Home / Knowledge / News / Textiles / Indian Cotton Federation to devise a standard contract
Indian Cotton Federation to devise a standard contract
Sep '11
Indian Cotton Federation (ICF), earlier called the South Indian Cotton Association (SICA), is now devising a standard contract for cotton as majority of the issues related with cotton trade are common.

The newly appointed President of the Association J Thulasidharan and Vice President KN Vishwanathan informed that the contract, which is to include norms related to local as well as international trade in Indian cotton, would be finalized only after consultations with all leading stakeholders and regional associations.

The duo said that negotiations are being carried out in majority of default matters, and all adjudication would be governed by the Indian Council of Arbitration and other laws applicable.

Terming the current year as a year of defaults, the office-bearers said major fluctuations in cotton prices at the start of the year resulted in an exceptional rise in the number of defaults by both sellers and buyers.

The price of cotton surged to historic Rs. 63,000 per candy (1 candy = 356 kg) during February to April 2011 and then, following the international price movement, it plummeted to Rs. 30,000 per candy within just a few weeks time.

As the prices plunged all of a sudden, several buyers refused to accept delivery of cotton at the contracted price, SICA Secretary A Ramani said.

The default volume in private trade alone was tagged at about 500,000 to 600,000 bales, C Soundarajan, the retiring President of SICA said and added that the situation has spurred a necessity for formulation of a common contract for Indian cotton.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 24th Jun 2017

JD enters into strategic partnership with Farfetch

E-commerce giant, JD, China's largest retailer, and Farfetch, the...

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search