Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
Chapter 1 Application of Rules
Chapter 2 Clearing Membership
Chapter 3 Committees
Chapter 4 Enforcement of Rules
Chapter 5 Arbitration
Chapter 6 Delivery and Related Matters
Chapter 7 Clearing and Margins
Chapter 7A Suspension and Default
Chapter 7B Payments
Chapter 8 Mutual Offset System
Chapter 9 Definitions and Interpretation
Chapter 10 Transitional Provisions
Directives
Practice Notes
Appendices
Schedules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

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  • 6.02A.10 Force Majeure

    6.02A.10.1 Unless the delivery provisions in the relevant Contract Specifications otherwise provide, the Delivery Obligations of Contracts shall be absolute and unconditional and shall not be subject to the defence of Force Majeure, impossibility, commercial impracticability or other similar defences. Notwithstanding the preceding, if delivery or acceptance or any precondition or requirement of the Buying Member or Selling Member as the case may be is prevented or threatened to be prevented as a consequence of or arising out of an occurrence of Force Majeure relevant to performance of Delivery Obligations such that performance of such Delivery Obligations cannot be guaranteed by reason of such occurrence of Force Majeure, such Selling Member or Buying Member as the case may be shall immediately notify the Clearing House.
    6.02A.10.1A If the Clearing House determines that emergency action may be necessary, it shall take such action as it deems fit in accordance with the relevant Contract Specifications.
    6.02A.10.1B Notwithstanding Rule 6.02A.10.1A, in the case of a Contract traded on the Exchange, the Clearing House shall call a special meeting with the Exchange and arrange for the presentation of evidence with respect to the occurrence of Force Majeure. If the Clearing House and the Exchange determine that a Force Majeure exists, the Clearing House and the Exchange shall take such action as they see fit, including but not limited to the deferment of delivery dates and the designation of alternate delivery points.
    6.02A.10.1C For the purposes of this Rule 6.02A.10, Force Majeure shall have the meaning as set forth in the relevant Contract Specifications or the rules of the Relevant Market on which the Contract was traded.
    6.02A.10.1D Notwithstanding Rule 6.02A.10.1C, in the case of a Contract traded on the Exchange, Force Majeure means any event beyond the control of a Seller or Buyer or its respective Clearing Member including acts of a civil or military authority, labour disputes, strikes, fires, floods, epidemic diseases, accidents, wars (whether declared or undeclared), acts of the public enemy, riots, perils of the sea, embargoes, restrictions imposed by any governmental authority (including allocations, priorities, requisitions, quotas and price controls) or any other acts of God.
    6.02A.10.2 Without prejudice to Rule 6.02A.10.1 to Rule 6.02A.10.1D, in the event that the Clearing House and/or the Exchange determine that for any reason whatsoever there exists or is likely to come into existence a shortage of the underlying Commodity or circumstances prejudicial to a Seller or Buyer or it's respective Clearing Member's Delivery Obligations the Clearing House and/or the Exchange may take such action as may appear necessary to prevent, correct, or alleviate such shortage, subject to the provisions in the relevant Contract Specifications for such shortage, if any.

    Added on 22 September 2006 and amended on 1 October 2009.