‘own private benefit’ is ‘acting dishonourably’.
TRIBE Article 3, § 1-22
Position of the Informed PCT
- An informed ‘PCT’ and ‘Principal of Agency’, as well as all those providing ‘support’ or services to such, no matter the ‘nature’ of Agency type of business apparent, is one who has studied the said FTNX ‘Doctrine of Trade’ intently and has agreed to ‘conduct’ business under the auspices of such a ‘Doctrine’, in where such also ‘supports’ the application of these ‘Rules’ in the course of business they are plying and procedures attached to such, at any current period of time.
- It is the onus of the ‘Principal’(PCT) to try and establish matters of safe and proper basic trading procedures, as specified in the ‘FTNX Doctrine of Trade’, as per a current authentically acquired copy held, when dealing with an End Buyer or Supplier, whether one is trading on the ‘Basic’ but formal aspect, or trading and conducting business in the ‘Advanced’ aspect.
- A ‘Supplier’ and/or ‘End Buyer’ is NOT ‘bound’ by these ‘Rules’, but may be ‘ostensibly bound’ by such ‘Rules’ by default, due to the ‘nature’ of business being enacted upon and the Doctrine held in part of fully.
- An ‘PCT’ purchases ‘Documentary Title’ to the goods as offered by a ‘Supplier’ and sells such ‘Documentary Title’ to his own client, the ‘End Buyer’, so such may ‘obtain possession’ of such goods when ‘physical delivery’ occurs.
- A ‘PCT’ does NOT conduct business on the ‘physical attributes’ of ‘goods’ being ‘purchased’ or ‘sold’.
- Where the ‘Buyer/Seller’(PCT) is advising his immediate ‘Primary Agent’ (PA), the ‘Agent’ is ‘responsible’ for advising ALL other ‘ISS’ accordingly, on the ‘side’ of any formed or yet to form ‘Transaction’.
- Outsiders and ill-informed traders may ONLY become ‘attached’ to a ‘group’ and ONLY for the ‘deal in hand’ being considered, If ‘information’ provided is deemed ‘viable’ and in where the ‘Outsider’ is prepared to follow directions served by the P.A and ‘Step Back’ while doing so.
- A PCT inviting an outsider to participate in a string transaction is vouching for the outsider, and bears responsibilities of the outsider and consequences therein.
- The term ‘Stepping Back’ is a technical term in where the ‘PCT’ following the FTNX Doctrine and ‘TRIBE’ agrees to ‘Step Back’ and allows another PCT to whom he or she is attached with, heading a string; to examine and test the enquiry brought before it.
- No actual ‘Stepping Back’ in the physical form occurs and that the application is applied ‘In Spirit.’All participants to a deal remain privy to the deal until its final conclusion.
- There ‘CANNOT’ be one ‘Buyer’ and another ‘Seller’ acting upon the whole active string.
- Two entities holding ‘Buyer/Seller’ (PCT) status CANNOT trade with each other in a string , unless one party ‘steps back’ to the other.
- The entity NOT holding supply ‘steps back’ to the entity who does (at their ‘discretion’ to accept the ‘stepping back’ process; no other option exists.)
- The ‘Seller’ (PCT) holding supply does NOT ‘Step Back’ to anyone and may assert its position to ‘force’ upon another, located on both sides in his string, including and entity holding the ‘End Buyer.’
- The same ‘Seller’ acting on his side, or as ‘Buyer’ acting on the other side of the ‘Fence’, cannot be forced to enact on a deal, or be dictated to, about procedures of Doctrine and or ‘TRIBE’ Rules, by an active ISS member, End Buyer or Supplier.
- The ‘Primary Rule’ amongst all others, when ‘Confusion’ is apparent on the matter of ‘Status’, such is settled once the entity ‘Holding Supply’ is ‘identified’ and ‘declared’.
- The entity ‘Holding Supply’, may or may not be the actual person securing supply, but is specifically, the person ’sitting on the fence line’ heading the deal and is prepared to bear ‘ legal liabilities and consequences in doing so on both sides of the fence.
- Poorly informed or ‘flawed’ terms often seen used by ‘ill informed Intermediaries’ and string deals’, such as; amongst others–‘LOI, RWA, ICPO, NCNDA, BCL, POP, PB, MPA, SLC, MT 103,799, SWIFT etc.etc, ASWP’ and variants of such, are NOT ‘entertained’ by a practitioner of the FTNX ‘Doctrine of Trade’ or these Rules. Such entities must not intentionally be allowed to form a string with a ‘PCT’ or ‘ISS’ already attached.
- In where a ‘Combination’ of flawed ‘Procedures’ are acceptable the ‘PCT’ considering such may attempt to ‘rectify’ the flawed part of any ‘Offer’ made, before proceeding upon the course of the looming ‘Transaction’, but ONLY in where the ‘majority’ of information has been ‘advised correctly’ in the first instance.
- Simple, apparent and obvious’ matters of ‘mistakes’ are ‘dismissed’ as such, once ‘corrected’.
- An ‘ISS’ once attached to a ‘PCT’, and after attachment is over, shall NOT give or disclose any information, trading insights, or advice, to anyone else, including those conjoined in a string.
- Any information passed to one ‘ISS’ member, whether verbal or in expressed form, is not information to be shared with other ISS members in the same string or ‘Outsiders.’
- This is an important rule that must no be broken. The ‘PCT’ acts for the whole group attached, and personally with each member in his group may be assumed from the start. It is a dishonourable act to breach this rule.
- Each member in a string must report an issue, or matters of procedures, or trading matter /directives not understood, to the ‘PA’ representing such, or directly to the ‘PCT’ heading the group if no ‘PA’ is apparent.
TRIBE Article 4, § 1-47
- An 'informed' entity who has become a ‘specialist’ in sourcing ‘End Buyers’ and/or ‘Suppliers’, as per the ‘FTNX Doctrine’, is said to be an ‘Informed Sourcing Specialist’ (ISS) when acting in a live string and PCT when acting alone. A nominated P.A is both a sourcing specialist and a string management specialist.
- A ‘PCT’ not prepared to take up the mantle of a ‘controlling’ middle ‘Buyer/Seller’, and ‘Principal’ or trades without the ‘protection’ and ‘guidance’ of a middle controlling, trusted ‘Buyer/Seller’, as per these ‘Rules’, should NOT be trading in commodities or related business, unless they are prepared to act on the transaction until failure or success is apparent, or is prepared to surrender a transaction to another PCT prepared to consider and accept such .
- Surrounding inters to a PCT who is sourcing suppliers and who secures a supplier but is not yet ready to close a potential deals a PCT.
- Upon surrounding a deal via an ‘OTS’ the orthodox deal, reverts to a in-house protected deal in where the person surrendering supplier which is accepted, becomes the P.A in the deal or active string in place.
- A PCT cannot source products if it is not prepared to close on such a deals or does not have a PCT secured to surrender such a deal to.
- A ‘PCT’ may ‘confer’ with other ‘like-minded peers’ in securing information about the ‘honourable status’ of ‘Principal’ they are intending to seek ‘attachment’ with and who will be closing a deal to contract stage and ultimately protecting and paying out on commission payments.
- A ‘Buyer/Seller’ shall NOT ‘attempt’ to trade on his ‘own’, once ‘accepting’ information from another ‘PCT.’ Such is a dishonourable act.
- A PCT who accepts information from another PCT must not and cannot use such information personally at a later time without involving the PCT who served such information in the first place.
- A ‘PCT’ or anyone else attached to string including active or inactive ‘P.A’ or ‘ISS’ where a deal has closed and ‘Commission’ was paid out; must not convey in any manner, that they have closed, or were part of a string which closed an export import or related transaction, whether in jest or if true.
- Any disclosures about these matters, including the sum of commission earned by an attached person, is highly classified and confidential information.
- The ‘PCT’ if asked to verify such information, must totally deny and refute all such claims made as being private and confidential.
- It is a dishonourable act to breach matters advised in confidence, and a breach contract confidentiality, pertaining to the closed as well.
- Any e-mail advised by the ‘PCT’ giving a ‘positive reply’ to an ‘enquiry’ of a ‘PCT’, implying or advising directly that an ‘attachment’ is in place, shall ‘ensure’ that ‘good and honourable intention’ apply at all times, and that ‘above all else’, the ‘Principal’ shall ‘ensure’ that the ‘interests’ of the ‘temporary’, or ‘fully attached ‘ISS’, is ‘protected’ at all times.
- Accepting ‘viable advice’ of a ‘PCT come ISS’, whether such is ‘informed or not’, is an ‘acceptance of attachment’ for only the nature of ‘business in hand’ or yet to be ‘formed’.
- It is preferred and prudent to avoid transactions offered by ill informed others and ‘outsiders’ unless it has intently passed the ‘Due Diligence’ test.
- Any e-mail correspondence giving advice or assistance provided to an ‘PCT’, after first contact is made, in where the ‘Principal’ has indicated an ‘interest’ to the enquiry being made, is ‘prima facie’ evidence that ‘attachment’ and ‘IPG (Irrevocable Payment Guarantee) Protocol’ is in ‘force’ for the Transaction that ‘may eventuate’ from this interaction, once ‘valuable, worthy and viable’ information has been released to the ‘Principal’.
