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Article: Thailand: Some rubber traders renege on contracts.
- Article from:
- TendersInfo
- Article date:
- November 6, 2008
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Byline: Mamta03
As rubber prices continue to fluctuate, some farmers and producers have faced problems with buyers defaulting on contracts, the president of the Thai Rubber Association said yesterday. Luckchai Kittipol said some producers had been damaged by a trader defaulting because the rubber price had fallen sharply. "The problem has created losses for the industry, as there is nothing to guarantee against the purchasing contracts being reneged on by traders," he said. This is because rubber traders normally make purchase orders by spoken agreement, with no written contract.
The price of rubber fell to Bt48 per kilo in the middle of last month, but ...