2. BUYERS: The Exchange shall be open without discrimination to all buyers who, (a) are able to provide safe dock locations and moorage facilities sufficient to safeguard vessels from damage at all times when catches are being discharged; (b) have handling facilities capable of discharging fish with reasonable speed and safety, and (c) are financially able to pay for purchases at all times and to post performance bond if requested to do so by the Exchange. New buyers on the Exchange shall submit an application and be approved with the Exchange before they are permitted to bid.
3. SELLER AND BUYER COMMITMENTS: The seller may submit a minimum bid, in which case the vessel will be bound to accept the auction price regardless of the number of bidders. In the case of a minimum bid, and should there be no buyers the vessel is still obligated to the exchange fee. Otherwise, once three (3) different bidders place bids, the vessel will be bound to the auctioned price. In both cases, the buyer is bound to pay the price and must be able to pay the seller once unloading and grading has ended.
4. TIME OF LISTING: The Exchange shall be open as required for sales. Trips shall be listed not later than 8:30 AM for days the Exchange is open. In the event of season closures that create unloading difficulties for buyers or vessels, the time can be changed.
5. HAILINGS: Hailings are to be listed on the Exchange by the master of the vessel or by someone authorized by him to do so. A leeway of twenty percent is to be applied on either over or under hailing, but not both on the same kind of fish. On all fish weighing out over or under this leeway, the buyer may make a deduction of twenty percent in price to offset the shortage or overage. Penalties shall apply only where the buyer is injured by mis-hailing.
6. DELIVERY: All Fish sold on the Exchange shall be delivered at the buyer's dock on the date of sale or at such other date and time given at the time of bidding and shall be discharged by the buyer on the date of sale; provided, that in the event the buyer buys two fares of fish, he may defer the discharge of one fare until the following morning. Any master who does not wish to wait until the next day to discharge can avoid doing so by notifying the Exchange manager of such desire before the day's bidding begins. In the event the trip is not delivered to a buyer in a timely manner, the buyer shall have the option of refusing the catch.
7. GRADING: Bids are taken upon the basis as applying to number one fish.
(a) There will generally be two size classifications of halibut, with separate bids permitted on each as follows. However, depending on marketing requests, the manager can allow for different size classifications for bidding.
1. Mediums. This shall consist of all halibut weighing 11-1/2 to 68 pounds, dressed with heads on, or 10 to 60 pounds, dressed, heads off.
2. Large. This shall consist of all halibut weighing 68 pounds and over, dressed, heads on, or fish weighing 60 pounds and over, dressed, heads off.
(b) There shall be three additional grade classifications as follows:
(1) Second Quality Mediums. This shall consist of all mediums not in first quality condition and medium halibut that are ripped, sand-flea bitten where damage is done to the meat, torn, bruised, cut or mutilated with surface blemishes measuring more than one inch across on 10 to 40 pound fish, heads off, and more than 1-1/2 inches across on 40 to 60 pound fish, but otherwise in good condition and first quality. This classification shall be purchased at 7% per pound less than first quality mediums.
(2) Second Quality Large. This shall consist of all large not in first quality condition, and large halibut that are ripped, torn, sand-flea bitten where damage is done to the meat, bruised, cut or mutilated with surface blemishes measuring more than 2-1/2 inches across but otherwise in good condition. Fish with smaller blemishes shall be taken as first quality. Second quality large shall be purchased at 7% per pound less than first quality large.
(3) Number Three Fish. Fish in this category are considered reject and the purchases is not obligated to purchase such fish. These fish may be described as round or undressed halibut; fish with gonad or sweet meat in place; fish with substantial, obvious bruises or internal reddening of the flesh or polk; fish which have not been buried in ice and fish whose body cavity has not been eviscerated, washed and iced; fish with wrinkled skin caused by drying, sunburn, dehydration; fish which are sour and/or exhibit definite odors of Class III decomposition and/or adulteration, all are unfit for human consumption and are categorized as rejects.
a. Bids will be made on western dressed blackcod based on two sizes with a break at 5 pounds or such poundage categories as the opening bid so designates.
b. Bids on eastern (J-Cut) dressed sablefish will be made on such categories as the opening bid so designates.
c. Second class sablefish will be purchased at 7% per pound less than first quality for the respective sized bid on.
9. MIXED COD & ROCK FISH: Mixed cod shall be sold in one grade only. Separate bids for each kind of cod are permissible.
10. HEADS: Fish shall be weighed out either heads on or heads off at the option of the seller. If fish are weighed heads on, a deduction of 10% shall be allowed for heads and 2% for ice and slime. If fish are sold heads off, the seller shall have the option of heading fish or permitting use of heading machine, if available, operated by buyer.
11. WEIGHING: In the weighing of fish, weights of 500 pounds or over shall be used. Weights shall be recorded to the exact pound. All fish of doubtful weight shall be weighed by buyer. Whenever possible, buyer shall locate a scale next to the grading table, with its platform level with the grading table for use in weighing doubtful fish at the breaking point between medium and large. Where this is a beam scale, another scale shall be provided for weighing small halibut. Rolling equipment used in weighing fish shall be standardized as to tare weight wherever possible. Where this is not possible, the tare weight shall be indicated on the equipment mark.
12. CULLS: All fish not accepted by the buyer shall remain the property of the seller.
13. DISPUTES: In case of a dispute as to grading of fish between buyer and seller, the fish shall remain the property of the seller.
14. EXCHANGE CHARGE: Each buyer shall pay to the Exchange as follows: FVOA Member! $4.00 for each $1000.00 value of fish (0.4%); FVOA Associate Member: $10.00 for each $1000.00 value of fish (1.0%); Non-FVOA member $16.00 for each $1000.00 value of fish (1.6%). A minimuin charge shall be $100.00. One-half of the charge should be deducted by buyer from the seller while the remaining half shall be absorbed by the buyer The charge for fish purchases shall be forwarded by the buyer to the Exchange.
15. BIDDING: No bid of less than $50.00 will be accepted. Buyers shall bid on the Exchange in person or through authorized representatives; provided, however, this requirement may be waived at option of Exchange manager whenever circumstances warrant. Bids can be made electronically, fax, telephone or in person. There will be a recommended time that bidding begins and ends. However, the auction will remain active provided bids are placed within 7 minutes of the preceding bid. Bids will only be accepted on the fish for sale. Bids will not be accepted that include ice and fuel credits.
16. AMENDMENTS: Additional rules and amendments may be made at any time without notice by the Exchange management.