LRBA
In 1869, the London Rice Brokers’ Association was established in London, which was at the time the centre of international trade, with members drawn exclusively from the UK.
Shortly after the Second World War, Schepens & Co was elected to the association, thereby becoming the first member from the European mainland. At present, Jean-Paul Schepens serves as acting Chairman of the LRBA.
One of the most important roles of the LRBA has been in the area of regulation, responding to the needs of the industry for fixed contractual obligations and rights for both sellers and buyers. Initially, the LRBA opted for separate types of contracts based on delivery terms (FOB, C&F, etc), updating them periodically.
Many companies, however, started using LRBA guidelines as ‘frame’ contracts, in parallel with their own, which resulted in duplication of work and errors. Finally, in 1997, after close co-operation between LRBA members, Standard Contract terms were issued which now form the framework for all types of rice contracts.
Today, the LRBA Standard Contract terms provide the procedure for arbitration in accordance with the Arbitration Rules, Nr 125 of the Grain and Feed Trade Association (GAFTA).
LRBA Standard Contract terms CLICK HERE
Shortly after the Second World War, Schepens & Co was elected to the association, thereby becoming the first member from the European mainland. At present, Jean-Paul Schepens serves as acting Chairman of the LRBA.
One of the most important roles of the LRBA has been in the area of regulation, responding to the needs of the industry for fixed contractual obligations and rights for both sellers and buyers. Initially, the LRBA opted for separate types of contracts based on delivery terms (FOB, C&F, etc), updating them periodically.
Many companies, however, started using LRBA guidelines as ‘frame’ contracts, in parallel with their own, which resulted in duplication of work and errors. Finally, in 1997, after close co-operation between LRBA members, Standard Contract terms were issued which now form the framework for all types of rice contracts.
Today, the LRBA Standard Contract terms provide the procedure for arbitration in accordance with the Arbitration Rules, Nr 125 of the Grain and Feed Trade Association (GAFTA).
LRBA Standard Contract terms CLICK HERE