The Grain and Feed Trade Association meaning

An introduction to commodities arbitration In commodities disputes, arbitration conducted pursuant to trade association rules is a defining feature. In some markets, sale contracts almost invariably stipulate that disagreements will be settled by arbitration under a trade association’s rules. This, in turn, supplies association arbitration departments with a steady flow of cases and supports a flourishing community of arbitrators, lawyers and trade representatives working within those bodies. A trade association is a membership organisation created to bring together the leading participants in a particular trade. For instance, the Grain and Feed Trade Association (GAFTA) is made up of traders, brokers, superintendents, analysts, fumigators, arbitrators and other professionals active in the international grain trade. Note: guidance on arbitration under the GAFTA Arbitration Rules No. 125 is available in the following Practice Notes: Gafta—commencing an arbitration under Gafta Arbitration Rules No. 125 Gafta—the arbitration process under Gafta Arbitration Rules No. 125 Gafta—appeals under Gafta Arbitration Rules No. 125 As part of their...

This Practice Note reviews the arbitration process under the Grain and Feed Trade Association (Gafta) Arbitration Rules No. 125 (Gafta 125) once a party has invoked arbitration. References to ‘Rules’ are to Gafta 125, in force for contracts dated from 1 March 2022, unless stated otherwise. For guidance on launching an arbitration under Gafta 125, see Practice Note: Gafta—commencing an arbitration under Gafta Arbitration Rules No. 125. For an outline of the Gafta appeals process, see Practice Note: Gafta—appeals under Gafta Arbitration Rules No.125. Exchange of submissions To commence an arbitration under Gafta 125, the claimant must, within the prescribed time, serve the respondent with a notice confirming its intention to refer the dispute to arbitration (the Notice of Intention). After the Notice of Intention is served, the claim generally progresses as follows: Under Rule 4.1, the claimant prepares a ‘clear and full’ submission of its case. Under Rule 4.2, the respondent prepares a ‘clear and full’ defence submission and any counterclaim. Submissions...

Introduction to Gafta 125 The Grain and Feed Trade Association (Gafta) is a global body bringing together traders, brokers, superintendents, analysts, fumigators, arbitrators and other specialists across the international grain market. Its arbitration secretariat, based at the association’s London headquarters, oversees the conduct of arbitrations. Gafta issues a suite of standard form contracts, each containing an arbitration clause directing any disputes to be resolved under the Gafta rules. The preamble to Gafta 125 confirms that all disputes arising from contracts or agreements incorporating those rules must be referred exclusively to Gafta. This Practice Note explains how to start an arbitration under the Gafta Arbitration Rules No. 125 (Gafta 125). Unless stated otherwise, references to the ‘Rules’ in this Practice Note mean the Gafta 125 rules, which apply to contracts dated from 1 March 2022. For additional background on Gafta and comparable trade bodies, see Practice Note: Commodities arbitration—trade associations and arbitration rules. Time limits for claiming arbitration To begin arbitration under Gafta 125, a claimant must...