Because of its long-standing commercial preeminence, New York has a well-developed and widely respected body of decisional and statutory law. New York lawyers are familiar with and can expertly use that law in negotiating or structuring a transaction or analyzing a dispute.
Futures Contracts for Precious Metals, Energy and Physical Commodities
New York is home to the 130-year-old New York Mercantile Exchange (NYMEX), the preeminent trading forum for energy, precious metals and physical commodities futures. Lawyers in New York have long been knowledgeable about NYMEX’s futures contracts for energy commodities (e.g., crude oil, gasoline and coal) and metals (e.g., platinum, gold and silver) and are also experienced with NYMEX’s arbitration rules.
Futures Contracts for Soft Commodities
The 120-year-old New York Board of Trade (NYBOT), the futures exchange for soft commodities such as coffee, raw and refined sugar, cocoa and cotton, is also in New York. Lawyers in New York are equally experienced with NYBOT’s commodities contracts and with the rules governing arbitration under those contracts.
Extensive Body of Law
Due to its commercial sophistication, New York continues to have the most highly developed and up-to-date decisional and statutory commercial law in the United States.
Fair and Predictable Outcomes
New York law is particularly useful for regulating the rights and obligations of parties to energy and other commodities contracts, purchase-and-sale contracts, transportation contracts, and commercial contracts important to the international shipment of goods.
Commercial Dispute Resolution
Because New York is recognized as an attractive, accessible and reliable forum for dispute resolution, New York law and forum clauses remain the most widely used choice-of-law and choice-of-forum clauses in commercial contracts in the United States. In addition, judges and arbitrators in New York continue to have the most extensive experience in deciding the complex commercial disputes often governed by New York.