Whole Section

  • 6.2 Dispute Resolution Involving Deliverable Commodity Futures Contracts

    • 6.2.1 Dispute Resolution Involving Deliverable Commodity Futures Contracts

      Where any dispute arises from or in connection with a deliverable Commodity Futures Contract (other than a complaint of a disciplinary nature), the disputing parties shall first attempt to settle the dispute through any applicable claim procedures set forth in the relevant Contract Specifications. In the absence of such claim procedures, the disputing parties shall attempt to settle the dispute through good faith negotiations, failing which at the election of any disputing Member or the Clearing Member of any of the disputing parties, the dispute shall be settled by arbitration before the SIAC in accordance with the rules of the SIAC.

      Amended on 5 December 20065 December 2006 and 26 November 200726 November 2007.

    • 6.2.2 Awards Binding on Members and Members' Customers

      The award of the SIAC arbitrator or panel of arbitrators shall be binding on the Members and Customers of the respective Members.

    • 6.2.3 Rule Violation

      The failure or refusal of a Member to arbitrate where the other Member elects to arbitrate under this Rule shall constitute a Rule Violation.

    • 6.2.4 Customers to Submit to Arbitration

      Each Member shall cause its Customers and their respective assigns to agree that where there is a dispute arising from or in connection with a deliverable Commodity Futures Contract:

      (a) the Customers and their respective assigns shall submit to arbitration before the SIAC at the election of their respective Members;
      (b) the award of the arbitrator or panel of arbitrators shall be final and binding on the Customers and their respective assigns; and
      (c) the Customers and their respective assigns shall comply with the applicable post-arbitral procedures set forth in this Rules.

      Amended on 5 December 20065 December 2006 and 26 November 200726 November 2007.