By Charlie Delacruz, Senior Vice President, General Counsel and Secretary
Following approval by the NGFA Board of Directors during its September meeting, four sets of amendments to the NGFA Trade Rules took effect on Oct. 5.
These include changes and clarifications related to electronic transmission of bills of lading, the definition and scope of what commodities are included as “grain,” and what is intended by the term “execution” in the context of services performed by brokers, as well as an extensive set of changes and additions related to the transportation of grain and feed products by containers.
The amendments were recommended by the NGFA Trade Rules Committee based upon exhaustive reviews conducted by the pertinent subcommittees and a specially-assigned task force for the container rules, which included non-committee members with specific expertise in container trading.
View the full document of amendments here.
Pursuant to NGFA’s Bylaws, following the Board’s approval on Sept. 5 the new rules go into effect on Oct. 5, and will be subject to ratification by the NGFA membership at the next annual business meeting in March 2020.