- Any e-mail giving advice, as provided by or to a standing attached ‘ISS’, in the first instance, or anyone else in the second instance, whether a deal is formed or not, after first contact is made, in where the ‘Principal’ declares to indicate ‘no interest’ in said inquiry, is a ‘rejection’ of the inquiry and of ‘automatic attachment’ as it pertains to the relevant ‘inquiry’ made at that time, even if ‘valuable’ information is submitted after such a ‘rejection’ has taken place.
- ‘Silence’ of reply by a ‘Principal’, to a ‘PCT come ISS’ making an e-mail inquiry, is ‘rejection’ of the inquiry.
- ‘Idle’ chatting on ‘general’ matters about ‘attachment’, or other ‘related’ matters of trade, is NOT considered an ‘attachment’.
- In case of any misfortune, in where the ‘ISS’ has suffered a ‘loss of life’, when ‘commission payment(s)’ were ‘due and payable’, such ‘commission(s)’ shall be ‘paid’ to the ‘nearest, living relative’ who is ‘aware’ of such ‘due payment(s)’ and has ‘lodged a claim’ accordingly, shall be ‘paid’ accordingly, once ‘due diligence’ confirms the status of the claimant ‘unambiguously’ as being ‘true and correct’.
- The ‘promise’ to ‘pay commission(s)’ is NOT a ‘supporting premise’ to the idea that once such commission is ‘earned’, such commission will be ‘paid’. All such promises supporting an IPG made, whether stipulated or not is conditionally endorsed on the aspect that a deal being enacted upon by a string member, has closed and that the principal has made a gross profit.
- A PCT closing a deal shall first pay a lump sum to the ‘P.A’ managing a string, so such can pay assigned commission payments to all string members entitled to such a payment.In effect the PCT is ‘supervising’, payments unless the pCT heading the deals personally bear such obligations.
TRIBE Article 5, § 1-8
1.‘Mandated Entity’: A person who holds ‘special permission’, ‘verifiable’ by ‘written authority’ to act on ‘behalf of a Principal’ and who has offered ‘proof’ of claimed ‘Mandate-ship’ on ‘request’, to anyone ‘transacting’ in a ‘string Contract’ who is attached to such a ‘Principal’, usually where no m payment of commission is involved.
2.An official ‘Mandated Agent’ obtains their ‘own commission(s)’ from their respective ‘Principal’, and has NO part or share in ‘ISS’ protected commission payments.
3.A ‘genuine Mandate holder’ does NOT ask for ‘payment’ of goods with a ‘transferable financial instrument’ and must be prepared to accept only a ‘restricted financial instrument’.
4.A person holding the position in a ‘string Contract’ next to the ‘End Buyer’, and/or ‘Supplier’, is NOT a ‘Mandate holder’ to that ‘End Buyer’ or ‘Supplier’ simply by ‘virtue’ of the position he, or she, holds in the ‘string Contract’, unless such holds ‘written documentation’ which ‘verifies’ his or her ‘Mandate-ship’, which in turn ‘confirms’ his or her ‘authority’ in being able to ‘sell or buy goods’ on behalf of such said named ‘disclosed Principal’, ‘offering’ goods.
5.‘Delegatus non Potest Delegare’, FTNX Doctrine applied maxim therein,’ declares to mean, amongst other things: A ‘Mandated Agent or Broker ‘CANNOT’ ‘mandate’ another ‘entity ’ to do his ‘bidding’ and/or ‘work’, unless the Principal authorises such in expressed written form.
6.A person, once a ‘Mandated position’ is ascertained as being true, is ‘acting’ on behalf of a ‘disclosed Principal Supplier’ or ‘End Buyer’, and as such is ‘treated’ as a ‘Principal’ until the actual ‘Principal’ takes over the position of its ‘Agent or Broker’ at contract signing time.
7.Being ‘ignorant’ of these ‘Rules’, or of the ‘Doctrine’ it supports, is NO ‘excuse’ for an ‘ISS’ to ‘act’ in an ‘unacceptable manner’, that such ought to have ‘known’ to be an ‘unacceptable manner’.
8.These ‘TRA,’ no longer recognise the position defined as ‘Mandated Entity’ and that once such a ‘rarely’ found position is legitimately identified, the person holding such a position shall be defined as being a ‘Broker Acting for a Disclosed Principal’, in where; if the same person will also be at the port of loading or port of unloading, then such a person shall be deemed to be an ‘Agent acting for a disclosed Principal.’
9.A PCT must not sign ‘registration’ type forms or accept to sign any forms with a supplier as a condition of doing business, as a PCT is not an end user but a buyer to the supplier in where in this situation , the PCT would be required to hand over sensitive information, on a deal that they would not quality for in the first place. This aspect and perspective also applies when dealing with a end buyer
10. A PCT must not in any circumstance disclose to supplier the end buyer or end buyer to supplier as the basis of doing business until the financial instrument from the end buyer has been secure and accepted.
TRIBE Article 6, § 1-25
- A ‘Principal /Buyer/Seller’ needs only to ‘declare’ his/her status on ‘formal’ stationary/letterhead to show the ‘intent’ of the ‘trader’s position’.
- The ‘Buyer/Seller’ must NOT ‘disclose’ his ‘End Buyer’ to ‘Supplier’,or visa versa in any ‘Transaction’, before any ‘Financial Instrument’ has been ‘accePCTd’.
- If above said disclosure are to be made legitimately apparent, then it’s the ‘PCT’ who is responsible for releasing such, as prescribed in the Doctrine held and in the Rules.
- The ‘disclosure’ of any ‘End Buyer’ or ‘Supplier’, to each other when associated in a string or to their ‘competitors’, so as to seek or obtain an better price, is NOT ‘allowed’ under any circumstances.
- If the ‘closing’ of a ‘deal’ is apparent, ‘no party’ in the said the ‘deal’ is ‘allowed to disclose’ such dealings or parties to such ‘deal’, to those ‘not involved’ in such a ‘deal’, on the ‘side’ on the deal apparent, and must ensure that all such matters remain ‘strictly confidential’ at all times.
- In every case, the ‘Buyer/Seller’ must NOT disclose the ‘Principal’ on the ‘sell side’ of the deal to the ‘other side’ of the ‘deal’, as it relates to a ‘string Contract’ part of the process and to each ‘Principal’ privy to the ‘Contract’.
- The ‘Buyer/Seller’ bears consequence for revealing another ‘Principal’, held in trust, which leads to ‘circumvention’ of any ‘PCT-ISS’ in the group he is ‘heading and protecting’.This is deemed as a dishonourable act.
- Any ‘PCT-ISS’, attached to a PCT’ also ‘bears consequence’ for ‘revealing’ another ‘Principal’ or ‘matters’ of the ‘deal’ being enacted upon, within a ‘string Contract’, which leads to ‘circumvention’ of anyone in the group he or she is a ‘part’ of. This is deemed as a dishonourable act.
- If it is ‘later discovered’ that a ‘ISS’ has ‘disclosed information’ to another ‘party’, once such ‘disclosure’ is given ‘in trust’ of an ‘informed Principal’, the ‘Principal’ has the ‘right’ to NOT ‘pay’ ANY ‘commission(s)’ to the ‘dishonourable trader’ should a ‘Transaction’ later close.
- A ‘forfeiture application’ in where ‘payment’ of a ‘deposit’, as ‘issued ’ by the ‘End Buyer in return for ‘early disclosure’ of ‘evidence of supply’, in where such a ‘deposit’ is ‘lost and collected’ by the Principal for ‘breach of Contract’ situation, is NOT ‘defined’ as a ‘commission payment’ nor ‘earnings’, or gross profit and may not be ‘shared’ with others in a standing ‘String Contract.’
TRIBE Article 7, § 1-21
Right to Sell
1.The ‘Principal and PCT’ will observe and be ‘governed’ by the ‘Laws’ of their ‘domiciled’ Country or the Country from which they are ‘trading’ – whichever is applicable.
2.‘Ignorance’ of the ‘domestic Law’ is NO ‘defence’ to the ‘Actions’ of the ‘PCT.’;
3.An ‘ISS’ members CANNOT be ‘held responsible’ for their ‘actions’, in relation to the ‘matters’ of ‘Domestic Laws’, as long as they were ‘Acting Under Instructions’ from their ‘Principal’ at that time’.
4.It is the ‘duty’ of ‘PCT’ to ‘act’ within the ‘realm’ of ‘International Trade Laws and Rules’ and not ‘attempt’ in such a realm to ‘apply excuses’ or place blame on an ‘ISS’ who was following instructions served by the ‘PCT.’
