Arbitration, or dispute resolution, is a well-established process in the commodities sector (and other sectors) for parties to resolve contractual matters in dispute between them via a neutral, impartial body and peer group adjudicators (referred to as arbitrators) following procedures that have a legal/statutory basis. Many contract issuing bodies provide arbitration services to the trade or trades they represent.
The Domicile Clause of FOSFA Contracts determines that the parties are deemed to have entered into terms as though made in England and in consequence English Law applies to the terms agreed, reinforced by the Arbitration Clause taking disputes to the Rules of Arbitration and Appeal.
Some contracts refer to other domiciles and different laws, and arbitration would therefore follow a different path.
The Arbitration Act 1996 is the statutory authority for arbitration practices in England and the Act recognises that institution arbitration follows on where an arbitration agreement exists in the terms of business between parties.
FOSFA has conducted a detailed review of its arbitration services leading to revised Rules, Guide and Code of Practice as from 1 April 2021. These are those accessible on the site.
Parties wishing to have access to older versions of these publications should contact the Federation (FOSFA.email@example.com), acknowledging that the 2020 Rules of Arbitration and Appeal will apply to dispute resolution processes for some time (here governed by the contract date in most instances).
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