Organization:Federation of Oils, Seeds and Fats Associations

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Federation of Oils, Seeds and Fats Associations Ltd
FOSFA International Logo.png
AbbreviationFOSFA International
Formation25 January 1968; 56 years ago (1968-01-25)
TypeTrade association
Legal statusPrivate company
PurposeOil, seeds and fats
HeadquartersLondon, EC2
United Kingdom
Region served
Worldwide
Membership
1208 companies in 89 countries
Chief Executive
Iain Nicol
Main organ
FOSFA Council (President - Leona Tout)
Staff
7
Websitewww.fosfa.org

The Federation of Oils, Seeds and Fats Associations (FOSFA International) is the main trade association for the oil, seeds and fats industry. It regulates legal contracts in the trade/industry.[1]

History

FOSFA was incorporated in 1968. It serves communities in the United Kingdom.[2]

Function

85% of worldwide trade in oils and fats is under FOSFA contracts.[3] It regulates trade in the industry. Its rules cover products transported with Cost, Insurance and Freight (CIF) or Freight on Board (FOB).

The advantage of having the vast majority of worldwide trade under FOSFA contracts is that using standard contracts reduces the risk of misinterpretations or misunderstandings between trading parties.[4] Additionally, these standard form contracts are familiar to trading parties and reflective of trade practices that are longstanding in the industry.

It holds week-long residential training courses during the Autumn at The University of Greenwich.


References