7 February 2022: Updated Gafta Contracts Effective 1 January 2022

Gafta Contract Changes 1 January 2022

Following careful consideration at Gafta’s International Contracts Committee, Gafta Council has approved the following changes to a number of Gafta contracts. The changes became effective for contracts entered into on or after 1 January 2022. The new contracts can be found on Gafta’s website.

Notices Clause

The Notices clause was amended as follows in contracts 1, 2, 4, 5, 6, 8, 9, 10, 15, 18, 19, 21, 23, 24, 25, 27, 30, 31, 38, 39, 40, 41, 43, 45, 47, 48, 49, 54A, 59, 60, 61, 62, 64, 78, 78UA, 79, 79A, 79B, 80, 80A, 81, 82, 83, 88, 89, 90, 94, 94A, 95, 96, 97, 98, 99, 100, 100A, 101, 102, 103, 104, 106, 109, 110, 111, 112, 113, 114, 115, 117, 118, 119, 120, 122, 200, 201, 202, 203:

“(a) All notices required to be served on the parties pursuant to this contract shall be served in legible form by E-mail, or by other mutually recognised electronic method of rapid communication, always subject to the proviso that if receipt of any notice is contested, the burden of proof of transmission shall be on the sender who shall, in the case of a dispute, establish, to the satisfaction of the arbitrator(s) or board of appeal appointed pursuant to the Arbitration Clause, that the notice was actually transmitted to the addressee.

(b) In case of resales/repurchases, all notices shall be served without delay by sellers on their respective buyers or vice versa, and any notice received after 1600 hours on a business day shall be deemed, for the purpose of passing onto their sub buyers and sub sellers, to have been received on the business day following.

(c) A notice to the Brokers or Agent shall be deemed a notice under this contract.”

Arbitration Rules No. 125

Rule 12.8 was removed from Gafta 125 Arbitration Rules.