We know how tedious it can be to read rules or industry guidelines. Sometimes, a company finds out about a certain rule or change of rule once they have failed to comply with a specific rule or requirement. Over the coming months we will summarize DRC’s Trading Standards through a series of articles based on the Table of Contents – from start to finish. But first, be reminded that DRC’s Trading Standards are the default rules when the terms of a transaction are not agreed upon.
DRC Trading Standards Section 1: General Rules of Conduct. This section establishes the expected behavior from DRC members in connection with any transaction whether your client or supplier is a member or not. This is a summary of the actions prohibited in connection to any transaction:
- Unfair, unreasonable, discriminatory or deceptive practices are not allowed.
- Reject or fail to deliver product without reasonable cause.
- Failure of any carrier or transportation intermediary to pick-up or deliver in accordance with the terms of the contract without reasonable cause.
- Discard, dump, or destroy product without reasonable cause.
- Fraud or misleading statements in connection with any transaction. In addition, failing or refusing to truly and correctly account for product or, make full payment promptly.
- Misrepresentation by any player in the industry regarding grade, quality, quantity, labeling, etc., of any commodity.
- To issue any payment instrument without sufficient funds to allow that instrument to clear normal banking channels.
The DRC has created a Compliance Desk to attend to any of the above-noted behaviours. Members need to be aware that any one or more of these prohibited and unfair acts may also lead to membership disciplinary actions.
Stay tuned for upcoming Solutions Blog articles where we will be summarizing additional sections of the DRC Trading Standards.
