Rule 10 – Contract Procedures
All Contracts shall be by cash delivery on the last day of the contract month subject to the rules of the Relevant Clearing House.
In the Contract Rules and Administration Procedures the following terms shall bear the meanings set opposite them below, if not inconsistent with the subject or context:–
|“Month Contract”||means a calendar month, of which there are 12 in a Calendar Year;|
|“Quarter Contract”||means three consecutive contract months grouped as follows: January, February and March (first quarter); April, May and June (second quarter); July, August and September (third quarter); and October, November and December (fourth quarter);|
|“Half Year Contract”||means a strip of 6 consecutive contract months commencing January and ending with June for the first Half and commencing July and ending with December for the second Half;|
|“Calendar Year Contract”||means a strip of 12 consecutive contract months commencing January and ending with December.|
The contract price shall be in United States dollars and cents per lot with minimum fluctuations as the contract specifications.
Members may be required to put up full security to the Relevant Clearing House or the Clearing Member of the Relevant Clearing House in accordance with the policies and requirements of such Clearing House or Clearing Member.
An event of force majeure shall mean any occurrence reasonably beyond the control of either party to the Contract which hinders or prevents the performance in whole or in part by the party affected of its obligations under the Contract (other than an obligation to make payments), including but not limited to fire, storm, flood, earthquake, natural disaster, explosion, accidents howsoever caused, strike, lockout, work to rule or other industrial dispute, acts of God, acts of government or other national or local authority or agency thereof, and delays in transportation or communications.
Neither party shall be deemed to be in default of its obligations nor shall any penalty or damages be payable if and to the extent that performance of such obligations is hindered or prevented by an event of force majeure.
If an event of force majeure hinders or prevents the affected party from performing any of its obligations under a Contract it shall immediately notify the Exchange and the Relevant Clearing House in writing of such event and the obligations under the Contract which are affected.