This Code of Practice is for the guidance of Brokers and their clients engaged Trades. It sets out the ideal procedures to follow and failure to comply with the Code does not in itself invalidate a contract or agreement between two contracting parties.
This Code of Practice is for the use of Brokers who have negotiated the confirmation terms of a contract between sellers and buyers using as a basis and incorporating the appropriate standard contract terms.
Where there is one Broker to a transaction he is deemed to be acting on behalf of both sellers and buyers; referred to here as the 'Principals'. Where there are two Brokers to a transaction, they are each deemed to be acting for and on behalf of the principal to the contract by whom they were engaged.
Following upon the unconditional acceptance of an offer a contract exists between the Buyer and the Seller (Principals). The Broker may confirm by a method of rapid communication such as telex, or letter if delivered by hand on the date of writing, or telefax, or E-mail or other electronic means (usually no later than the following business day), confirmation of acceptance of this contract, but in any event the Broker should provide a full and accurate written contract confirmation of the business so agreed between the Principals.