Stock,Monitoring,Services,for, business, insurance Stock Monitoring Services for Trade Finance
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Stock monitoring services are often provided by inspection companies within the frames of Trade Finance operations. The goods monitored are usually grains and other agricultural commodities, metal products, metal scrap etc. Such services are often called SMA which stands for Stock Monitoring Agreement.Stock monitoring is required when the Bank agrees to grant credit facilities to the Receiver/Depositor/Borrower who is involved in the business, for example, of purchasing milling wheat, feed wheat, maize, food rye, feed rye, feed barley, peas, sunflower oilseed meal, sunflower oil unrefined first grade, sunflower seed cake, flax seeds, sunflower seeds, rape oil, rapeseed cake, from various suppliers and selling the same on the domestic and on the international markets.The above goods are delivered to and thereafter stored in the warehouses.Upon delivery of the goods to a Storage Place a warehouse receipt (Silo Receipt), which confirms the receipt of the goods at the Storage Place, is issued by the management of the warehouse.The Receiver (the owner of the goods stored at the warehouse) grants to the Bank a first ranking and perfected security interest over the goods.The Bank grants (and maintains) finance against receipt of and upon reliance on the Silo Receipts and the Surveyor's inspection reports.Stock Monitoring Services scope Performing Stock Monitoring Services the surveyor normally is supposed to do the following:• Verify whether the Silo Receipt is properly registered in the books of the Storage Place;• Verify whether the quantity of the Goods under the Silo Receipt is recorded in the books of the relevant Storage Place in conformity with the documents;• Verify in whose name or for whose account the Goods under the Silo Receipt are recorded in the books of the Storage Place.• Determine the total quantity of the Goods stored in the warehouse by way ofvisual inspection and volumetric calculation on the basis of the test weight to be ascertained at the Storage Place.• Verify whether the total quantity of all goods of this type stored in the warehouse according to its book is not less than the total quantity of Goods under the Silo Receipts issued by that Storage Place.• Visually determine that the Goods under the Silo Receipt stored in the Storage Place are actually the Goods described in the Silo Receipt.• Determine whether the Storage Place does not suffer from apparent and obvious defects that would render it unsuitable for storage of the Goods under the Silo Receipts.• Determine whether the Goods stored in the warehouse are apparently sound, free of smell and in good conditionThe Surveyor will carry out the Stock Monitoring services inspections regularly with the agreed frequency.Before each Inspection the Receiver shall provide the Surveyor with copies of the relevant Silo Receipts.It is agreed between the Parties that nothing shall create a collateral manager relationship between the Parties and the Surveyor shall at no time be deemed to have any control over the Goods and shall not be held responsible for any unauthorised movement of Goods by the management of the warehouse or any other party. Article Tags: Stock Monitoring Services, Bull Verify Whether, Storage Place Bull, Stock Monitoring, Monitoring Services, Trade Finance, Storage Place, Silo Receipt, Goods Stored, Silo Receipts, Bull Verify, Verify Whether, Place Bull, Goods Under, Bull Determine, Total Quantity
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