5.‘Domicile Laws’ take ‘precedence’ over ‘International Trade Rules and Laws’ if ‘local laws’ do NOT ‘allow’ for, in effect, a ‘PCT’ in their own country to ‘Solicit Suppliers’ or ‘End Buyers’, in where ‘Disclosed Information’ pertaining to any disclosures made of a ‘Supplier’ or ‘End Buyer’ shall be ‘passed’ to a ‘Buyer/Seller’ outside the jurisdiction of local Laws, in particular, and much more so, if ‘UCP Banking Rules’ and / or ‘Incoterms Delivery Rules’ are NOT ‘allowed use’ in the ‘Country’ the ‘PCT’ is situated in.
6.An ‘PCT’ who ‘trades’ under the premise of ‘acting’ on behalf of an ‘undisclosed Principal’ without being attached to a ‘PCT’ prepared to close on a potential deal shall ‘bear FULL consequences’ of his ‘own doing’, and CANNOT ‘rely’, as a ‘defence against legal action’, that they are ‘Ignorant of the Law’ or acting for another PCT as it pertains to ‘Agency’ or the ‘position’ from which he or she was ‘attempting’ to trade.
7.The ‘PCT ’ shall NOT ‘intervene in’ and/or ‘take over’ ANY ‘Transaction’ he or she was not ‘involved’ in from the very ‘beginning’. The beginning of the deal is inferred when an OTS is surrendered from one PCT to another .
8.If an ‘ISS’ has ‘acted in accordance’ with the ‘instructions’ of his attached ‘Principal’ prior to ‘entering’ a ‘legally binding situation’, then such in effect ‘does’ so ‘without risk of legal consequences’.
9.When ‘ostensible authority’ has been obtained, the ‘Buyer/Seller’ is NOT ‘required’ to ‘disclose’ the ‘details’ of ‘Supplier’ and / or ‘End Buyer’ on its ‘letterhead’.
10.‘Ostensible authority’ means, inter alia, the ‘Buyer/Seller’ has ‘Sourced’ a ‘Direct verifiable Product’ for purchase consideration, from the owner in possession of such; whether secured with or without the ‘assistance’ of ‘others’ as secured in written form.
11.This said matter of ‘Ostensible Authority’ MUST be ‘apparent’, as ‘secured’ by the ‘Buyer/Seller’ BEFORE ‘offering’ goods secured, to potential ‘End Buyer(s)as secured by way of a written, offer or quote whether in pDF or in an e-mail.
12.’Ostensible Authority’ may come in the form of: (a) a ‘Quote’ or ‘Offer’, (b) an ‘e-mail’ or (c) with the issue of any in-house process created by the ‘PCT’ as described in the Doctrine held once an offer or quote is first secured.
14.‘Ostensible Authority’ obtained ‘in verbal form’ is not accepted, nor considered in such a form.
15.Before ‘attempting’ to ‘close a deal’ and enforce ‘stepping back’ procedures, it is ‘imperative’ that the ‘Principal’ has, in his ‘possession’, at least a ‘written Quotation’ or ‘offer’ as ‘directly issued’ from a ‘export ready (RWA) Supplier’ and is not selling an ‘on the spot’ type of goods also defined as ‘Spot’ type of sales.
16.It is, in fact, deemed a ‘Fraudulent Criminal Act’ to make an offer for the sale of goods which have not been ascertained as being genuinely assured or offered by a supplier in possession of such.
17.Any ‘PCT come ISS’ attached in a ‘String’ submitting to its Principal, an offer for goods, in a deceptive manner; to hide the fact that no such goods have been clearly secured, or not as secured at that time, shall immediately be dismissed from the group, for dishonourable conduct.
18.The ‘right’ to sell secured goods ‘occurs’ at the point when the ‘Buyer/Seller’ has a ‘Quotation’ or ‘Offer’ from an ‘export ready Supplier in possession of goods’.
19.A ‘PCT’ must without recourse ‘Buy’ goods secured from a ‘Supplier’ by signing a contract with such, in where it clearly indicates that the ‘PCT’ has signed the purchase contract, and is legally obligated to perform, before the signing the contract to sell such goods to an End Buyer , becomes formally apparent.
20.A ‘Buyer/Seller’ not ‘heading the deal’ CANNOT be ‘expected’ to and is not ‘obliged’ to ‘accept to trade’ on a ‘deal’ as ‘started by others’ is an aspect of trade that must not be broken.
21.Any PCT prepared to taken and support string members can only do if a supplier is disclosed to the PCT doing the closing. A Person not prepared to disclose a supplier cannot be attached to a PCT.
TRIBE Article 8, § 1-14
Chain of Command
- The ‘Buyer/Seller’ (PCT) is the ‘controlling entity’ of the whole ‘ISS’ group, if such is formed on both ‘sides’ of the fence in a specific order as further described.There cannot be two ‘sellers’ in the same string controlling or heading a deal.
- Next comes the PA (Primary Agents) of the ‘Principal’ acting on an active ‘Transaction’ on the ‘sellers side of the fence’, followed by The ‘Principal’, acting on the buyers side of the fences in said specific order.Next comes the string members, if any, who are attached to the PCT, in where those of the sellers side are equal is status to those on the end buyers side.
- The USCT endorsed ‘ISS’ once attached to a ‘Principal’ is the last entity in a formal string.
- The duties of the USCT endorsed or informed ISS member in a string is to source end buyer or supplier, using in-house document format and USCT endorsed procedure to do so as specified in the ‘FTNX Doctrine of Trade.’
- Any ‘Outsider’ by default, ‘attracting the interest’ of any informed ‘ISS’ and string such is attached with, shall be obligated to advise the ‘Outsider’, about the nature of business or reason for contact. If unsure on how to reply, the ISS shall contact the PA and ask for advice; or his Principal, if no PA is apparent.
- A worthy ‘Outsider’ on a tested merit, is attached to their ‘ISS’ and is not recognised by the Principal until information provided by the ‘Outsider’ leads to the formation of a deal, at which time the ‘Outsider’ is only protected for that one deal on matter of commission payments, until failure or success is recorded.
- The ISS’ member testing and endorsing the ‘Outsiders’ participation with a personally issued USCT Number, shall be responsible for the behaviour and performance of the ‘Outsider’, introduced into a group.
- The issuance of an USCT number is perpetually applied, while the member is trading honourably online and inline with the FTNX Doctrine and these Rules, and may cancelled otherwise by the entity issuing such if dishonourable conduct is apparent.
- Whether an entity in a string is informed or not;Any such member who does not contribute to the overall progress pertaining to ‘the nature of business’ specified herein and the FTNX Doctrine, may be removed from the string by the entity, inviting said applicant to participate in such a string, whether such an invitation was conferred by the ‘PA’ or ‘PCT.’
- To ‘Contribute to the Overall Progress’ of the string, is referring to entities who are ‘Hanging Onto the String Attachment’ without the entity providing one single ‘Offer’ or ‘Assurance of Supply’ within 6 months of being attached in any give year. This also applies to invited ‘ISS’ members, joining a string; and in where the member has not made contact with the ‘PCT’, for a period of 6 months, in any given year. The ‘PCT’ and /or ‘P.A’, has ultimate discretion on this matter in where the suggestion made should be strongly considered.
- The ‘ISS’ conferring the attachment of the ‘Outsider’ bears all responsibilities and liabilities of the ‘Outsider’, and any issues they create causing an adverse effect to the string or any deal therein being formed. It is the duty of the ‘ISS’ to ensure outsider they attach understand what is expected of them.
- A ‘Buyer/Seller’, who receives ‘information’ via an ‘Outsider’, is fully ‘obligated to protect’ ALL interests of the ‘Outsider’ in the ‘Transaction’ being attempted at ALL times, ‘regardless’ of whether an ‘IPG’ is ‘in force or not’.
- A PCT working alone , with no string members being present, must apply the orthodox trading aspect and must not use in-house processes when doing so.
- It is preferred that a PCT registered as a SPCT member head deals where all string member are USCT endorsed members.
TRIBE Article 9, § 1-9
Disclosed and Undisclosed position
- The informed ‘PCT’ if at any time is approached by another ‘Principal’ to act as his ‘Agent or Broker’, in house procedures are learned, in where the ‘PCT’ is still obligated to perform as defined under these ‘Rules’ and ‘Doctrine’ held; unless the ‘Private Trader’ under protest, is specifically overridden on such matters by the principal, who must bear consequences of his or her own actions.
- The ‘PCT’ makes its own decision whether or not to take up such a representative position, and that even although allowed, it is not a recommended position to take; as the directives of the ‘Principal’ will usually be found to override parts of these rules and matter of doctrine.
- Ideally the ‘PCT’ is best suited to act for a ‘Disclosed Principal’ as secured in their own State or Country; in where any disputes or legal issues can be promptly and fairly serviced.
- If the tenured ‘Agents or Broker’ accepts such a position, it may still utilise its own ‘ISS’ members to assist the ‘PCT’, but only if permission to do so has been given by the ‘Principal’ in where the ‘Principal has no business’ with such entities.
TRIBE Article 10, § 1-15
Commission Payment Matters
- Payments of ‘Commissions’ are ‘earned’, when a Transaction is ‘started’ because ‘valuable information’ has been ‘disclosed’ enabling such a ‘start’, as ‘disclosed’ to the ‘Buyer/Seller’ heading a ‘deal’ by those ‘attached’ to such.
