New Gafta Rice Contracts No. 120 and No. 122 Now Available – Register for the Rice Contracts Webinar and Explore the LRBA History Archive
Gafta is pleased to announce the launch of the updated Rice Contracts No. 120 and No. 122, effective from 1 July 2026.
The revised contracts have been developed in close collaboration with former members of the London Rice Brokers Association (LRBA) following the association's integration into Gafta on 1 May 2026, and the International Contracts Committee (ICC). They reflect current commercial practices while preserving the longstanding expertise and market knowledge of the LRBA.
Key updates
The revised contracts introduce a number of improvements designed to enhance clarity, consistency and operational efficiency across the international rice trade. Key amendments include:
- Greater flexibility to trade rice in bulk or bags
- Standardised terminology and provisions aligned with the wider suite of Gafta contracts
- Streamlined inspection, quality and pricing provisions
- Updates to shipment, licensing and insurance clauses where applicable
- Adoption of the term "Gafta Approved" in place of "Gafta Registered" in line with the Gafta Approved Registers Scheme
In addition, Contract No. 120 has been broadened beyond its traditional focus on Thai rice, enabling its use across a wider range of rice origins and destinations to better reflect today's international rice trade.
The updated contracts are now available to members via the Gafta website here.
Rice Contract Webinar – 19 November 2026
To help members understand the key changes introduced in Contracts No. 120 and No. 122, Gafta will be hosting a Rice Contracts Webinar on 19 November 2026.
The webinar will provide an overview of the amendments, explain their practical application and offer members the opportunity to ask questions.
Preserving the Legacy of the LRBA
As part of the integration of the London Rice Brokers Association into Gafta, we are pleased to launch a dedicated LRBA History Archive within the History section of the Gafta website.
The archive includes digitised historic reports dating from July 1869 to 2014 and Minute Books from 1930 onwards, providing a valuable resource for members, researchers, and the wider trade while preserving the rich history of the international rice market.
Visit the LRBA History Archive
Should you have any questions regarding the updated contracts or wish to obtain the schedule of changes, please contact us at post@gafta.com.
Disclaimer
All Gafta Circulars and Notices are provided to Members purely for the purposes of information. We have not taken any steps to verify the accuracy of the information provided and, accordingly, Members must obtain their own independent professional advice as to its content and effect. We cannot accept any liability, howsoever arising, for any loss or damage which may be caused by any reliance on any information contained in a Gafta Circular or Notice.