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10.06.19 Arbitration, Newsletter

New NGFA Trade Rules amendments enacted Oct. 5

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.

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Lacy Holleman
Manager of Legal Affairs and Arbitration

lholleman@ngfa.org

Lacy provides staff support for one of NGFA’s premier member services – its more than century old system of industry trade rules and arbitration that facilitates the efficient marketing of grains, oilseeds and their derived products. She also works on contracting, legal and other related matters.

An Arkansas native, Lacy received her undergraduate degree with a double major in history and Russian studies from the University of Tulsa (Okla.) and her law degree from Wake Forest University in Winston-Salem, N.C. Prior to joining NGFA’s staff in November 2020, she managed a local business at the Pentagon and completed mediation training required by the North Carolina Supreme Court for those seeking to serve as mediators for settlement conferences and other settlement procedures in North Carolina Superior Court civil actions. She also has worked as an assistant for a law firm in her native state.