Dear CSCA Members,
For your information only, please see below email and attachments from GPC:
Dear Pulse Industry Members,
The GPC Contracts Committee has released a new, revised version of the GPC Pulses Contract No. 1, which is attached hereto in Word and PDF versions. The new version has one important change. Section 25(e) makes clear that GPC may take disciplinary action against non-members that default on GAFTA arbitration awards.
25. DISPUTES & ARBITRATION
(e) DEFAULT OF ARBITRATION In the event that any party to a GAFTA Arbitration (a) neglects or refuses to carry out or abide by an Award of Arbitration within 21 days of the issue of that Award by GAFTA or (b) fails to pay any costs, fees or expenses of the Arbitration within 21 days of being called upon by GAFTA to do so, both parties expressly agree that GAFTA shall notify GPC in writing of any such default. GPC shall then, at its absolute discretion, have the right to take disciplinary action against the defaulting party (whether a member of GPC or not) in accordance with the GPC Code of Ethics of which both parties acknowledge awareness. Disciplinary action shall include, but shall not be limited to, suspension from GPC membership or recommendation of suspension from any GPC affiliates, on such terms and for such duration as GPC shall determine (including a prohibition on attending any GPC convention or event and written notification of defaulter to GPC membership – whether the defaulter is a member of GPC or not).
We strongly encourage all pulse industry members to use this new contract version. Should you have any questions or suggestions regarding GPC Pulses Contract No. 1 please do not hesitate to contact GPC Contracts Committee Chair Andrew Jacobs at firstname.lastname@example.org.
Global Pulse Confederation