LEGRANT settled a dispute on non-payment of brokerage in Gafta arbitrationMay 13, 2019 · News
LEGRANT’s client acted as a commodity Broker under the sale-purchase contract. The contract incorporated Gafta 49 proforma and was regulated by the English law.
The Broker provided services in full, and the contract was performed by both the Seller and Buyer. However, the Seller failed to perform the payments within the payment terms and then disappeared for no reasons. LEGRANT’s lawyers have analyzed the correspondence and filed a claim on reimbursement of brokerage to Gafta arbitration. As a result, the Seller shortly contacted the Broker and the dispute was settled amicably.
The fact of particular interest was that the contract has not specified the amount of brokerage to be paid as well as the party who had to perform the payment. Moreover, the Broker was neither the party nor the signor under the contract. Nevertheless, LEGRANT’s lawyers mustered the consistent position having supported it by the number of English precedents and the correspondence between the parties.