ARLINGTON, Va., April 15, 2024 — The North American Export Grain Association (NAEGA) today announced the publication of an updated and revised model contract for FOB (Free on Board) transactions at U.S. and Canadian ports.
Contract No. 2 FOB Export Contract – known as “NAEGA 2” – and Addendum No. 1 are effective today, April 15, 2024, superseding documents from March 30, 2018.
The new, modernized export documents are the result of NAEGA’s Committee on Contracts two-year, clause-by-clause review to promote clarity and understanding; ensure alignment with commercial practices; and anticipate transitions in electronic communications and digital solutions.
“The NAEGA 2 is the cornerstone of the export grain trade industry, and its revision is critical to the continuity of trade across North America. We are incredibly proud of the work the NAEGA Contracts Committee has done over the last two years to produce a document that serves our industry and allows us to transact” said Matt Hopkins, Chairman of the Board at NAEGA.
NAEGA also published an updated Terms of Use document. All newly published documents can be found at naega.org.
