TT Talk - Australia - New CBFCA trading conditions

  • Date: 27/07/2009
  • Source: TT Talk 121

CBFCA, the Customs Brokers and Forwarders Council of Australia Inc, has revised its 2006 conditions, creating the ‘2009 Terms and Conditions’.

(i) inclusion of the term ‘act of terrorism’ in the definition of ‘force majeure’.

Please use the following web link for the CBFCA national news flash ‘Revised Trading Terms and Conditions’:

According to CBFCA, the major amendments in the 2009 Terms and Conditions are:

(a) a new definition of ‘Customs’ to take into account its new name;

(b) reference to ‘Chain of Responsibility’ legislation;

(c) a wider definition of ‘Customer’ with the intent to try bind more entities to the agreement;

(d) reference the proposed ‘Personal Property Securities Act’, which, if enacted, will have an effect on the enforcement of payment of debts;

(e) reference to the Montreal Convention 1999 on international carriage of goods by air;

(f) change to the rate of interest on late payment of fees from 24% to a rate determined by reference to the lending rate of the broker’s or forwarder’s bank (to ensure that, with falling interest rates, the rate charged in respect of late payment of fees is not seen as an unenforceable penalty);

(g) a new clause clearly setting out when delivery occurs;

(h) inclusion of a right of inspection of the goods; and

Through Transport Mutual Insurance Association Limited and TT Club Mutual Insurance Limited, trading as the TT Club. TT Club Mutual Insurance Limited, registered in the UK (Company number: 02657093) is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority. In Hong Kong, TT Club Mutual Insurance Limited is authorised and regulated by the Hong Kong Insurance Authority, in Singapore by the Monetary Authority of Singapore and in Australia by the Australian Prudential Regulation Authority. In the United States, TT Club Mutual Insurance Limited is approved as a surplus lines insurer in all states and is accessible through properly licensed surplus lines brokers. The registered offices are: 90 Fenchurch Street, London, EC3M 4ST.

Through Transport Mutual Insurance Association Limited, registered in Bermuda (Company number: 1750) is authorised and regulated in Bermuda by the Bermuda Monetary Authority. 

The UK VAT Identification number for Through Transport Mutual Insurance Association Limited is: GB 564 5244 35 and for TT Club Mutual Insurance Limited is: GB 564 3375 30. The Italian VAT Identification number for TT Club Mutual Ltd is: 03627210101.

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