Home / Knowledge / News / Textiles / ICA reports marked reduction in arbitration requests
ICA reports marked reduction in arbitration requests
03
Jul '13
At the half year stage, the International Cotton Association (ICA) has received 52 requests for arbitration, a marked reduction compared to the 135 requests it received during the same period last year.

During 2012, as continued market volatility resulted in more parties failing to honour their contractual obligations, arbitration requests at the ICA reached a record high of 247 requests, over five times its normal yearly average. These latest half year results see a welcome return to ‘normal’ operating conditions at the ICA.

“In an ideal world we want to see zero arbitrations, with all contracts being honoured and all disputes being settled amicably,” says Ahmed Elbosaty, ICA President. “It is an ambitious goal, but we believe that the events of the past highlight the importance of contract sanctity and responsible trading.

“Whilst it is difficult to predict what the future holds, sadly many firms do not take a long term, strategic view.

They fail to develop strong relationships or respect contract sanctity. Those that do are much better equipped to agree a way forward with their trading partners in difficult times. That is why we are continuing our efforts to strengthen the ICA community, welcoming more new members that represent the entire value chain and have the integrity to abide by contract sanctity.”

Last year ICA membership grew by 15 per cent. It now has over 530 members (firms and individuals) and there are more mills and spinners in the ICA community than ever before. The Association has also introduced new membership categories for agents and associations to help represent the entire supply chain.

The ICA admits that it did struggle to cope with the high volumes of arbitrations and is now in the process of introducing a series of initiatives to ensure that its global arbitration system is fit for purpose should the industry experience another blip.

“With the drop in arbitration requests, our plans to improve and modernise our arbitration system have gathered pace. We have appointed a new ‘Head of Arbitration’ and a lot of work is going on behind the scenes to streamline the process and reduce the cost and time taken for arbitrations, for instance digitising files and developing an electronic case management system.

“Our members also voted in new changes to introduce a pool of 10 ‘chairmen’ who will be responsible for writing awards, mentoring new arbitrators and chairing tribunals and technical appeals.

A move designed to increase the quality and enforceability of our awards and improve the proficiency of our arbitrators. “We sincerely hope that arbitration requests continue to drop. If the cotton community works together to promote safe trading and contract sanctity, this could be achieved.”

International Cotton Association


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch
Schlegel und Partner

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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