WORLD COTTON EXPORTERS ASSOCIATION, INC.
88 UNION CENTER – SUITE 1204 MEMPHIS, TN 38103
TELEPHONE (901) 525-2272 – FAX (901) 527-8303
The World Cotton Exporters Association, Inc. (WCEA) maintains a list of parties reported to be in default for the following purposes: (1) to notify members in the trade of cotton of parties reported to be in default of contract (2) to encourage resolution of disputes (3) to advance the enforcement of awards. Collectively, these actions are to assist those engaged in the purchase and sale of non-US growth of cotton and to protect and improve international trade and preserve the principle of the sanctity of contracts.
It is important to recognize that The World Cotton Exporters Association, Inc. (WCEA) does not determine whether there has been a default. Parties who request that WCEA, Inc. list another party as defaulting certify that they are correct in listing the party as in default. The listing of a party in the WCEA, Inc. list of parties reported to be in default is not a representation by the WCEA, Inc. that the party is in default. It is a notice that a party has notified WCEA, Inc. that a named party is in default.
Upon receipt of a notice of default, the alleged defaulting party will be notified by the WCEA of its receipt of a notice of default and request that the party be listed on the Default List.
Should the alleged defaulting party contest the report of default it will have fifteen days (15) from the date of WCEA, Inc.’s notice to it to provide specific evidence satisfactory to WCEA, Inc. that an arbitration on the issue of whether there was a default is pending and it is participating in it (or a court proceeding is pending on the issue of whether there was a default if no arbitration body was agreed to in the contract or otherwise). If WCEA, Inc. fails to receive a reply within the fifteen (15) days containing such specific evidence, the alleged defaulting party’s name will be added to the List of Parties Reported to be in Default.
While an arbitration (or such court proceeding) is pending over the issue of whether there is a default, the WCEA, Inc. will not place the name on the List of Parties Reported to be in Default.
If parties participate in a recognized dispute resolution process and the alleged defaulting party does not honor the award of this process, they will be listed on the List of Parties Reported to be in Default.
If, at any time, the complaining party notifies WCEA, Inc. that arrangements satisfactory to it have been made to cure the default, WCEA, Inc. will remove the name of the defaulting party from the List of Parties Reported to be in Default .
The address for communications is: World Cotton Exporters Association, Inc., 88 Union Ave., Suite 1204, Memphis, TN 38103 or Fax no. 901-527-8303.
A member of this association, may file a report of default against with the WCEA, Inc. on using the following form:
Contract Quantity and Growth:
Complete one of the following:
(___) The contract provides for arbitration,
the arbitration body specified is:
and the defaulting party is not disputing the default in arbitration.
(___) The contract did not call for arbitration, and
the defaulting party has not agreed to arbitrate and is not challenging the default in court.
We represent and warrant that the above statements are true and correct. We request that the Defaulting Party be placed on the List of Parties Reported to be in Default. We will notify you if there is any material change from the circumstances described above, or if the Defaulting Party makes arrangements satisfactory to us to cure the default.