Once your physical trade transactions have been completed/settled/closed, you can use MAF Cloud system to generate a contract document and issue it to your counterparties. The contract document is a legal binding document that confirms the trade and the respective details between your counterparties. All data input previously in the physical trades and trade executions sections will be directly linked here, saving you the hassle of manually creating your contract from scratch!
TABLE OF CONTENTS:
Creating a Contract Document
To generate a contract document, a physical trade has to be created first. Please refer to Creating New Physical Trade(s) for the guide on how to create a physical trade.
1. Once a physical trade has been created, under 'Actions' in the table, click on the 'Settings' button (represented by a 'gear' icon), followed by 'Generate Contract' of the trade that you want to generate a contract for. You will be directed to create a contract. Please note that each trade can only create 1 contract document.
2. You can now key in the necessary details for your contract. Once you have completed your contract, you can save the contract template by clicking on the blue '+' sign at the top right corner and save the template layout (only values in LABEL boxes will be saved and not VALUE boxes). The next time you create a new contract, you will be able to use the same template, reducing the need to re-input similar data again. You may create and save multiple template layouts to suit your needs.
1. COMPANY NAME: Your company name ; TRADE DATE: Date the contract is generated
2. PURCHASE OR SALE: Select 'PURCHASE' if it is a purchase contract, and 'SALE' if it is a sale contract. ; CONTRACT NO.: Contract Number to be reflected in the contract
3. COUNTERPARTY DETAILS:
Any counterparty details to be printed directly below CONTRACT NO. in the contract pdf file.
COUNTERPARTY: If you select this, the VALUE box will auto-fill the counterparty's name, you may change this as necessary.
ADDRESS: If you select this, the system will check the counterparty's address from your company data table first and auto-fill the address. Otherwise, the address will be returned empty and you may input accordingly. If you create any subsequent invoice with the same counterparty, the system will obtain the counterparty's address from your first invoice and auto-fill it for you.
TEL: If you select this, you may input your counterparty's office number.
EMAIL: If you select this, you may input your counterparty's email.
4. CONTRACT DETAILS:
The contract details section will auto-reflect the inputs extrapolated from the selected physical trade into the VALUE box. If the VALUE box is empty, you are free to add or edit the inputs as necessary. Click on the blue '+' sign and select from the dropdown list to add information such as the 'PRICE DESCRIPTION', 'PRICE', 'CONTRACT VALUE', 'PRODUCT', 'SPECIFICATION', 'QUANTITY', 'COVERSION FACTOR (QTY)', 'SETTLEMENT CCY', 'CREDIT TERM', 'PAYMENT TERM', 'INCOTERM', 'PORT/COUNTRY', 'LAYCAN', 'LAYTIME', 'DEMURRAGE', 'GT&C', 'LAW/ARB', 'INSPECTION', 'Q+Q', 'REMARKS', 'SHIPMENT MTH/YR', 'BROKER', 'PACKER', 'PACKING', 'PAYMENT/CREDIT TERM' and 'DELIVERY TERM' as necessary.
PRICE DESCRIPTION: If you select this, the VALUE box will auto-fill the description, you may change this as necessary.
'PRICE': If you select this, the VALUE box will auto-fill the price per unit, you may change this as necessary.
'CONTRACT VALUE': Total contract's worth; the multiplication of 'PRICE' and 'QUANTITY'.
'PRODUCT': If you select this, the VALUE box will auto-fill the type of product being traded, you may change this as necessary.
'SPECIFICATION': If you select this, the VALUE box will auto-fill the brand and type of the product being traded, you may change this as necessary.
'QUANTITY': If you select this, the VALUE box will auto-fill the quantity of the product traded, you may change this as necessary.
'CONVERSION FACTOR (QTY)': The factor by which a quantity that is expressed in one set of units must be multiplied in order to convert it into another set of units. This is useful for products measured in different units between your company and counterparty.
'SETTLEMENT CCY': The currency that the trade was settled in. Default is USD.
'CREDIT TERM': Terms that indicate when payment is due for sales made on the account, eg net 30 means that the counterparty can pay up to 30 calendar days after they have been billed.
'PAYMENT TERM': Details on the payment deadline and the payment mode, eg. "Payment Due October 31, 2018".
'INCOTERM': The commercial term that specifies who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities.
'PORT/COUNTRY': The country/port at which trade is taking place.
'LAYCAN': The period within which the vessel must be presented at the agreed port or place.
'LAYTIME': Time given for vessel to load/unload, eg. 12 hours.
'DEMURRAGE': The charge payable to the owner of a chartered ship on failure to load or discharge the ship within the time agreed.
'GT&C': The general terms and conditions of the contract.
'LAW/ARB':
'INSPECTION': Details on whether goods purchased complies with buyers' specifications and/or the terms of their order or letter of credit.
'Q+Q':
'REMARKS': Any additional comments.
'SHIPMENT MNTH/YR': The date that the order is shipped from the seller or warehouse to the customer.
'BROKER': To input the name of the agent who negotiates and attempts to seal a deal between shipowners and the buyers and sellers of ships in return and his reference number.
'PACKER': To input the name of the packer who is responsible for cleaning shipping containers, labelling items and packing items into the shipping containers.
'PACKING': Documents that details the specific contents of each package.
'PAYMENT/CREDIT TERM': The agreement between the buyer and seller about the timings and payment to be made for the goods bought on credit.
'DELIVERY TERM': The agreements with the business partner concerning the way the goods are delivered.
5. SIGNATURE
In this section, you may select 'SIGNATURE' or 'NON-SIGNATURE' based on whether you want to have a signature field in the invoice pdf file. By selecting 'SIGNATURE', the pdf file will contain two signature fields where a representative from your company and counterparty can sign for acknowledgement.
3. Once the contract has been completed, click on 'Save' below to save the contract. Click 'PDF' to generate the contract in PDF format. Click 'Cancel' if you do not want to save the new contract or update the details, and be directed back to the 'Physical Trade' page.
Note: Once you have completed your contract, you can save the contract template by clicking on the blue '+' sign at the top right corner and save the template layout (only values in LABEL boxes will be saved and not VALUE boxes). The next time you create a new contract, you will be able to use the same template, reducing the need to re-input similar data again. You may create and save multiple template layouts to suit your needs.
4. You may easily change the contract details from the 'Physical Trade' table, using the same procedures. To edit the contract, you will need to enter the same contract page by clicking on the 'Settings' button (represented by a 'gear' icon) from the 'Physical Trade' table, followed by 'Generate Contract'. Click on 'Save' to save the changes of the contract.
The contract document in pdf will reflect all the relevant details of the trade including the signature area.
Functionality
Please refer to Table Settings for table functionalities.
Definition of Terms
Please refer to List of Definitions: Trades.
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