Green Coffee Association introduces XML-based online contracts
24 August 2001 | 1049 views | 0
The Green Coffee Association (GCA) has developed a new Internet coffee contract format to provide the industry with the ability to transfer trade agreements online.
Based on the open XML architecture, this electronic format is designed to support a movement toward convergence in electronic standards for transfer of documents and information throughout the global coffee market. The CGA says its aim is to make the transfer of legally binding documentation for coffee more uniform, efficient and less costly.
Roland Veit, GCA chairman, says: "The coffee industry will now be able to send and receive contracts electronically using this new and safe standard, and the result will be lower administration costs for everyone, as well as the ability to process cross-border transactions faster than before."
InterCommercial Markets Corp, a software application services provider to the global commodities industry, has announced its intention to adopt the GCA standards to enable its coffee customers to transmit contracts and pricing data over the Internet.
The Internet contract initiative was spearheaded for the GCA by its Contract Modernisation Committee. The Association says it has also been working with experts from international trade platform bolero.net.