- Commission payments once ‘earned’ are payable when the transaction has closed, in where the ‘Principal’ heading the deal, then pays each ‘ISS’ who assisted in the deal in accordance with what is specified further below, ‘with good and honourable intent.’
- When no ‘string’ members are ‘involved’ in a deal, the ‘Buyer/Seller’ is seeking to make a ‘net profit’ on a ‘Transaction closed’, alone as initiated by the ‘Buyer/Seller’ process, in which case the principal may apply its own rate of return and avoid matters below pertaining to commission rates. A rate of 3.0% or more of the buy price is being inferred where the maximum rate is not more than 12.0%.
- Commissions are ‘payable’ when goods are ‘sold’, and in where from the ‘gross profit earned by ‘Buyer/Seller’ heading the deal ‘enacts’ to make ‘Commissions Payable’ to those who has ‘assisted’ in the ‘closing’ of the deal in an attached string.
- All ‘Commissions’, once ‘paid’, are ‘deemed’ to be ‘income’ and therefore most Countries will treat such as attracting ‘income Tax’, is best ‘assumed’ from the start, as per ‘local Taxation Laws’.
- The ‘PCT come ISS’ members receiving a commission payment must ensure their own financial affairs pertaining to tax matters are adhered to.
- Any ‘Trader’ following these rules, making ‘false claims’, or breach matters of confidentiality, especially those type of claims which can ‘effect others’ in the same ‘trading group’ is defined as an entity who is ‘acting dishonourably’.
- Any entity claiming to be a ‘Buyer/Seller and Principal of Agency’, touting the virtues of a valid current FTNX Doctrine held and these Rules, who obviously is lacking skill, to perform at such a level, where another entity has confidentially reported the matter to the FTNX, on good faith, shall cause the FTNX to investigate there claims made privately, and if correctly found, the applicant will be place on the ‘Banned for Life Registry’(BFL)
- It is the duty of every member of a string and all ‘Principals’ therein, trading as per these Rules, and FTNX Doctrine of Trade, to follow these Rules to the ‘best of their ability’ and with ‘Good and Honourable Intent’ more so in matters where the PCT is paying commissions.
TRIBE Article 11, § 1-24
Commission Payment and Understandings
- Commission payments and understandings reach herein may change at will, as specified in these rules, in any given year; and that once a rate is promised to a ‘P.A or ISS’, in a string, the standing ‘TRIBE’ Rate and or formulation used in a deal, at that time prevails. If advice on this matter has changed during the course of an active transaction, the promised previous rates already served applies.
- The ‘PCT’ offering to ‘supervise’, and thus assist to protect the payout of earned ‘Commission’ rate, as earned by attached ‘ISS’ string members, will do so with ‘Good and Honourable’ intent, and that the ‘PCT’, for taking on such an added burden, shall not be held legally liable for such ‘Commission’ payments if, for all its best efforts, and due to ‘unforeseen events’ the ‘PCT’ has not earned a gross profit or made ‘no money’ from the deal that has successfully closed using ‘ISS’ members one the IPG has been issued.
- All IPG’s are subject to the deal being closed not matter how such is worded otherwise
- The ‘PCT’ shall however ‘HONOUR’ all payments of commission due, in accordance with these Rules, once a deal has closed ‘Successfully’ in where ‘Money’ was earned to define a gross profit, whatever such a profit may be, in where from such, commission payments are drawn from.
- The ‘Irrevocable Payment Guarantee’ (IPG) served to indicate as much, is a personal ‘Guarantee’ of the ‘PCT’ in that; if ‘money’ was earned from the deal as a profit, the ‘PCT’ will ‘Guarantee’ payment. Prior to this event the ‘PCT’ shall agree to ‘Honour’ such payments, once formally incepted, is the understanding.
- Any ‘ISS’ member attached to a ‘Principal’, expecting a ‘Commission’ payment, may draw the following ‘conclusion’ to infer a ‘minimum net entitlement’, without the ‘Principal’ needing to ‘specify’ such further, once declared within an active string.
- A commission payment is actually ‘earned’ if information disclosed by an ‘ISS’ leads to the signing of an offer, and payable once a delivery has been successful closed.
- One payment to one ‘ISS’ prevails, whether such is on either side or working on both sides of the fence.
- The rate paid to the ‘PA’ administering payments is alway more than any single ‘ISS’ payout.
- The profit made by the ‘PCT’ is private, as such is not a commission but a ‘Gross Profit’ an although discoverable by the string member via the buy and sell prices, such shall not means that the differential is what will be secured as a gross profit.
- The virtues of the IPG is that a payment will be made, as offered, if the deal supporting such is successfully closed, and no payment is due in support of any ‘IPG’ made, if the deal being enacted upon does not close .
- Does not ‘Close’ means the ‘PCT’ has made no gross profit on the deal.
- The ‘Principal’ has discretion to pay more, to its ‘P.A’, who in turn may do the same to those in a string who have worked more, and less to those who have worked less, in bringing a deal to successfully close.
- A USCT member conjoined in a string is not allowed to accept a ‘Commission Payment’ from any other Principal outside a string, involved in an active transaction.
- The ‘PCT’ acting on the buyers side on this side of a transaction ( as Seller), makes a ‘gross profit’,once an active deal has closed, from which, once all ‘expenses’ of ‘delivery, statutory fees, LDD, and commission(s)’ have be ‘accounted’, or assumed to be ‘accounted for’, leaving ‘residue gain’ as a ‘net profit’ for the benefit of the ‘Buyer/Seller
- It is from this ‘Net’ Profit , after the ‘Principal’ has subtracted its own ‘Net Profit’ and any added ‘Operational Expenses’(OPX), that all commissions are paid from, to each ISS member in a string assisting the ‘PCT’ in the closing of a deal; as serviced by its P.A who revives one lump such from the principal to pay string member first, in where once string members are paid , the P.A is collect its share left over.
- In all cases, a general provisional ‘Commission Rate’ being assured, by a ‘Principal’ to his P.A ‘early’ via issuance of an IPG, in the trading process, in where an ‘Actual’ final payment rate per each member in a String is fixed later in the process, by the issuance the Pro-forma invoice as issued prior to payment being made.
- The ‘Actual’ rate is the legally binding and payable rate, unless verifiable ‘unforeseen circumstances’ prevent collection of such funds.
- The P.A is served a lump such from the PCT, who then pay its own string members, unless the PCT overrides this aspect as indicated on the pay order pre advice .
- The PCT heading the deal accepting to consider deal initiated buy others, shall ask for an outline of the submission to be made.The entity making the brad outline by email is nominated as P.A .
- The PCT shall consider the submission by email which must not change to show a lesser aspect when the formal OTS is submitted. No disclosures of the supplier is served at this stage.
- If the PCT prepared to head the deal, based on the advice served in the email submission, ab email is sent to the PCT servicing the submission indicating as much.
- The entity who prepared the submission shall serve to the PCT a USCT endorsed Pay-order in prescribed form.
- The pay order advice is filled in to include all details of person seeking protection of commission payment from the PCT, prepared to head the potential deal.
- Should the pay order advice be accepted the PCT must now serve a lump sum IPG to the P.A unless the pay order pre advice is marked as 'PCT to pay each member personally’ in which case each registered member Ron the iPG is directly served the IPG for the PCT .
- If the P.A is to receive a ‘lump sum’ it must also issue a prescribed USCT endorsee IPG to each member.
- Upon the IPG being accepted, the PCT come P.A must now serve the OTS in good acceptable form to the PCT disclosing the supplier.
- The PCT now prepares the offer so that those holding an IPG who are in the string with the nominated P.A can test and source end buyers first. The PCT then may make an offer for his own ISS member to also test and source end buyers.
- Should the deal leas to the closing fo a contract with the end buyer and supplier aND WITHIN 7 days of receiving and accepting the DLC form the end buyers, the PCT shall draw up and serve a pro format invoice to each beneficially holding an IPG, unless a lump sum is being paid too the P.A in which case one invoice will be served; in where the P.A does the same to its own string members.
- With 7 days of first and each delivery being cleared monthly thereafter, pro forma is signed and returned to the issuing PCT, protecting the deals in where within 7 days thereafter commission payments are paid as lodged at the agreed rate into the bank accounts nominated on the pro forma invoice.
- All such ‘sensitive’ documents are returned in PDF form with a passcode needed to open such to ensure matters of confidentiality are in force, the same passcode to be used when the IPG was served.
- The rates that shall apply in accordance with TRA 2020 as are as follows .
- Th PCT is allowed to retain up to 60% of the gross profit earned for bearing legal liabilities of the transaction and supervising payment to string members holding an IPG.
- 20% of such gross profits is allocated for payment to be shared on the supply side string members.
- 20% of such gross profits is for payment to be shared on the end buyers side string members.
- The nominated P.A is allowed to personally retain ‘up to’ 20% of such a rate, at his or her discretion.
