|During the 19th century, London developed as a thriving centre for the international trade in rice, just one of a vast number of goods and commodities originating from every corner of the globe. All the commercial activities associated with this trade were also present, with brokers playing an important role in providing information, expertise and industry standardisation.
A large number of brokers, agents and sole traders sprang up, offering widely disparate standards of reliability and ethics. In 1869, a group of the larger, more established brokers came together to form the London Rice Brokers’ Association, their aim being that all LRBA members should conduct their business with professionalism and in an ethical manner. The formation of the Association also facilitated the sharing of technical knowledge, the creation of standard contracts and the settlement of disputes through professional arbitration.
This tradition has continued over the centuries and the knowledge accumulated over the years is shared by LRBA Members, who maintain these values of reliability, professionalism, impartiality and expertise in all aspects of the international rice market.
The LRBA circular, which is published on a monthly basis, provides a summary of the previous month’s events based on information reported by members. To view an example click on “The Monthly Circular” or register to receive a regular copy by clicking on “Registration”.
The LRBA’s standard contracts have evolved over the years, with the most recent edition published in September 1997. With the help of Hill Taylor Dickinson, a leading firm of lawyers in the commodities and shipping industries, LRBA members drafted the Standard Contract Terms, drawing from their extensive experience. The contract was further amended in July 2003. Any future amendments to the Standard Terms Contract will be announced both in the Circular and on the website.
The contract is designed for use with a letter form contract. The principals can include or exclude terms as agreed between the parties to the contract, which allows for disputes to be settled by arbitration through the Grain and Feed Trade Association (GAFTA).
Use of the LRBA Standard Terms Contract is free of charge, irrespective of whether the business is transacted through one of our members. However, we hope you will draw on the assistance and expertise available through the Association and its multi-talented membership.