Regardless of the type of business activities you do as a business, businesses such as yours can encounter potential commercial disputes. Naturally, you will try to ensure that your company avoids these as they take time and money away from your daily business activity. If you are part of a commercial disagreement, it is best practice to prevent litigation and resolve the business dispute using an alternative dispute resolution (ADR) method, such as arbitration. If you use arbitration, different arbitral bodies have different rules to follow for the arbitration proceedings. Therefore, this article will give you an understanding of the legal implications of FOSFA contracts and FOSFA arbitration regarding commodity trade.<\/p>\n\n\n\n
Arbitration is an alternative dispute resolution (ADR) method for resolving a commercial dispute. It can be used where parties to a disagreement have agreed to turn to it when one arises. Here, parties appoint one or more expert arbitrators to make up the arbitral panel. <\/p>\n\n\n\n
Arbitration is a private process and is also neutral because parties to the arbitration can choose essential aspects of the arbitration, such as the law that applies and the venue for the arbitration. The arbitral panel will decide on the dispute by giving a final direction. <\/p>\n\n\n\n
FOSFA stands for the Federation of Oils, Seeds and Fats Association. It is an international trade organisation owned and funded by its members. FOSFA supports and facilitates companies in trading globally and shipping. It does so in terms of the following:<\/p>\n\n\n\n
The purpose of FOSFA is to:<\/p>\n\n\n\n
FOSFA also offers other services, such as FOSFA education and FOSFA reconciliation. <\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\n