- Once all commission payment have been made to string member the P.A may collect on their own allotted share remaining, not exceeding 20% of the total allocated share of 40%
- The P.A has discretion to pay more commission to a string member doing more work than other string members, as paid from his own allotted share.
- The PCT shall pay the FTNX ‘Humano’ Humanitarian donation of 2.0% on behalf of the who string group from o its own final net share.
- The term ‘up to’ is the maximum retention rate, the PCT and P.A has discretion on this matter if lower rates are apparent is serving a better rate to participants. If a better rate is served to a standing P.A, then the P.A is expected to pass a part of such to its own string members.
- Such payments are final and not open to argument or is disagreements.
- An entity not accepting such a rate should not submit nor surrender the deal to a participating PCT.
- A P.A must advise its won string member of the final rate before submitting or surrendering the deal to the PCT.
- Any member found to be deceptively adding more participants to collect commission payments share who are not entitles to such a share ; the PCT has the right NOT to pay commission to the offending party of person , in where the forfeited share is disbursed to remaining string members on the offenders side of the deal, evenly excluding the P.A, on the condition then the P.A final rate is considerably higher that ISS members payment rate being paid out.
- In where if a small group of string members actual act on both side of the fence, the effect is applied accordingly at the appropriate aspect result in higher proportional payment rates using the basis prescribed.
- FTN Exporting CEO is treated as any other PCT but because of its special and unique status as governing PCT and founder, the trading arena may attract on merit much more work that any standing PCT in the aspect to do with closing deals. In this light FTN exporting shall not issue a p IPG or invoice until contracts with a supplier is issued In that FTN exporting is a trusted entity who has already proven its honourable position over a long periods of time.
- Above is the proper formal aspect to be applied by any PCT heading its own deals. The PCT working alone, does not have to consider such matters accordingly PCT’s stepping back to their assigned title within a formed active string; the said above rates apply.
- A PCT heading the deal has discretion to set aside TRIBE commission rates and ‘pay more’ commission than the TRIBE rate but not less than the minimum rates described.
TRIBE Article 12, § 1-30
Payment and Associated Matters
- For any ‘Delivery Mode’ used, rates of commission payments are applied based on actual goods ‘Buy Price’ component and not when other factors such as the freight component is apparent.
- The string members acting upon a live a deal will know if the deal being acting upon fails or succeeds without the PCT or PA having to update the progress of the deal as such, each member obtaining a commission pay order must remain with the deal until its final conclusion where the deal travels to and from the PCT hailing the deals on ‘both side of the fence’ through the string as per the side the active deal is apparent.
- A PCT has discretion on matter of commission payment rates, within a 10% tolerance factor and not more. No discretion is allowed in the matter of due process, accordingly a PCT must practice the virtue of due diligence before being prepared to accept an OTS from another PCT who is not prepared to close on a deal themselves.
TRIBE Article 13, § 1-2
Commission: E-mail Serviced Irrevocable Payments Guarantee (eIPG)
1.‘eIPG’ protection mechanisms means ‘E-mail’ applied ‘Irrevocable Payment Guarantee’ application. ‘IPG’ means the ‘same’ and ‘carries’ the ‘same virtues’ as an ‘eIPG’, under the Auspices of an ‘Instantaneous Contract’, application.
2. Hardcopy of contracts must apply whereas all other aspect can be conducted by email.
TRIBE Article 14, § 1-33
Acceptable Products and Services:
- An ‘PCT’ or those surrendering a deal in favour of an ISS in-house status, shall NOT trade in or attempt to trade with, the following ‘Products’ or ‘Entities’ who ply such. The ‘PCT’ whether trading alone or in a string, should refrain from dealing in small quantities. In 20 or 40 Feet ‘FCL’ deals, 100 ‘MT’ of a product, minimum, carrying a high unit value for ordered goods, exceeding USD$1000.00 per ‘MT’ at ‘FCA’ would be an ‘acceptable’ low end starting point.
- In ‘NBC’ deal, any revolving shipment with a minimum set quantity sold as assessed at 10000 MT or more, is a good deal to consider. Any single shipment exceeding 15,000 MT up to no more than 250,000 MT is a good deal to consider.
- Advanced Traders and Entrepreneurs, may also trade in the following products from 2020. Any Machinery and the likes where its ‘Shipped’ on deck or below deck, exceeding USD$1,000,000.00 as the buy value could be considered. Any Productive farm / Productive acreage, in excess of USD$50 million dollar could be considered, subject to foreign acquisition policies and laws of the country offering such land holdings. Any Building in excess of 50 Million dollars located overseas, could be considered.The use of heavy lift aircraft for short terms delivery modes pertaining to the sale of machinery may be used.
- The following aspects below must be observed intently.
- ‘PBG’ otherwise known as ‘financial instruments’ carrying title as‘Prime Bank Guarantees’. This includes Bank Warrants, Pension Funds, Medium Term Notes (MTN) and the likes must not be transacted upon, by any USCT endorsed or registered member.
- Any form of ‘Gold Bullion’ (or other precious metals) held in ‘electronic depository’ form. Physical trading in Gold, in any form, is ‘allowed’ where NO ‘Certificate’ is apparent on such Gold – this is also defined as ‘Deep Storage Gold’, (DSG) ‘Alluvial Gold’ or ‘Dust’. ‘DSG’ MUST be ‘refined’ at Buyer’s cost to obtain ‘Formal Assayers Certification.’ The ‘Incoterms’ delivery mode that is allowed is be applied is ‘CPT’ which the ‘PCT’ is allowed to apply for this specific Commodity or similar.
- Any form of ‘Diamonds’ held in ‘electronic depository’ or physical form may NOT be traded. Physical trading in any other ‘precious stones’ is also NOT ‘allowed.’
- Any ‘weapons’ or ‘material’, whether raw or processed, ‘used’ to ‘make’ weapons or devices of ‘mass destruction’, must not be trade upon.
- Counter-trades ere allowed to be tried by USCT members who have the skill to conduct such a transaction.
- Any ‘military equipment’ and such associated materials to make such equipment are generally NOT ‘allowed’, except those deemed the type of ‘commonly used’, military equipment, where the government of the producing country and the supplier entertains enquiries made by USCT members.
- Any ‘biological material’ that could be ‘misused’ to the ‘detriment’ of humans. (Medical equipment and medicines ‘allowed’ at discretion of the ‘Principal’.)
- A ‘felon’, or ‘person’, who has been ‘tried’ under ‘Westminster’ or ‘Democratic’ type of judicial system, ‘incarcerated’ in a prison for ANY reason involving matters of ‘theft, arson, fraud or deception’ may NOT be involved the nature of business with an informed ‘Principal’ applying TRIBE Rules of Association.
- The ‘private trader and / or entrepreneur ’ whether involved in a string or not, shall not ‘trade, resell, plagiarise, or surrender any commercial or personally held ‘trade secrets, copyright material’ or matters considered ‘secretive by nature’ belonging to any entity, whether they are involved with, or not handling such material, including information provided by a principal to members of a string and peers therein.
- The ‘PCT or ISS’ shall not practice any business that suggests ‘money laundering’ or any associated ‘criminal activity’, such as the ‘trafficking of people’ or ‘prohibited substances’, this includes accepting bribes or ‘Kickbacks.’
- Any ‘Transaction’ in which the ‘parties’ are not transacting in the ‘same written language’ as the principal heading the deal is not allowed.
- An ‘undischarged bankrupt’ may only trade in the position of a ‘ISS’, while ‘attached’, and may not trade in the ‘position’ of a ‘Principal’ defined as a ‘Buyer/Seller’, or ‘PA.’
- A person of ‘diminished mental capacity’, or a person who cannot ‘comprehend’ the ‘language’ of a ‘deal’ they are entering into may not become involved is a ‘USCT TRIBE’ endorsed string deal. This aspect includes ANY person under 21 years of age.
- Any ‘other’ commodity ‘traders’ who ask for ‘T/T, MT/SWIFT type of payments’, ‘PBG payments’ or an ‘active’ or ‘inactive’ SLC ‘upfront’, are NOT to be entertained.
- Likewise, ‘trading’ in such ‘instruments’ is NOT ‘allowed’. This rule serves an exception to matter of payment of a deposit.
- Any ‘Producer’ or ‘Supplier’ or entity, in any Country, in where such has been noted for ‘blatant long term human rights violations’ are to be ‘avoided’.
- No business can be conducted with any Principal located in a Country in where ‘violent, civil dispute’ has broken out.
- An ‘Private Trader or Entrepreneur’ shall NOT be ‘involved’ with any ‘exporter’ or ‘importer’ of live animals.
- A ‘PCT’ must, at all times, ensure that the ‘Product’ they are dealing with is indeed ‘merchantable’, ‘appropriate’ and readily ‘sourced’ from reputable ‘Suppliers’.
- Further, the ‘PCT’ must have made ‘reasonable effort’ to ascertain, by whatever means, that the ‘Product’ they are dealing with is ‘safe, legal and genuine’, and is ‘generally acceptable’ as a ‘tradable and merchantable product’, worldwide.
