Under Bylaw 416, members are required to provide updates on the execution and progression of any open contracts, settlement agreements or any contract where cotton may have been ‘shipped’ but has not yet landed in the destination port with a party whose name appears on the LOUA1 and LOUA2. Copies of the contracts to be provided.
In addition, members are also reminded to provide supporting correspondence giving evidence of the confirmation of business (preceding the contracts) and details of the contracts’ execution status according to ICA Bylaw 415 & 416.
Please provide any updates via email to safetrading@ica-ltd.org or via or website here >
Trading with companies on the LOUA1 and LOUA2 is a privilege for our members:
- with pre-dated contracts, with the sole purpose of executing the pre-dated contracts
- with settlement agreement, with the sole purpose of recovering the amounts due
- with an outstanding award against a party whose name appears on the LOUA1, with the sole purpose of settling that award
Refusing or failing to comply with any formal request given to our members by the Directors (requiring them to produce updates upon the execution and progression of any pre-dated contracts and settlement agreements), shall be subject to losing trade with listed party privilege and shall be liable to an investigation / disciplinary procedure as specified in the Articles.
View the ICA List of Unfulfilled Awards: Part 1 and 2 here >
