Uro: Backed by Millions of Tons of Urea Fertilizer
So if I buy 12,500 Uro today on July 9th can I email the NIER with an order for 12,500 Tonnes Urea and they will accept, or are they only obligated to do so at some point in the next 10 years? And who can sue the NIER if they don’t honor the contract, The URO Foundation i.e. themselves?
The ratifying companies are obliged to supply Urea for Uro starting from 09 July 2014. If they do not, the purchaser can take legal action against the company – since they are breaking the terms of a legally binding agreement.
The Protocol states that the companies must allow payment of Uro for Urea purchases for at least 10 years. A few people have tried to interpret the 12,500 metric tonne minimum order requirement (which is for the purpose of making sure the vessel is full) to be some sort of maximum order limit – but there is no mention of such a limit in the Protocol and such interpretations are incorrect.
Uro: Long Term Currency Backed by Millions of Tonnes of Urea Fertilizer