- ‘Private Traders’ shall NOT trade on ‘Offers’ and/or ‘Contracts’ where ‘UN or USA Sanctions’ are ‘in force’, UNLESS ‘permission’ is sought in writing from relevant authorities.
- A ‘PCT’ must not enact or engage with selling goods to known terrorist organisations.
- ‘Dishonourable’ or ‘ill-informed’ traders and ‘Offers’ they ply, ‘contrary’ to the ‘Doctrine’ and these ‘Rules’, must NOT be entertained.
- All matters of shipping ‘Charter Party Contracts.’ Private Traders may ONLY transact on ‘CFR’ or ‘CIF’ Transactions, in where ‘matters of shipping’ is tenured by the ‘Supplier’.
- Delivery modes ‘DAP or DAT’, Incoterms may not be by USCT members.
- All matters of a Transaction are not entertained, where trading terms, in part or fully, are apparent such as ‘LOI, ICPO, PO, NCNDA, ASWP, MPFA, POP, BCL, MT 103 ext.etc., SWIFT T/T, BG, SLC, FCO, DDP, DAT, EXW or DAP’.
- ‘USCT Endorsed Members’ in support of ‘TRIBE’ Rules 2018 may ONLY trade in ‘FAS, FOB, CFR, CIF, FCA, CPT and CIP’ delivery modes, as per current ‘Incoterms’ and variants, such as ‘CFR & Insurance’ or ‘FOB &Freight’
- Dealing is ‘Porous’ scrap metal allowed, dealing in ‘Non Porous’ scrap metals not allowed.
- Dealing in currency is not allowed.
- No ‘Bonny Light’ crude oil from ‘Nigeria’ is to be considered nor touted by any USCT Member.
- No fuel or crude oil from sanctioned countries may be traded nor advised upon, as serving advice is also breach of sanction laws.
- No Trans-shipped goods allowed.
- No product from a mine may be traded unless the mine is fully operational.
- A product carrying higher price but lower carbon emissions are always sourced and considered first over a product which is cheaper but have higher carbon emissions.
- A PCT shall remains focused at all time within the bound of the trade being conducted in where the PCT shall not be swayed , distracted or intimidated in taking an offer or situation that is not within the bounds of the doctrine.
TRIBE Article 15, § 1 - 9
1.A ‘PCT’ shall NOT transact in ‘bad faith’ or in a ‘dishonourable’ manner.
2.Any ‘PCT’ who ‘circumvents’ others, or produces ‘Offers’ without ‘ostensible authority’, shall be deemed to be a ‘dishonourable trader’, and shall NOT be allowed to trade within a ‘String Contract’.
3.Once the ‘infringing party’, or person, has been ‘clearly identified’ as having ‘transacted in a manner’ that is defined at being in ‘bad faith’, this person shall be ‘banned’ in participating in a ‘USCT’ endorsed string deal.
4.‘Dishonourable acts’ are defined as, among other things, ‘wilfully deceiving’ an ‘End Buyer’, ‘Supplier’ or any other ‘Private Trader’ in the course of a ‘Transaction’, with the bad ‘intention’ of interfering or hindering the ‘successful closure’ of an active ‘Transaction’.
5.An ‘PCT’ who ‘falsely represents’ that they have secured a ‘Principal’, in relation to a ‘Transaction’, is ‘acting dishonourably’.
6.Any ‘ISS’ acting in contrary to the ‘directives’ of his ‘Principal’ is ‘acting dishonourably’.
7.Any ‘PCT’ conjoin in a string headed by an informed principal, who intention is to ‘spy upon’ or ‘steal material’ belonging to the string or principal, for their own undisclosed purposes is acting dishonourably.
8.No member of a string or principals may conjoin with a dishonourable person in the closing of a transaction.
9.Any ‘PCT’ rightly found to be a dishonourable trader, in where commission payment is due, the principal shall have such payment canceled and apportioned to the rest of the remaining string, if upon first contact the ‘PCT’ is unable to offer an explanation, why such should not be deemed a dishonourable person, in light of what was discovered. A PCT who is found to be dishonourable, by virtue of ‘truth or evidence’, is shunned by all PCT-ISS members .
TRIBE Article 16, § 1 - 3
Laws and Goods
- An endorsed ‘PCT’, as ‘officially’ trading under the ‘Doctrine’, includes support of ‘proper’ applications of current ‘UCP Banking Rules’, ‘Incoterms Delivery Rules’, and ‘English Common Law’ of ‘Contract Formation’, or in part thereof.
- The ‘PCT’, shall at all times, trade in ‘documents’ and NOT the ‘physical’ goods pertaining to such ‘documents’.
- Only ‘statutory’ or ‘Federal Laws’, in the ‘Exporter’s Country’, are capable of ‘overriding’ these ‘Rules’, in which only ‘FTN Exporting Australia’, or its founder as creator of these rules and Doctrine of Trade has ‘governance’ over such ‘Rules’.
- All contract issued and used by endorsed and registered USCT members, must now carry a ‘Good Samaritan’, clause.
TRIBE Article 17, § 1-9
Performance Guarantee (P.G)
- Other than that which has been already ‘advised’ regarding the ‘Performance Guarantee’(P.G) the ‘PCT’ has limited discretion whether or not to secure such an instrument in the course of the transaction based on each deal being enacted upon, from the supplier. In the first instance a P.G shall be sought from all suppliers, is the expectation.
- Under NO circumstance shall a ‘SLC’ supported ‘Performance Guarantee’ be ‘opened’ as ‘active or inactive’, in ANY form whatsoever, to favour an ‘End Buyer’ before the ‘financial instrument’ pertaining to the product being purchased has been ‘lodged’ and ‘accepted’ into the ‘account’ of the ‘PCT’ associated and controlling the deal in hand.
- ‘Private Traders and the PCT’ shall NOT ‘transact’ on any deals in which the Transaction ‘calls’ for the ‘Performance Guarantee’ to be lodged ‘prior’ to the lodgement of an ‘active financial instrument’.
- The term ‘Performance Bond’ is NOT an ‘appropriate’ term of ‘reference’ for use under ‘TRIBE’, in where the term ‘Performance Guarantee’ (PG) shall be used at all times.
- The ‘PCT’ shall have option to offer a ‘LDD’ (Late Delivery Discount) on ‘Invoice’, as a ‘deduction’ from their ‘own envisaged gains’, when no ‘P.G’, is available as ‘secured’ from ‘Supplier’, when serving an end buyer.
- Even where a ‘P.G.’ is offered by a ‘Supplier’, the entity acting as ‘Buyer/Seller’ is NOT ‘obligated’ to provide such for the ‘benefit’ of the ‘End Buyer’ and may still, at their discretion, offer the ‘LDD’ application accordingly.
- The value of any or ‘P.G.’ shall NOT exceed up to 2.50% of any portion of ‘gross gains’ envisaged and that whether secured or not from the supplier, the ‘PCT’ shall incorporate the expense of a ‘P.G’, if applicable, in the deal being transacted upon.
- The ‘P.G’, may be described as a ‘percentage rate’, or as a ‘dollar rate’, as per Metric Ton (MT).
- The SLC type of instrument supporting a ‘P.G’ shall be specified as a percentage.
- The ‘PCT’ has discretion whether or not to secure a ‘P.G’.String member have no such discretion.
- The ‘PCT’ may secure a ‘P.G’ for the benefit of its own transaction without passing the benefit to its own End buyer, if no ‘P.G’ was offered to such an entity in the course of a transaction.
- When conducting business in the orthodox manner , the PCT shall not use in-house process, terms and references in the first instance; except in special circumstances, where the ‘P.G’, could be replaced by the aspect of a rebate in the form of a ‘LDD’, and in where the ‘PPIC’, is able to transfer from the in-house aspect to the formal orthodox aspect but only if no the options exist, for a deal that shows strong potential of closing if such in-house process where introduced to the deal.
TRIBE Article 18, § 1-12
1.As far as the ‘ISS’ is concerned, NO ‘Transaction’ shall be allowed to proceed where a ‘shipment date’ is more than 21 (Twenty) days after the ‘issue’ of the ‘Bill of Lading’ (BOL).
2.A ‘Bill of Lading’ for all ‘FOB’ of ‘FCA’Transactions, shall mean a ‘received’ bill, in where the ‘PCT’ is asked to ‘assist’ the ‘End Buyer’ in obtaining the ‘Bill of Lading’. ‘Liner Waybills’ are NOT ‘accepted’.
3.All Transactions involving a ‘CIP’, ‘CFR’ or ‘CIF’ Incoterms delivery mode shall require a ‘shipped’ bill. In all such Transactions, the ‘Shipment date’ shall mean the date when the Bill of Lading’ is issued.
4.First ‘Delivery Date’ of less than 30 days from ‘Offer’ issuance, is NOT acceptable, as it applies to a closed transaction.This ‘First Delivery Date’ is not to be confused with ‘Transaction’ time frame.
5.First Delivery ‘Date’, in where ‘Days’ are defined as ‘Calendar days’ and NOT ‘Banking Days’, as far as the ‘PCT’ is concerned as applicable to his business application.
