This Code of Practice is for the guidance of Brokers and their clients engaged Trades. It sets out the ideal procedures to follow and failure to comply with the Code does not in itself invalidate a contract or agreement between two contracting parties.
This Code of Practice is for the use of Brokers who have negotiated the confirmation terms of a contract between sellers and buyers using as a basis and incorporating the appropriate standard contract terms.
Where there is one Broker to a transaction he is deemed to be acting on behalf of both sellers and buyers; referred to here as the 'Principals'. Where there are two Brokers to a transaction, they are each deemed to be acting for and on behalf of the principal to the contract by whom they were engaged.
Following upon the unconditional acceptance of an offer a contract exists between the Buyer and the Seller (Principals).