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Forward Freight Agreement Brokers' Association Issues Revised Contract For Freight Futures Industry

Date 30/08/2002

The Forward Freight Agreement Brokers' Association (FFABA) has updated the standard contract used by the freight futures industry. The revised contract will strengthen the positions of injured parties in the event of a default.

FFABA chairman, Mark Richardson, commented: "This revised contract is part of the FFABA's drive to standardise the freight derivatives industry and follows extensive consultation with brokers and principals. Thanks to this contract there will be greater clarity of the legal position of all involved."

He added: "I would like to extend particular thanks to Brian Perrott of Hill Taylor Dickinson for his legal guidance in drawing up this new and improved document."