Notice of Appropriation is the seller’s notification linking a specific cargo to the contract. In grain trading, it’s typically an email, not a formal sealed document — but GAFTA proformas strictly regulate what must be in it. Miss the deadline or get it wrong, and the buyer can reject the goods and terminate the contract, even if the cargo is already loaded on the vessel. One day late = contract terminated. Appropriation applies to CIF…
As of 1 October 2025, several amendments to Gafta contracts and arbitration rules have come into effect. The changes include revised provisions on delivery under a Letter of Indemnity (LOI), modified appropriation deadlines in several proformas, clarification of the “deemed default” date, a shorter deposit payment period under Gafta 126, finality of quality under Gafta 47 and 49, the introduction of a sampling clause for EU deliveries, and the standardisation of electronic submissions under Gafta…
This article aims to provide a basic understanding of CIF and CFR terms. It also discusses some of their variants – CIFFO and C&FFO. These terms are usually used with Incoterms. Incoterms, or International Commercial Terms, are a set of standardized rules published by the International Chamber of Commerce (ICC) to facilitate international trade. These rules outline the responsibilities, costs, and risks of the parties in international trade. When parties refer to Incoterms, they incorporate…
