Mortality

  1. Mortality Default Allowance is 5% for hard shell lobster and 8% for firm shell lobster.

   2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

  • Seller credits Buyer for 50% CNF value of mortalities in excess of the allowance rate.

Shrinkage

  1. Shrinkage Default Allowance is 3% for both hard and firm shell lobster.

   2. When product arrives with rates exceeding any of the above, the Seller must pay credit according to the following policies:

  • If the actual shrinkage rate is within 2 times of the default allowance, credit is calculated as the difference between invoiced weight and actual weight on arrival, less allowance.

Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)     - If the actual shrinkage rate is over 2 times that of the default allowance, credit is calculated based on the actual weight on arrival. Claim Amount: CNF Price * (100% + Customs Tax + VAT + 4.5%)

** Customs Tax: 10%

** VAT: 13%

** Delivery Charges: 4.5%

Damaged Product

  1. Lobsters arriving with missing/damaged claws and shells will be considered as secondary products. Claims will be made on the total weight of these products at 35% of the CNF value.

Spoiled/Rotten Product

  1. Claim valued at 128 % of CNF Price = [Total CNF Value + Total Taxes Paid * (Customs Tax % + VAT %) + Delivery Charges (CNF Price * 4.5%)]

** Customs Tax:10%

** VAT: 13%

** Delivery Charges: 4.5%

Auction Time

Prices go live every Friday at 14.00PM Beijing time.

Cut-off Time of Documentation 

Product cut-off time is 21:00PM (T-4 days to arrival). 

Policies regarding shipping incorrect grades of lobster

  1. If the grade shipped is off by only one grade (i.e. 1.25 lb or 1.75 lb, when 1.50 lb were ordered), the lower of the two prices will prevail.

   2. If the grade shipped is off by more than one grade (i.e. 1.00 lb or 2.00 lb, when 1.50 lb were ordered), the lower of the two prices will prevail and the Seller will compensate the Buyer 3% of the CNF value of the correct size ordered.

   3. If the Seller has not notified Gfresh of the incorrect packing within 1 hour of the plane taking off from port of origin, an additional 3% penalty will be incurred in addition to the above penalties.

   4. If product shipped is determined to be different to what is specified on its packaging, the Seller will automatically be subjected to pay the Buyer compensation based on 35% of the value of the goods ordered.

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