DRC Trading Standards – Section 21-Interpretation and Glossary of Terms

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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: