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The Fob Buyer’s Right to Substitute Its Vessel in Commodity Contracts

On 1 September 2017, the Grain and Feed Trade Association (Gafta) introduced an amendment to its nomination clause in some (but not all) of its fob contracts. The result: an fob buyer is no longer required to give new...more

9/26/2017  /  Commodities , Shipping , UK , Vessels

Due Diligence for Energy and Commodity Asset Acquisitions: ‘Soft’ Commodities

This alert focuses on mergers and acquisitions in the ‘soft’ commodities arena. It is the second in a series addressing issues commonly faced when undertaking M&A transactions in the energy and commodities sector. The...more

Court of Appeal Re-affirms the Importance of the 'Autonomy Principle' of Letters of Credit

Fraud is rarely proved in practice. So a High Court decision in 2016 which prevented payment under a standby letter of credit (the “SBLC”) on the basis that the demand presented under the SBLC was untrue and fraudulent caused...more

2/17/2017  /  Fraud , Letter of Credit , Oil & Gas , UK

The New Gafta Arbitration Rules No. 125, Effective for Contracts dated from 1 September 2016: Key Changes to Be Aware of

The Grain and Feed Trade Association (“Gafta”) recently published a new edition of its Arbitration Rules No. 125 (the “Gafta Arbitration Rules”), effective for contracts dated from 1 September 2016. The previous Gafta...more

The importance of the arbitration notice: make sure it is sent to the right person

Sino Channel Asia Ltd v. Dana Shipping and Trading Pte Singapore and Another [2016] EWHC 1118 (Comm) - A recent English High Court decision serves as a reminder of the importance of taking great care in relation to...more

Court of Appeal rules on indefinite demurrage claims

MSC Mediterranean Shipping Company S.A. v. Cottonex Anstalt - [2015] EWHC 283 (Comm) - A Court of Appeal decision handed down on 27 July 2016 of this week ruled that demurrage on detained containers, which could not...more

Commodities contracts and the impact of the OW Bunkers case

As we reported in an earlier Client Alert, the UK Supreme Court recently handed down its highly anticipated judgment in the Res Cogitans case. The Supreme Court was unanimous in finding that a contract to supply bunkers to...more

Disclosure in a digital age – How reforms and technology can reduce the costs of disclosure in arbitration and court

Managing the cost of litigation to business remains one of the toughest issues confronting any lawyer today. As the challenge of keeping costs proportionate seemingly gets more difficult by the day, we consider the impact of...more

The challenge of mitigating your losses where there is no available market – ‘The New Flamenco’

Mitigation of damage where there is no available market is a difficult area of law and can be challenging. As the Court of Appeal recognised recently in its judgment in The New Flamenco, “it is notoriously difficult to lay...more

Entire Agreement Clauses – do they work or not?

This client alert is intended to provide a summary which considers the effectiveness and limitations of entire agreement clauses. It also includes some suggestions as to how one might seek to enhance their effects to cater...more

Are English arbitration awards ‘final, conclusive and binding’? – revisiting the right to challenge arbitration awards in English...

Recent debate on the right to appeal - Under limited circumstances, a party to an English arbitration award who is dissatisfied with the result can challenge that award in the courts. There are concerns that the current...more

A timely lesson: understanding how a sale contract dispute may have serious financial consequences beyond that contract alone

In the recent case of Sang Stone Hamoon Jonoub Co Ltd v Baoyue Shipping Co Ltd ([2015] EWHC 2288 (Comm)), Mr Justice Males provided direction on the potential liability of cargo owners to shipowners where they do not take...more

Extension clauses in FOB contracts

The High Court has recently considered the purpose and effect of the GAFTA FOB contract “Extension of Delivery” clause, which entitles a buyer to claim an extension to the delivery period. This alert considers the conclusions...more

Agreement to negotiate held to be an enforceable condition precedent to arbitration

This Alert looks at “tiered” dispute resolution clauses (i.e. clauses which purport to provide for a process to be followed before the dispute can be referred to arbitration/litigation). They are commonly found in commercial...more

Combined “Prevention of Shipment” clause replaces Prohibition, Force Majeure and Strikes clauses in standard grain trading...

The Grain and Feed Trade Association ("GAFTA") contracts have traditionally dealt with the consequence of Prohibition, Force Majeure and Strikes by way of independent stand-alone clauses. As of 1 June 2014, a single...more

Common time limits for trade and shipping claims – a print-out guide

Introduction - A “limitation period” is the period of time within which court or arbitration proceedings must be commenced. Every legal claim will be subject to a limitation period, imposed either by the governing law...more

“The Masters of their Contractual Fate” – how not to get trapped into a contract before you are ready to commit

A recent High Court decision, Proton Energy Group SA v Orlen Lietuva [2013] EWHC 2872, serves as a timely reminder of the care parties must take when negotiating new deals so as not to become bound when they do not yet wish...more

Contracting with independent oil storage companies: the reality

Introduction - Storage space is a necessity for the owner of any physical commodity. Stockpiling in storage facilities permits greater flexibility and continuity of supply in the event of supply disruptions, increases...more

Revised MARPOL Annex V: An Update

In January changes to the way in which Cargo residues were classified came into effect by way of changes to MARPOL Annex V. These changes were met with some concern by both charterers and owners in that any residues of cargo...more

Letters of Credit and Commodities Contracts – Best Practices Revisited/Optional Confirmation

In this client alert, we revisit some best practices for using documentary letters of credit as the payment mechanism under commodities contracts. We also look at L/C confirmation and confusion which can arise with "may...more

8/12/2013  /  Commodities , Letter of Credit

North American Grain: key differences between standard forms (2)

This client alert is the second of a two-part series relating to the use of the standard form contract published by the North American Grain Export Association (NAEGA)....more

5/10/2013  /  Contract Drafting , Exports

North American Grain: key differences between standard forms

The North American grain market has experienced considerable difficulties in recent years. Severe droughts caused by record heats in 2011-2012 resulted in low yields and a deterioration in the quality of key crops such as...more

4/16/2013  /  Commodities , Standard Forms

Revised MARPOL Annex V: Just Who Should Take Out the Trash?

Following a review by the Correspondence Group established by the Marine Environment Protection Committee in 2006, various amendments to MARPOL Annex V Regulations for the Prevention of Pollution by Garbage from Ships took...more

3/11/2013
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