6.Applications to do with ‘UCP’ rules and Banks ,use ‘Banking’ days .
7.All Transactions are for ‘Future Delivery Contracts’. No ocean-going ‘SPOT’ Transactions are allowed.
8. In a complete ‘Transaction’ time frame’ from the perspective of the supplier and ‘PCT’, a ‘Future Delivery’ is where an offer and contract is accePCTd by the ‘PCT’ as advised by the supplier, in where 10 ‘Days’ there after or less, the ‘PCT’ shall have advised the financial instrument, in where within 10 ‘Days’ or less the supplier has accepted such a financial instrument. 30 days there after, first delivery is ready to be shipped, and subsequent delivers every 30 days apply for revolving shipments.
9.It is assumed that from the perspective of the supplier , the ‘PCT’ will need a 50 Day period, from when the contract is signed and returned to when 1st Delivery eventuates, this defines the aspect of a future delivery date.
10.The transaction time from for the perspective of the ‘PCT’ testing the intentions of various ’End buyers.’ It could be deemed as ‘any period of time’, as dictated by the valid offer made at that time, in where once the offer is accePCTd, the actual time frame to 1st Delivery commences count.
11.Without the attributes of sourcing being apparent, from are period of time when an end buyer accept an offer and contract and advises the financial instrument to the ‘PCT’ to pay for goods ordered, to the time for the first shipment to be loaded on boards a ship (at FOB) the ‘Private Trader’ must allow a period of not less the 50 days for first delivery to occur; is best assumed.
12.Future Delivery ‘Transactions’, therefor are ‘Transactions’ where goods are secured, the End Buyer has been secured an in where the ‘PCT’ alone or when heading a string, takes 50 ‘Days’ or more to completely close an active deal, based on the price of goods secured 50 ‘Days’ earlier or longer.
TRIBE Article 19, § 1-15
Matter of Documentary Credits
Types of ‘allowable’ and ‘acceptable credits’ as used by a ‘PCT’:
1.As far as the ‘PCT’ is concerned, a ‘current’ version of a ‘UCP’ formatted, Bank issued ‘Irrevocable, Transferable, Documentary Letter of Credit’, whether ‘pre-advised’ or ‘active’, is the ‘first’ preferred ‘acceptable instrument’ that a ‘PCT’ should strive to ‘secure’, if such a financial instrument is being issued by a top 100 ranked bank of the world, (-/+ 10%) otherwise the credit will need to be advised as ‘Confirmed.’
2.Confirmation of the Credit, is made by the ‘bank’ of the ‘PCT’, at the ‘expense’ of the ‘issuer’ in the first instance, or another bank that is able to correspond with the advising bank of the ‘PCT’ in the second instance.
3.A ‘PCT’ shall NOT transact on any deal in where ‘MT / SWIFT’, or other methods, apply for full ‘payment’ of goods.
4.A Supplier ‘purporting’ to offer goods shall NOT be considered a ‘genuine Supplier’, if they ‘request payment’ in the form of a ‘Transferable Letter of Credit’.
5.The ‘Buyer/Seller’ shall allow the ‘transferable instrument’ to be ‘transferred’ ONLY to a ‘Supplier’s account’, as a ‘non-transferable instrument.’
6.An ‘PCT’ is NOT allowed to use ‘Back-to-Back’ Letter of Credit Procedures under ‘TRIBE Rules of Trade’.
7.A ‘transferable credit’ may ONLY be ‘transferred’ ONE time. Its ‘issuance’ is ‘transferable’, as held by the ‘PCT’, in where once ‘transferred’, the said credit can ‘no longer’ be ‘transferred’ again.
8.The ‘End Buyer’ issues the ‘credit’ to the ‘PCT’ (which may be ‘transferred’ once) as ‘non transferable’ directly to the ‘owner in possession’ of the goods and NOT to another ‘Seller or PCT’.
9.In accordance with current UCP Rules, Post Office Box (P.O. Box) addresses can no longer be cited on a credit.
10.The ‘credit’ MUST be issued from a ‘Top 100 Ranked, World-Class Safe Bank’, (otherwise the ‘credit’ MUST be advised as ‘confirmed’) to the account of the ‘Buyer/Seller’, as the second preferred application.
11.An ‘In-house credit’, may be created and used by the ‘PCT’ heading the deal, as a last resort, if a potential of a deal exists where the ‘PCT’ has secure a ‘Confirmed’ credit from the end buyers without the transferrable status being applicable. Only a ‘Confirmed credit’ may ‘back’ the issuance of an ‘in-house credit’ as ‘confirmed’ by the bank of the ‘PCT.’
12.Before the issuance of an in house credit may prevail, the terms ‘bank issued’ credit must not appear on the offer or contract made by a supplier.The term ‘Bank’ issued credit must apply when the ‘PCT’ is advising end buyers.
13.The ‘PCT’ must inform the supplier if a in house credit is going to be used to pay for goods sought, and that the ‘PCT’ is offering payment using a ‘UCP’(as current) endorsed privately issued corporate credit’
14.Any ‘transferable’ credit ‘transfer fee' is paid by, as ‘agreed by’, the ‘End Buyer’, in the first instance, when ‘transfer’ is initiated, as per the ‘request’ of the ‘advising bank’ as made applicable to the ‘DLC issuing bank’. In the second instance, where the price of goods are marginal, it is permissible for the PCT to secure the transfer fee only from the supplier who pays the transfer fee to secure the DLC.
15.The ‘End Buyer’ obtains an ‘Offer’. The ‘Offer’ must stipulate to imply, in ‘agreement’, that all ‘transfer fees’ are for the account of the ‘End Buyer’ and that such is separate expense to the price of actual goods offered.
TRIBE Article 20, § 1-10
Terms and Trading Conditions
1.Where a ‘pre-condition’ to a Transaction is the ‘supply’ of a ‘Bank Comfort Letter’ (BCL) or similar, whether associated with the issue of an ‘ICPO’ or ‘LOI’ or not, shall NOT be ‘entertained’ under any ‘circumstances’ by a ‘ USCT Endorsed TRIBE Trader’.
2.The ‘Doctrine’ and these ‘Rules’ are ‘governed’, as owned by ‘FTN Exporting’, shall not be used ‘in part’ with other ‘Procedures’ not supported by the ‘FTN Doctrine’.
3.Under ‘TRIBE’, a ‘Quotation’ and/or ‘Offer’ and subsequent ‘Contract’ must prevail to ‘establish grounds’ under ‘Contract Law’, which ‘defines’ inter alia ‘acceptance, legal capacity and consideration’.Such an aspect is deemed an ‘orthodox’ transaction.
4.‘English Law’ and ability to ‘govern’ in ‘foreign applications’, is ostensibly the ‘leading jurisdiction’ in ‘International Trade.’ A ‘PCT’ using ‘TRIBE’ to guide commodity transaction or related business, shall apply ‘English Law’ and ‘foreign governance’ of such, to ‘reinforce’ and ‘favour’ their own ‘Trading’ activities.
5.All ‘International airline pilots’ and ‘shipmasters’ are ‘required’ to ‘speak English fluently’, accordingly the ‘International Language’ of use by an ‘PCT ’ acting as ‘Buyer/Seller’ applying ‘Contract’ and ‘general business’, is the ‘English Language’.
6.‘Local Laws and Customs’ are for ‘local use’ and shall NOT be used in ‘extraterritorial’ dealings.
7.In settling of ‘disputes’, the ‘universal’ application of the LCIA (London Commission of International Arbitration) process is the ‘preferred’ application. In all cases the ‘PCT’, acting as ‘Seller’ to the ‘End Buyer’, may select ‘his Country’ and methods to be ‘used’ to ‘settle’ such ‘disputes’.
8.The ‘Supplier’, to the ‘Buyer’ come ‘Seller’, may choose a ‘jurisdiction’ and method of ‘Arbitration’, to which the ‘Buyer’ must accept.
9.A ‘dispute’ between an ‘End Buyer’ and ‘Buyer/Seller’ may not mean to ‘imply’ that such a ‘dispute’ is with the ‘Buyer/Seller’, as well as his ‘Supplier’; and ‘vice versa’. Accordingly, the entity ‘holding supply’ may ‘dictate’ Contract ‘Terms and Conditions’, as well as the method of ‘Arbitration.’
TRIBE Article 21, § 1-20
Corporate Business Forms and Documents
- All ‘forms’, ‘documents’, ‘Contracts’ and ‘in-house applications’ and publications are ‘copyright applications’, whether such are ‘beta form’, ‘examples’ or when ‘apparent’ in a ‘live deal’, are ‘owned’ by ‘FTN Exporting’.
- Such ‘documents’ are offered for ‘personal use’ to those who have ‘legally purchased’ the ‘FTNX Doctrine’ from a legitimate publisher, or as per a copy ‘sanctioned’ by FTN Exporting on their open unrestricted ‘website’.
- Information on any FTN Exporting website may not be used unless expressed written author is first given.
- Only applicants taking up the FTNX study may actually use the documents we have provided for personal use, when trading , as templates.
