Plain-language definitions of 133 terms used in raw material trade: Incoterms, payment, shipping, customs, quality documents, plastics, metals, chemicals, agriculture and energy.
Analysis of the retained sealed sample by an independent laboratory agreed in advance, used when the seller’s and buyer’s results differ by more than the splitting limit set in the contract. It is common in ore and concentrate trade; the umpire result is usually binding, or is averaged with whichever party’s result is closer. The cost is normally borne by the party whose result is further from the umpire’s.
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