In operating within a self-regulatory framework, industry: • Liaises with, and understands customer requirements relating to environmental, social and governance (ESG) aspects; • Understands and complies with any industry agreed ESG principles as applicable to their activities35; • Conducts their own activities and engages with other industry stakeholders as required under ESG principles; • Works with industry, Government and markets to adopt and where possible, improve ESG practices in areas in which they operate. 2.7.5 Contract Documentation The commercial relationship between parties will be managed by a contract. Services offered by participants along the supply chain are documented and publicly available. GTA will maintain templates for grain sales contracts as required by industry. The AusGrain 2015 Voyage Charterparty36 freight and storage contracts37 are also available. The contractual relationship will be bound by provisions of one or more of the following: • Contract law; • Government legislation; • Industry rules such as the GTA Trade Rules38; and/or • The provisions of the terms and conditions of the specific contract. The GTA Trade Rules can be used to govern the arrangements that underpin transactional relationships between parties. Where used, all parties involved in buying and selling grain should be familiar with those GTA Trade Rules and ensure they understand the terminology of the industry. Where used the GTA Trade Rules assist to harmonise the various contracts and trade rules in operation within the Australian market including for other specialty grain contracts. The Trade Rules reflect trade practices and facilitate organised trade between buyers and sellers in the grain industry. All parties involved in buying and selling grain should ensure they understand the terminology used by industry: • Where appropriate all parties involved in buying and selling Australian grain will conduct trading activities in accordance with the GTA Trade Rules, or practices equivalent to or exceeding the GTA Trade Rules, and all parties should have a full appreciation of the GTA Trade Rules; • Grain contracts will clearly define payment and other contract terms. Where terms and conditions are outside the industry Standard, parties will make their counterparties aware of these terms and conditions; • When using industry terminology, buyers will use this in line with the intent of the definition of that terminology; • Industry participants will ensure that they understand the nature of the contract, its pricing characteristics, 22 35 https://graintrade.org.au/esg/ 36 https://graintrade.org.au/trade-rules-contracts/ 37 https://graintrade.org.au/trade-rules-contracts/ 38 https://graintrade.org.au/trade-rules-contracts/
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