UK:
The Refined Sugar Association ("RSA") Has Made Changes To Its Rules Relating To FOB/FAS Contracts And Arbitration
29 July 2008
Holman Fenwick Willan LLP
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One of the major structural changes in the refined sugar
market over the past few years has been that sugar is
increasingly shipped by container. To address this development,
the RSA has introduced new terms to apply to FAS and FOB
shipments by container.
The RSA has also added a "short form" arbitration
procedure for disputes involving no more than US$75,000. The
procedure includes a truncated exchange of submissions, removal
of the right to a hearing, and publication of awards without
reasons. The right of appeal and recovery of legal costs are
also excluded.
The content of this article is intended to provide a
general guide to the subject matter. Specialist advice should
be sought about your specific circumstances.
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