Commodities in Focus Weekly - Going with the grain: recent changes to GAFTA's standard form contracts

Trade & Commodities | 08/11/2024

Introduction

GAFTA Council has approved changes to a number of its standard form contracts, the optional clauses, and the sampling rules. The changes are effective for contracts entered into on or after 1 October 2024.

Changes 'Cheat sheet'

GAFTA has made these amendments to (i) remove ambiguity around 'Delivery' and 'Shipment' and (ii) correct typographical errors and inconsistencies. The contracts which have been subject to revisions are largely those drafted on FOB terms but changes have also been made to an FCA contract (No. 89) and a CIF contract (No. 81).

In addition, three contracts are being retired form use. We have summarised the changes below.

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