08 Mar 2019
Some things you can only do in London. Although loitering in the fog is no longer part of the city’s attraction, taking a ride in a black cab, having a pint at the Cittie of Yorke and arbitrating a commodities dispute are still very much an exclusivity of the English capital. Indeed, London is the home of a variety of commodities trade associations, each one with its own standard contracts, arbitration rules and tribunals.
Of these, perhaps the best known – or least unknown - is the Grain and Feed Trade Association (“Gafta”). It is estimated that around 80% of all the grains traded in the world do so under Gafta standard contracts, all of which contain an arbitration clause, making the association’s tribunal the main forum for solving grain disputes worldwide. Gafta’s dispute resolution system, however, is quite particular and we shall look into some of its most peculiar aspects in this article, intended for the general information of interested traders.