GAFTA ARBITRATION RULES 125 PDF

Indeed, London is the home of a variety of commodities trade associations, each one with its own standard contracts, arbitration rules and tribunals. Concerning the first, Rule Rule Lord Hacking criticizes this provision, as giving an advantage to the party whose legal position is least tenable: he or she is not likely to agree with the employment of legal representatives. Southern called our attention to an apparent contradiction in Rule So parties should consider whether they want such costs to be recoverable or not — because the default position seems to be that costs cannot be recovered without a specific agreement that they can be.

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The time-bar provision previously contained in Rule 2. The intention behind Rule 2. The move mirrors similar streamlining amendments made earlier in the year to the Federation of Oils, Seeds and Fats Associations FOSFA Arbitration Rules, whereby time-bars applicable to claims for monies due were subsumed within broader categories of claims for quality or condition and other claims.

GAFTA and FOSFA granted each other reciprocal membership earlier this year, and it will be interesting to see whether the two arbitration schemes will further be aligned in the future. Like many other institutions, GAFTA offers a streamlined and expedited dispute resolution mechanism, suitable for smaller or simpler claims which parties wish to dispose of quickly and relatively cheaply.

The basic mechanism remains the same single-tier arbitration with a brisk timetable and no appeal to the Board of Appeal or to the court. However, the rules have been restructured and redrafted to reflect more closely with the supportive provisions of the Arbitration Act AA , to which express reference is made in the pre-amble.

The amendments to GAFTA introduce several substantive changes, the most significant of which are: The seat of arbitration is now designated as England previously it had been the domicile of the arbitrator. This lends certainty and predictability, and very firmly roots the arbitral reference in the AA The procedure for commencement of arbitration has been tightened up, with express provision now for service of a notice of arbitration.

Notice must be served and then produced, along with the contract, when requesting GAFTA to appoint an arbitrator. However, failure to comply with the specified time-bar no longer necessarily gives rise to a waiver of time-bar.

The arbitrator has a discretion to admit a claim, if satisfied that the circumstances were outside the reasonable contemplation of the parties when they entered into the contract and that it would be just to extend time , or where the conduct of one party makes it unjust to hold the other to the strict time limit Rule 9.

The wording of this provision clearly replicates both the equivalent provision in GAFTA and the wording of section 12 of the AA , which permits the court to extend time for commencing arbitration.

GAFTA has taken steps to protect its own position, and that of the tribunal, with regard to the costs of the arbitration. A failure to pay the deposit provided for in Rule 4. Although worded in broad terms, these provisions are presumably intended to focus on the costs of the tribunal and of GAFTA, since Rule 7 now provides that, unless otherwise agreed, the parties are to bear their own costs including the costs of legal representation.

In this regard, there is perhaps a potential inconsistency between Rules 7 and 6. Rule 6. There is now an express rule empowering the arbitrator to rule on issues of substantive jurisdiction , mirroring section 30 of the AA Rule 5. There is no longer any absolute bar on legal representation.

The parties may expressly agree to legal representatives Rule 4. In such cases, parties may wish to allow for the involvement of lawyers, even in relatively small or simple disputes, and the rules now allow for this.

There is now express provision for defaulters to be posted, including parties who fail to pay GAFTA any costs or expenses due Rule The new rules have attracted relatively little comment, but on the whole, appear to have effected improvements by tightening up time-bar provisions and more generally, ensuring that the arbitration mechanism properly reflects the applicable legislation and the interests of the parties. Leave a Reply Your email address will not be published.

EN6115 PDF

Gafta 125 Arbitration Rules

Expedited Arbitration Procedure Rules No. These disputes are adjudicated by qualified arbitrators, who are experts in maritime matters. Arbitration Rules No. Mediation can be used at any time and is a useful way to assist parties in negotiating solutions whilst at the same time preserving trade relationships. Mediation Rules No. In order to maintain its high standards all Gafta Qualified Arbitrators and Mediators must demonstrate a commitment to continuing professional development to keep up-to-date on all contractual and arbitral issues.

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GAFTA ARBITRATION RULES 125 PDF

The time-bar provision previously contained in Rule 2. The intention behind Rule 2. The move mirrors similar streamlining amendments made earlier in the year to the Federation of Oils, Seeds and Fats Associations FOSFA Arbitration Rules, whereby time-bars applicable to claims for monies due were subsumed within broader categories of claims for quality or condition and other claims. GAFTA and FOSFA granted each other reciprocal membership earlier this year, and it will be interesting to see whether the two arbitration schemes will further be aligned in the future. Like many other institutions, GAFTA offers a streamlined and expedited dispute resolution mechanism, suitable for smaller or simpler claims which parties wish to dispose of quickly and relatively cheaply. The basic mechanism remains the same single-tier arbitration with a brisk timetable and no appeal to the Board of Appeal or to the court. However, the rules have been restructured and redrafted to reflect more closely with the supportive provisions of the Arbitration Act AA , to which express reference is made in the pre-amble.

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