American Chamber of Commerce in Ukraine welcomes the decision to launch a new web-service regarding information on grain volumes stored throughout Ukraine and grain accepted for storage at grain warehouses. Information on this matter was published on the official website of the State Enterprise “State Registers of Ukraine”.
According to the Typical Agreement on the Warehouse Storage of Grain, the grain warehouse is obliged to provide access to the grain during its storage period to depositor for inspection. This provision is extremely important for depositors and proper functioning of the grain market, as it seeks to ensure that the owner has control over his property and to reduce the risks of grain owners from the malpractice of individual entities at the elevator services market.
In addition, launch of the new e-service would allow to check whether there is enough grain to cover the grain warehouse obligations under the issued warehouse documents, which, in its turn, would add transparency to the processes and help to avoid fraud on the grain market.