“By virtue of their membership in the American Cotton Shippers Association, members are required to honor all contracts, to attempt to resolve quality and technical disputes through amicable settlement, to submit disputes incapable of settlement to binding arbitration, and to honor the arbitration award.

“To arbitrate a disputed matter with an ACSA member, when the contract does not specify arbitration before the Atlantic Cotton Association, Southern Cotton Association, Texas Cotton Association, or Western Cotton Shippers Association, or if there is no written contract and these four are not available, the matter in dispute will be decided by an arbitration committee appointed by the American Cotton Shippers Association and composed of persons familiar with the trading rules and the customs and practices of the trade in that region. ACSA will also arbitrate contracts where the contract between the parties specifies ACSA arbitration.