INSTITUTE OF SCRAP RECYCLING INDUSTRIES, INC.
Guidelines for Metals Transactions
respond within two business days, Buyer may return
material in most prudent manner. Subject to contract
provisions, Buyer should promptly advise Seller con-
cerning replacement of rejected material.
b. In the event of a downgrade Buyer must notify Seller
immediately by telephone or telex and afford Seller an
opportunity to inspect the material prior to its use. If
material is to be inspected by Seller or his/her represen-
tative, Buyer should agree to a mutually convenient time
to do so.
c. Buyer must give Seller option of removing material
if he/she does not agree to downgrade. (All costs of
unloading and reloading are for Seller’s account.)
a. In the event of a rejection Seller should respond prompt-
ly and advise Buyer of his/her intentions. Seller must
reply within two business days. Subject to contract pro-
visions, he/she must advise Buyer promptly concerning
replacement of rejected material.
b. In the event of an unacceptable downgrade Seller must
advise Buyer within two business days if he/she wishes
to inspect material and agree upon a mutually conve-
nient time to do so.
c. If Seller wishes to remove downgraded material from
Buyer’s delivery point, he/she must advise Buyer
promptly. (All costs of unloading and reloading are for
a. In the event of a claim, time is of the essence and noti-
fication should be given to Seller within a reasonable
period of time after arrival of vessel in receiving port.
b. In the event of a claim, the material should be held intact
until agreement has been reached. The acceptable por-
tion of the material may be consumed and/or arrange-
ments may be made to sample a portion of material, i.e.,
10-25%with balance held intact pending resolution of
a. In the event of a claim, Seller should respond to Buyer’s
notification promptly by telephone, telex, wire, or cable.
b. When a claim settlement has been agreed upon, terms
of settlement must be followed promptly.