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PROTECT AGAINST GRAIN SCHEMES Over the last couple of weeks, The Nebraska Grain and Feed Association (NGF) has kept members apprised of the entities Ox Plow Farms and New Fashion Farms distributing notices to buyers in Iowa, Nebraska and perhaps elsewhere that they do not intend to deliver soybeans against existing contracts. The notice includes a reference to NGFA Grain Trade Rule 28, Failure to Perform. The Nebraska State Patrol has opened a preliminary investigation on Ox Plow Farms and New Fashion Farms. Here are a few ways to protect your against possible grain schemes. Know who you are doing business with! Make a point to know the full legal name of the party and the scope and nature of the business. Also, consider a master agreement at the start of the business relationship establishing the identity of the contracting parties. Clearly identify the exact person or legal entity with whom you are contracting from the moment you begin the relationship. In preparing the documentation of the contact, including your company’s internal record-keeping system, be very precise as to the legal name of the contracting parties. Grain contracting parties can protect themselves to a degree with National Grain and Feed Association (NGFA) arbitration, which is a cost effective and expedient alternative to litigation in court. However, NGFA does not have jurisdiction to arbitrate a dispute unless at least one of the parties involved is an NGFA member.
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