Revised Arbitration Rules Now Launched
Following an extensive review of the Federation’s Arbitration Services, revised Rules, Guide and Code of Practice have been published as of 1 April 2018.
The key features of the changes are –
- Three person tribunals at first tier, but the sole arbitrator remains an option, and still the prominent feature for Small Claim Single Tier claim procedures;
- Deposits required for arbitration cases; previously just appeals;
- Time limits modified for lodging claims;
- Profiles have been provided for those regularly undertaking FOSFA dispute arbitration duties.
The FOSFA Council anticipates a positive response to these revised rules and associated procedures, and greater accountability in these services to the oilseeds, oils and fats trade.
Fundamentally, arbitration needs to be fair, effecient and cost effective to maintain its attractiveness to parties engaged in FOSFA trades, and the review process has had those goals in mind in this undertaking.