TRIBE Article 22, § 1-19
Contract Versus Financial Instrument
- No ‘parties to a trade’ are ‘permitted’ to ‘present’ the ‘Contract of Sale’ to a ‘financial institution’ as a ‘pre-condition’ of ‘doing business’, unless the ‘financial institution’ is the ‘End Buyer’ to ‘goods being offered’. ‘Banks deal in finance’ and NOT ‘Contracts’.
- Any ‘loan’ needed to ‘open’ a ‘DLC’ is an ‘obligation’ of the ‘lender’ to the ‘banker’. Once ‘opened’, the bank affects its ‘implied guarantee’ to the ‘Seller’.
- An end buyer must have a letter of credit account open at his own bank before requesting a PCT to serve an offer.
- ‘Bank issued guarantees’ are NOT ‘allowed’ to be ‘accePCTd’ by an ‘PCT’.
- A ‘PCT’ shall NOT ‘transact’ on the virtues of a ‘Bill of Exchange’.
- Full payment of goods in cash, may NOT be ‘asked for’ or ‘sought’, by the ‘PCT’ when selling goods.
- ‘Deposits’ may be sought in advance once an ‘suspect’ offer has been excepted.
- The terms ‘suspect’ here refers to elements of the offer made to an end buyer where such is noted on previous occasions as ‘lacking performance or buying intent.’
- ‘Deposits’ may also be automatically ‘demanded’ of a first time ‘End Buyer’, by a standing ‘Buyer/Seller’, if after 1 (One) viable ‘Offer’ has been ‘rejected’, a 2nd (Second ) ‘Offer’ is ‘demanded’ by the end buyer.
- A deposit paid in advance is defined as an ‘End Buyers Performance Deposit’ (BPD)
- A format deposit shall ‘represent’ not more than 5% (five percent)’ of the ‘first’ ‘Shipment value’ whether single or a revolving contract is being served.
- Once an ‘Offer’ with added terms related to the ‘Deposit’ is applied on such, and ‘accepted’ as ‘legally binding’, the actual deposit is ‘lodged’ to the account of ‘Seller’ prior to ‘Contract issuance’.
- The purpose of a ‘BPD’ is to stop the time wasting attributes of some traders, who continually ask for an offer, allowing such to become invalid, before asking for another , or; asking for changes to the ‘Offer’ is where once given by the ‘PCT’, more and more changes are asked for, by the same End buyer, after a new offer, with previous demands made, was served.
- A deposit is also requested from end buyers who have sought an offer for goods from a ‘PCT’, when such goods could have been easily sourced by the end buyer, within the end buyers country, or neighbouring country.
- In return for the ‘ Deposit ’, a filled in ‘PPI Certificate’ is ‘surrendered’ to the end buyer with the ‘issuance’ of the ‘Contract’, to ensure the aspect that, ‘Something for Something” ( Quid Pro Quo) protocol is apparent.
- In essence if the end buyer does NOT ‘Perform’ on the ‘second time’, forfeiture of the ‘Deposit’ also supports the ‘idea’ that the end buyer has purchased the surrendered ‘PPIC’, and albeit the valuable information it contains; valuable as it pertains to suiting the needs of an ‘End Buyer’ looking for a supplier; of goods that the end buyer was seeking to buy.
- Should ‘Payment’ method, as well as ‘terms and conditions’ on the ‘Offer’ as applied on the ‘Contract’, for an ‘inappropriate reason’ be ‘challenged’ or not ‘accepted’ by the ‘End Buyer’, in where the actual ‘financial instrument’ for payment of goods fails to be ‘lodged on time’, the ‘Seller’ is ‘allowed’ to ‘claim’ the ‘deposit’ as an ‘End Buyer’s failure to perform penalty’ and breach of offer and agreement applied on such.
- Aspects of the above said ‘Buyers Performance Deposit’ application may be lodged, with a bank issued ‘SLC’, eCheque’ or as ‘Cash’ via a SWIFT lodgement made directly into the account of the ‘PCT.’
- 20. A ‘PCT’, or ‘PA’ or ‘ISS’ conducting business as a roving commodity trader, must not represent the principal heading a deal, unless specifically authorised to do so in writing.
- Unless permitted by any ‘TRIBE updates’, a ‘PCT’ is not ‘allowed’ to issue an ‘Offer’ that refers to, or relies upon, any other ‘provisions’ or ‘protocol’ pertaining to the application of an acceptable delivery modes other than those which are ‘endorsed’ under current by ‘©ICC Paris, France’, defined as current ‘Incoterms’ (2010) as indicated herein.
- The PCT is not allowed to tout any other methods of payment other than advised in TRIBE, in conjunction with UCP Rules ( current ) as administered by ©ICC Paris, France.
TRIBE Article 23, § 1-4
DLC Transfer Fees / DLC Confirmation Fees
1.‘Article 38’ of ‘UCP’, unless such changes in the future, applies where ‘both’ parties have ‘contractually agreed’ upon; that the ‘transfer fee’ is made for the ‘account’ of the ‘End Buyer’ as an ‘unconditional application’, in the first instance; ‘confirmation’ of a ‘credit’ is made by the ‘End Buyer’ to the ‘Sellers bank.
2.In the second instance to a ‘free bank’, at ‘its counter’, in the Country of the ‘Seller’ could also be effectively applied.
3.If a ‘Supplier’ requires a ‘credit’ from the ‘Buyer’ to be advised as ‘confirmed’, the ‘Supplier’ shall ‘initiate’ process to ‘confirm’ the ‘credit’ to the ‘Buyer’s bank’, at their ‘expense’, if a non confirmed credit is offered.
4.A ‘Top 100’ world ranked bank does not need its credit to be endorsed as ‘confirmed’ as such, the added expense, of adding such a conformation if insisted upon , is for the account of the supplier.
5. Transfer fee is paid on first call in where the call is made to the advising bank to service a MT message to the End Buyers bank to pay for the transfer fee immediately, to the advising bank, as already indicated on the credit it has issued to the sellers bank.
TRIBE Article 24, § 1 - 6
1.Any ‘Intermediary’ approaching any ‘Buyer/Seller’ who has ‘declared’ to also be a ‘TRIBE’ adhering trader, infers explicitly that the ‘Buyer/Seller’ shall ‘automatically protect’ the interests of anyone approaching them in any manner, with information, and that should such information lead to the closing of am import export or related deal, the ‘Buyer/Seller’ shall ‘collect’ and ‘protect’ commission(s) for each said ‘protected entity’ unconditionally.
2.The ‘Buyer/Seller’ is NOT allowed to use the ‘information’ given, in where a deal has ‘collapsed’, in where later should the ‘Buyer/Seller’ decide to use such ‘vital information’, as provided by the ‘ISS’ string member or others in the past, on ‘another deal’ yet to apply in the future; such must first ‘notify’ the said ‘entity’ who originally gave such ‘vital information’ to the ‘PCT’ or ‘PA’, before any such information is used.
3.If the entity who provided such information, cannot be contacted after ‘various attempts’, the ‘Principal’ MAY use such ‘information’, in where a ‘commission portion’ is ‘secured and held’ on their ‘behalf’ for ‘claiming’ within 6 months of closing a deal.
4.By contacting the ‘PCT’, the aspect of ‘Sanctuary’ is an automatically ‘applied mechanism’ that allowing the ‘ISS’ or others, ‘disclosing upfront’, ‘vital information’ in a ‘quick manner’ for purpose of ‘evaluation’, without having the deal ‘stalling.’
5.Any unsolicited information arriving into the e-mail inbox, of the ‘PCT’ in where its acknowledged as being worthy for further consideration, automatically protects the information and entity providing such, unconditionally, until the information is tested in where success or failure is recorded as per the nature of business apparent.
6.In where an ‘ISS’ or any formed ‘group’, being ‘protected’ by the ‘Buyer/Seller’, has provided ‘information’ to such in the course of a Transaction, or otherwise, which leads to the ‘discovery’ of other ‘Principal(s)’ by default, then the original ‘ISS/Group’ shall be ‘entitled’ to the ‘payment of commission’ unconditionally, should the ‘Buyer/Seller’ later contact (or vice versa) such a ‘Principal’, person or party in where a Transaction is ‘closed’.
7. If a PCT the normal course of business, legitimately on it own sources and secures goods to the same principal that other PCT’s have tried and fail to secure , then the PCT is entitled to trade on such goods alone for his own benefiting the condition no information prior was served to the PCT who secured the supplier, as served by another PCT prior.
8 The terms prior in the above context means 6 months or less prior.
In Summary: TRIBE 2017
TRIBE 2020 Summary
*Copyright:URITI, URPIB, ©TRIBE: 2001 FTN Exporting 2019-2021
Past outdated rules of trade now being replaced with more refined ‘TRIBE.’
‘TRIBE’ updates all trading matters indicated, in all currently supported FTN Exporting publications 2015 onwards.
*©UCP and Incoterms are a Trademark of the ICC, Paris, France.
Davide Giovanni Papa
PRINCIPAL and CEO
FTN EXPORTING EXCHANGE (FTNX)