We have reached the end of our series on DRC Trading Standards. This last post in the series will address Section 21 and the Glossary of Terms.
Section 21 states that if DRC members fail to act in accordance with DRC standards, to calculate damages, the United States Uniform Commercial Code (UCC) will be used to fill those gaps that DRC Trading Standard do not address. It also mentions that an alternative to the UCC could be the United Nations Convention on Contracts for the International Sales of Goods (CISG).
Additionally, Section 21 determines which currency will prevail if the contract between parties is not specific. Finally, it reiterates that for all DRC members, these Trading Standards apply whether dealing with a member or non-member, unless agreed otherwise.
Glossary of Terms
If a DRC member requires clarification regarding the rights and responsibilities of each player in our industry, such as brokers or agents, the definitions are found in this section. The Glossary also provides fast access to some of the terms frequently used in our industry, such as “commercial value,” “guaranteed minimum price,” or “suitable shipping condition.”
We hope our analysis of DRC Trading Standards has helped clarify the terms, concepts and definitions that our industry commonly uses. Feel free to contact our Help Desk if you would like to discuss our standards.
Here’s a complete list of links to previous articles connected to DRC Trading Standards:
- Trading Standards – General Rules of Conduct
- Trading Standards – General Records, Documents to be Preserved, Receiving Records, Sales Tickets, and Lot Numbers
- Trading Standards – Returns, Rejections, or Credit Memorandums of Sales and Accounting for Discarded Product
- Trading Standards – Dealer Duties
- Trading Standards – Broker Duties
- Trading Standards – Commission Merchant Duties
- Trading Standards – Shipper Duties
- Trading Standards – Grower Duties
- Trading Standards – Conversion of Funds, Grade and Condition Standards for Commodities, Inspection Policy, and Membership Declaration
- Trading Standards – Definitions Part I (Acceptance and Account Promptly)
- Trading Standards – Definitions Part II (Full Payment Promptly and Reasonable Time)
- Trading Standards – Definitions Part III (Reject Without Reasonable Cause, Suitable Shipping Condition and Truly and Correctly Account)
- Trading Standards – Trade Terms
