Posted
Companies
By the trade,
With the trade
A published list of arbitration award defaulted companies
Rule 11(c) and 11(d) of the FOSFA Rules of Arbitration and Appeal state as follows –
“(c) If an Arbitration or an Appeal Award is not taken up by any of the parties to the dispute within 28 consecutive days after the date of the Award, the Federation shall call upon the claimant and the respondent or the appellant and the respondent, as the case may be, to take up the Award. If the claimant and the respondent or the appellant and the respondent fail to take up the Award, the Council of the Federation may post on the Federation’s notice board and/or circularise to members in any way thought fit a notification to that effect. The parties to any such arbitration or appeal held under these Rules shall be deemed to have consented to the Council taking such action.
(d) In the event of any party to an arbitration or appeal held under these Rules neglecting or refusing to carry out or abide by an Award of arbitrators or Board of Appeal made under these Rules, the Council of the Federation may post on the Federation’s Notice Board and/or circularise to members in any way thought fit a notification to that effect. The parties to any such arbitration or appeal shall be deemed to have consented to the Council taking such action.”
The Small Claim Single Tier and Brokerage Rules have the same provisions.
Companies that disregard or fail to comply with the FOSFA procedures (failure to take up an award) and/or do not honour awards against them (award of damages made against one party owed to another) can be ‘posted’ as defaulters under the Rules. FOSFA publishes a list of Posted Companies.
By the FOSFA Rules, this procedure is decided by the relevant Section Committee and ultimately the FOSFA Council and members of the Federation are notified by circular at the time of posting. The List of Posted Companies is published regularly (available only to members):
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