The NGFA is announcing the availability of the new edition of its Trade Rules and Arbitration Rules that incorporates important changes ratified during the association’s 116th annual convention in March.
The new publication includes:
- Numerous wide-reaching changes approved by the NGFA Board of Directors that:
1) clarify and better reflect throughout the Trade Rules developments in contracting practices using electronic methods, including clarification of when “rapid written communication” by electronic means is an alternative to telephonic or traditional paperbased written ommunication; and
2) modify provisions in the NGFA Grain Trade Rules and Feed Trade Rules that referred to trading “sessions” and trading hours to better reflect electronic trading practices. Both of these sets of changes took effect April 19, 2012, 30 days after adoption by the Board as required under the NGFA Bylaws, and will be subject to ratification by the membership at the March 2013 annual business meeting conducted in conjunction with the NGFA’s 117th annual convention in San Francisco, Calif.
- Ratification of an amendment to Grain Trade Rule 9 that addresses “Unpriced Contracts” that replaced the previous phrase “requested date of shipment” with the new phrase “contracted date of shipment” to refer to the time frame for pricing.
Obtaining the Rules
It’s always been essential that those at your company who have merchandising and trading responsibilities for grain, feed, feed ingredients or grain products, barges or barge freight, or secondary rail freight have access to, and understand, the latest rules. It is the authoritative source for the NGFA Rules.
Click here to order.