Fosfa Arbitration Rules Of Research

The Federation of Oils, Seeds and Fats Associations ("FOSFA") is a professionalinternational contract issuing and arbitral body concerned exclusively with the worldtrade in oilseeds, oils and fats. FOSFA has an extensive range of standard forms ofcontracts for different methods of transportation and different terms of trade.The Federation's contracts incorporate a dispute procedure, that is, any disputeshall be submitted to arbitration in accordance with the rules of FOSFA. Currently,the arbitration is mainly conducted in accordance with Guide to Arbitrations andAppeals and Rules of Arbitrations and Appeals.FOSFA Rules mainly include the following contents: Each party to a dispute on acontract subject to FOSFA Rules has the right to claim arbitration and has the duly todo so instead of starting other legal proceedings. Each party has the right to appointan arbitrator of his choice who is a Member of FOSFA or a nominated representativeof a Member. If the arbitrators cannot agree, they shall appoint an umpire, and oncethe umpire is appointed, he takes over the whole of the case, whereupon thearbitrators cease to have the power to act as arbitrators. The FOSFA's primaryarbitration services are of the 2 Tier system-arbitration and appeal. Each party hasthe right to appeal, and the members of Boards of Appeal shall be appointed byFOSFA. When the parties attend the arbitration hearing, whether in the arbitrationprocedures or in the appeal procedures, they may not have present or be representedby any member of the legal profession wholly or principally engaged in legal practice.If a party neglects or refuses to honour the arbitration and appeal awards, FOSFA maycircularize to members notification to the effect that ihe party shall honour the awards.But if not, the Geneva Convention of 1927 on the Execution of Foreign ArbitralAwards and the New York Convention of 1958 of the Recognition and Enforcementof Foreign Arbitral Awards shall be applicable.