THE HAMBURG GRAIN EXCHANGE
Joint exchanges, contracts, court of arbitration
One of the main services provided by the Grain Exchange is to issue contracts and/or contractual terms and conditions. In the interests of efficient transaction management, these contracts provide a standardised template with respect to quality, quantity, payment terms and other contractual content. An overview of the current contracts and form terms and conditions can be found here.
The Grain Traders Association provides a further service to the industry in the form of a court of arbitration. Besides the respective parties, three arbitrators (generally business people from the industry) and a legal advisor are involved in any oral hearings. The legal advisor is responsible for reaching a verdict, together with his or her assessors. The large number of hearings reflects the trust placed by the industry in this Court of Arbitration. Up to 80 law suits are handled here every year.
Where possible, however, the VdG seeks to resolve disputes through mediation instead of resorting to arbitration proceedings.
The VdG deals with concerns and problems arising in relation to various product groups that are investigated by its departments for market and agricultural policy, food and feed safety and a total of four expert groups.
The next northern European focus exchange, entitled the “Nachernte-Börse” (“post-harvest exchange”), is due to be held in the Chamber of Commerce on 23 August 2016.