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INSTITUTE OF SCRAP RECYCLING INDUSTRIES, INC.

59

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.)

Seller’s Responsibilities:

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

Seller’s account.)

Export-Import Shipments

Buyer’s Responsibility:

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

claim.

Seller’s Responsibility:

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.