The respect of Contractual Rules
Gérard Serfati, Chairman of the Brokers Committee

There are no more rules, no more respect of contracts; Why? Because there is no risk or less risk than before for arbitration, less risk to be blacklisted and every year our industry is looking more and more like a jungle where everyone is applying his own rules. 

Years ago, a word was a word, a verbal confirmation was a real confirmation even without a contract. If today we are facing and finding so many troubles, it's may be because our rules are not anymore applicable to our trade, to our business. We are working much faster that 10 or 15 years ago because information is moving very quickly with the new technologies but in this case we should also have the ability to settle our problems with equity and at the same speed.

Some people coming from various countries were expecting to attend the 2005 Convention without being registered, saying that sitting in the hotel lobby will be enough for them to meet customers. If such people coming from various countries are acting this way, trying to save a registration fee for the Convention, you can imagine, what they are able to do for business!!. How our industry can accept to work with such companies ?

“AS BROKERS/AGENTS WE SHOULD CARRY THE RESPONSIBILITY TO IMPROVE SUCH RULES FOR THE BENEFIT OF THE MARKET, SEEKING AND USING COMPETENT INTERNATIONAL LEGAL CONSULTANTS TO OBTAIN IN THE COURTS THE NECESSARY SANCTIONS AND CARRY OUT EXECUTIONS. “

We really need a change because without new rules nor new regulations, our business will never develop in the right way and with the ethics which has always been the basis of our commerce. With the brokers committee who gives us a chance to be more represented at the Cicils, we will have more chance to help our industry. All brokers members of the CICILS-IPTIC will be able to give an advice as consultant to buyers, sellers or brokers who are facing a particular problem.