Introduction
The International Cotton Association (“the ICA”) is the world’s leading international cotton trade association and arbitral body. The ICA began life 180 years ago in 1841 in Liverpool, UK, when a group of cotton brokers created a set of bylaws and rules to help regulate the sale and purchase of raw cotton. On 9th December 2004, the name of the Liverpool Cotton Association was changed to the International Cotton Association reflecting the foremost Cotton Association in the world with recognized international status.

The ICA has established procedures and rules for the purchase of cotton for buyers and sellers all over the world. Today, the majority of the world’s cotton is still traded internationally under ICA Bylaws & Rules. The rules have changed with time, but their aim remains the same – to create a safe trading environment. Furthermore, the ICA also has a role as an arbitral authority where the procedures are based upon the Arbitration Act 1996 and various laws including the model arbitration law, which was published in 1985 by the United Nations Commission on International Trade Law.

While the ICA is an interesting and powerful association in the cotton industry, the Bylaws consist of a rule that is very different from other association rules. This article will be focusing on this rule of the ICA where contracts cannot be treated as canceled even if they are not going to be performed.