Part 1GENERAL

PART 1—GENERAL

Article I

Objectives

The objectives of this Agreement are to assure supplies of wheat to importing countries and markets for wheat to exporting countries at equitable and stable prices.

Article II

Definitions

1. For the purposes of this Agreement:

“Advisory Committee on Price Equivalents” means the Committee established under Article XV.

“Bushel” means sixty pounds avoirdupois.

“Carrying charges” means the costs incurred for storage, interest and insurance in holding wheat.

“C. & f.” means cost and freight.

“Council” means the International Wheat Council established by Article XIII.

“Crop-year” means the period from August 1 to July 31, except that in Article VII it means in respect of Australia and Uruguay the period from December 1 to November 30 and in respect of the United States of America the period from July 1 to June 30.

“Executive Committee” means the Committee established under Article XIV.

“Exporting country” means, as the context requires, either (i) the Government of a country listed in Annex B to Article III which has accepted or acceded to this Agreement and has not withdrawn therefrom, or (ii) that country itself and the territories in respect of which the rights and obligations of its Government apply under Article XXIII.

“F.a.q.” means fair average quality.

“F.o.b.” means free on board ocean vessel.

“Guaranteed quantity” means in relation to an importing country its guaranteed purchases for a crop-year and in relation to an exporting country its guaranteed sales for a crop-year.

“Importing country” means, as the context requires, either (i) the Government of a country listed in Annex A to Article III which has accepted or acceded to this Agreement and has not withdrawn therefrom, or (ii) that country itself and the territories in respect of which the rights and obligations of its Government apply under Article XXIII.

“International Trade Organization” means the Organization provided for in the Havana Charter, dated March 24, 1948, or, pending the establishment of that Organization, the Interim Commission established by a resolution adopted by the United Nations Conference on Trade and Employment held in Havana from November 21, 1947 to March 24, 1948.

“Marketing costs” means all usual charges incurred in procurement, marketing, chartering, and forwarding.

“Metric ton” means 36.74371 bushels.

“Old crop wheat” means wheat harvested more than two months prior to the beginning of the current crop-year of the exporting country concerned.