The ICA often faces questions from both buyers and sellers in the global cotton community regarding our Trading Rules concerning both late opening of LC (Letters of Credit) and late shipment of cotton. Together these are referred to as ‘Late Action’. These are important to the cotton trade so we want to identify the key ICA Rules to better inform our members and the wider cotton community.
In the first instance, we always encourage parties to continue to perform the contract and communicate with each other to reach an amicable agreement.
If this is not possible, the key Rules to be noted can be found here >