Legrant has settled the dispute on the non-presentation of the vessel under the gafta contractOctober 12, 2018 · News
Legrant has represented the interests of its' client, who was the Seller of barley under the contract with the Buyer from Singapore. The contract provided terms of delivery on FOB Odessa terms, incorporated the GAFTA 49 pro forma and was concluded under English law. During the execution of the contract, there were disagreements between the parties, the Seller applied to Legrant to assess the legitimacy of the Buyer’s actions.
Legrant`s lawyers analyzed the documents and correspondence and found several violations of the terms of the contract by the Buyer. Among other things, the Buyer did not present the vessel during the delivery period. Subsequently it gave the right to the Seller to declare the counterparty in default and terminate the contract.
The Buyer did not recognize the termination of the contract; moreover, he announced the occurrence of force majeure. However, these statements were refuted by the company’s lawyers. As a result of the negotiations, the Seller resold the cargo at a higher price and earned a profit of more than $ 500,000.
The case was supported by the Senior Lawyer Danil Hristich under the general supervision of the Managing Partner Tatyana Titarenko.