New ICA Bylaws Include Small Claims Technical Arbitration
July 31, 2012 The International Cotton Association (ICA) released a new version of its bylaws and rules on Aug. 1, and all contracts signed on or after that date will be subject to the new version. Currently only available in English (other languages will be made available soon), the new rules include the following changes:
The entire rule book has been reformatted into a more logical sequence to make it easier to follow. The majority of bylaw and rule numbers have changed, so to make it easier for members to understand the changes, the new version includes a table comparing the new bylaw and rule numbers with those in the previous edition.
Bylaws and rules that have been amended are indicated by a vertical line on the right hand side of the page. Bylaws and rules that are no longer relevant have been deleted.
New bylaws have been inserted into the Arbitration section covering the newly introduced small claims technical arbitration procedure for disputes with a value at, or less than, $25,000.
Bylaws in the Administration section have been amended to include all membership categories, including the new ‘Agent Firms’ membership category.
Rules concerning weighing and sampling have been updated to ensure all timescales are in line and are representative of the current trading environment.
“The changes are significant and, if you trade under ICA Bylaws and Rules, I strongly recommended that you familiarize yourself with the new edition now,” says Richard Pollard, chairman of the ICA Rules Committee. “Not only have we improved the layout to make it easier to follow, we have deleted bylaws and rules that are no longer relevant and inserted new bylaws to cover the ‘small claims technical
arbitration’ procedure, which has now been introduced for disputes with a value at, or less than, $25,000.
“Rules concerning weighing and sampling have also been updated to ensure all timescales are in line and are representative of the current trading environment. Bylaws in the administration section have been amended to include all ICA membership categories, including the new ‘Agent Firms’ category.”
Click here to view and download the new edition of ICA Bylaws and Rules is now available to download from the ICA website.
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