- Agreement for membership LCTP (Learchos Commodity Trading Portal) including Code of Practice: upon request
- Request for membership (online under section Contact Us)
- Applicants shall fill out the ‘request for membership’ form under section ‘Contact Us’ and submit it for approval.
- Once the request has been reviewed and approved, Learchos Commodity Brokers LTD will create the user account and notify the user of their login details (user name & password).
- Learchos Commodity Brokers LTD may request supplementary information and documentation if necessary.
- A seller can submit offers, withdraw offers made, browse, view and respond to buyers’ bids and negotiate bids with buyers. A seller can negotiate simultaneously with all buyers interested in the offer made.
- A buyer can submit bids, withdraw bids made, browse, view and respond to sellers’ offers and negotiate offers with sellers. A buyer can negotiate simultaneously with all sellers interested in the bid made.
- Sellers & Buyers have the option to make their offers/bids firm with hourly validities from 1 to 24 hours.
- If a seller makes an offer firm to a buyer, none of the other buyers negotiating that particular offer can further participate in the negotiation for the time of validity of the firm offer and vice versa. Upon expiration of validity without settlement the negotiation process may become active again for all participants.
- Following the acceptance of a firm offer/bid, Learchos Commodity Brokers LTD shall submit a full and accurate written booking confirmation of the business so agreed between the principals.
LCTP Code of Practice:
- A booking confirmation is not deemed to be a legally binding contract as long as both, the seller & the buyer, do not reconfirm each other as contractual parties upon being disclosed in the written booking confirmation sent by Learchos Commodity Brokers LTD.
- As soon as seller & buyer reconfirm the written booking confirmation sent by Learchos Commodity Brokers LTD, Learchos Commodity Brokers LTD shall (not later than the next business day unless otherwise agreed) draft and submit the contract to both principals for signature.
- Relevant GAFTA standard forms of contract to apply.
- Terms of Delivery to apply FOB, CFR, CIF.
- Neither name nor personal information of sellers or buyers using LCTP for whatever transaction will be disclosed on the portal or to third parties upon settlement of a transaction.