Our attorneys specializing in Maritime and Aviation Law, Omar Córdova and Sabrina Montoya, present their article titled «Wheat Export or Import» where they analyze the recent changes approved by the GAFTA Council to several of its standard contracts.
GAFTA Council has approved changes to several 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.
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).
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