For more than 110 years, NGFA's trade rules and arbitration rules have been used to facilitate trade and provide an efficient way to resolve disputes involving grain, feed, barge and barge freight, secondary rail freight, and certain transactions with railroads. (Learn more about NGFA's five sets of trade rules.)
NGFA Vice-President and General Counsel Charlie Delacruz said NGFA committees regularly review the rules to ensure they reflect current trade practices and technologies; the new booklet incorporates recently adopted changes.
"Over the years, NGFA's trade and arbitration rules have facilitated the resolution of thousands of cases, which when challenged in court have been continually upheld," Delacruz said. "We have a long history of fairly and effectively resolving industry disputes."
The recently released booklet incorporates the latest changes approved by the NGFA Board of Directors in March:
• Arbitration Fee Structure: After more than 10 years of no changes to the NGFA arbitration service fees assessed on the parties at the outset of a case, the fee schedule was adjusted and simplified.
• CBOT Open Auction (pit) Trading: Amendments to the Barge Trade Rules given CME Group's elimination of pit trading.
• Railcar Application Process: Amendments to the Feed Trade Rules to facilitate trading and reflect current trade practice.
The new booklet also incorporates the changes ratified by the membership in March:
• Comprehensive Restructuring of Arbitration Rules: To simplify the rules and improve consistency, clarity and organization while replacing cumbersome, redundant and outdated provisions and providing a more concise and easier-to-follow document.
• Bills of Lading: Amendments to the Grain Trade Rules, Feed Trade Rules and Barge Trade Rules to clarify the intent of the rules and incorporate developments in uses and terminology.
• Barge Freight Trading Rule 18(J): Clarifies when the Mid-Mississippi River is declared open.
Changes approved by the board of directors become effective 30 days after a board vote. They are then subject to ratification by the general membership at the annual convention business meeting, which occurred at annual convention in San Antonio, Texas, U.S., in March.
The new booklet also is in a more readable, single-column format.
Download free copies at www.ngfa.org (65 pages). Printed copies of the booklet are available to NGFA members for $10 each for one to five copies, and $8 each for six or more. Non-members may purchase the booklet for $55 each; there is no quantity discount. For additional information, contact the NGFA at 1.202.289.0873 or order online.