1887

Multilateral Contracts

The successive International Wheat Agreements provide an example of a looser form of arrangement, embodying agreements by importing countries to buy certain guaranteed quantities at not less than the agreed minimum price, and by exporting countries to sell guaranteed quantities at not more than the agreed maximum price. An agreement of this kind thus makes provision for a price range rather than for a single guaranteed price. Moreover, only about 80-90 per cent of the prospective purchases of the importing countries were covered by the agreements, and some importing countries were outside the agreement, so that there was a residual, unregulated market.

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