What is NCNDA ? Is it even worth signing this document ?
Updated: Dec 27, 2019
Entrepreneurs in international commodity trading, especially bulk commodities, come across documents like NCNDA (non circumvention non disclosure agreement), IMFPA (International master fee protection agreement) and other such documents, well sorry to burst your bubble, not all but most of these documents that you sign/forward are FAKE, and not endorsed by ICC.
Is there a genuine, endorsed by ICC contract/agreement called NCND? The answer is YES !
Is this an important document and should the intermediaries use it? Again YES !
All NCNDAs you see with ICC logo and written ICC 400/500/600 is fake. Read the official warning from ICC here.
"For years, incautious investors and traders have fallen victim to fraudulent proposals involving paper documents quoting non-existent ICC rules, and often they have been cheated of large sums. Now it appears that the Internet is being used as a vehicle for these schemes. The terminology changes constantly, but the risk is always there," said ICC First Director Martin Wassell.
Problem is not all the traders or intermediaries using FAKE versions of NCND are fraudulent, most of them are innocent, but they don't do their homework.
Only if they be a little vigilant and search ICC's website, they will easily find all warnings issued by ICC regarding these fake documents and they will easily find that :-
The only genuine NCND that is endorsed and sold by ICC is the ICC Model Contract for intermediaries, pub 769E and is available for sale on ICC's website and you can purchase it here
Cangem only utilizes this genuine ICC NCND