It means the date up to which the commodity is expected to be valid for delivery on exchange platform at pay-in of commodities. After the expiry of validity date, the commodity should be either withdrawn from the warehouse or further revalidated if final expiry date is not reached. After reaching the final expiry date, no further revalidation is permitted on the same commodity and therefore, the depositor/ holder of such commodities have to withdraw the commodity from the warehouse latest by the final expiry date. The validity date will be assigned at the time of deposit of commodity at the warehouse and it is reflected on the Quality Certificate.

Quality certificate is the document issued by the quality assayer indicating the quality and validity of the goods as per quality specifications mentioned in the exchange contract specifications of a commodity.

Weight loss normally happens on account of loading and unloading, sampling, transportation, pest infestation, storage condition, moisture variation etc. Therefore, quantity of the commodity delivered by a seller may not exactly match with the quantity when buyer takes out the said commodity from the warehouse because of above reasons and which the industry normally accepts. With a view to adjust such handling loss due to loading, unloading and sampling etc., standard deduction is applied on weight of the commodity.

Tolerance limit is the range within which the delivery unit of the commodity can be accepted or considered as good for delivery on exchange platform. E.g. If the delivery unit is 10 MT and the tolerance limit is 500 Kg then the tolerance limit of the said commodity is 9.5 MT to 10.5MT and weight of the commodity delivered within this range is considered as valid or good delivery.

Quality Specification of a commodity refers to the quality parameters, which are an indication of the minimum acceptable criteria which a commodity must possess to effect a valid delivery confirming to quality specifications of contract specifications of the commodity. Parameters may include purity, moisture content, foreign matter etc. composition of different quality parameters form a Grade.

Warehouse receipts mean a document whether in physical or electronic form evidencing a commodity being held in the exchange accredited warehouses. These documents are transferred by endorsement or delivery. The original depositor or the holder in due course can claim the commodities from the warehouse by producing the warehouse receipts/ relevant documents.

KYD means “know your depositor” form. This form is available at all the warehouses and the deposit is required to provide relevant information as specified in the form and get a depositor code allotted by the WSP.

Delivery center is the center where the commodity permitted for trading on the Exchange, can be delivered by the Seller in the accredited warehouse.

Deliveries take place in approved warehouses at Exchange designated delivery centres only as may be specified by the Exchange, from time to time in the contract specifications of a commodity.

Commodity Acceptance Document is a temporary receipt issued by the warehouse official in lieu of warehouse receipt covering depositor and commodity related details.