The Grain and Feed Trade Association (“Gafta”) recently published a new edition of its Arbitration Rules No. 125 (the “Gafta Arbitration Rules”), effective for contracts dated from 1 September 2016. The previous Gafta Arbitration Rules were effective for contracts dated from 1 June 2014.
The Gafta Arbitration Rules continue to be incorporated into a significant proportion of contracts for the international sale and purchase of grains and feedstuffs governed by English law. A good understanding of the new Gafta Arbitration Rules is important not just for in-house counsel at agricultural trading houses, but also for trading and operational teams, who may be particularly affected by the key changes to the time limits for claiming arbitration in respect of quality and/or condition disputes.
This alert seeks to provide a useful, quick reference guide to the key differences between the previous Gafta Arbitration Rules and the new Gafta Arbitration Rules.
View the quick reference guide here.
Client Alert 2016-236