News & Analysis as of

Repudiation

Regulators Repudiate Operation Choke Point at Lawmakers’ Request

Sounding the likely death knell for Operation Choke Point, federal regulators formally repudiated the program after receiving a letter from Republican legislators inviting them to do so....more

Vitol SA v Beta Renowable SA

by Reed Smith on

The High Court has handed down Judgment in Vitol SA v Beta Renowable SA [2017] EWHC 1734 (Comm) highlighting the importance of ensuring that communication and conduct for the purpose of accepting repudiatory breach is clear...more

Contract termination: terminating under the contract vs terminating at common law

by White & Case LLP on

Contract terminations are often loaded with legal risk, and therefore parties often rely upon as many grounds as possible to justify a termination. A recent English case highlights the risks associated with terminating solely...more

The benefit of hindsight: the Supreme Court resets the course of the New Flamenco, and the law on mitigation of damages

by White & Case LLP on

The much-anticipated judgment of the Supreme Court in Globalia Business Travel SAU (formerly TravelPlan SAU) of Spain v Fulton Shipping Inc1 ("The New Flamenco") has been handed down, overruling the Court of Appeal and...more

The “New Flamenco”

by Reed Smith on

The Supreme Court has today handed down Judgment allowing Owners’ appeal in the “New Flamenco”. For those of you who are not familiar with the case, Charterers were in repudiatory breach of the Charterparty, which Owners...more

Descoping of works: what is the employer entitled to do?

by White & Case LLP on

Financial constraints mean that employers are often looking to descope works from major projects. But how feasible is this? A recent case highlights the potential implications for employers who attempt to descope works...more

2016 half-year in review: M&A legal developments

by White & Case LLP on

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

The Risks of Suspension under Construction Contracts

by White & Case LLP on

Two recent cases from Australia and Hong Kong highlight the serious dangers of a wrongful suspension of works under a construction contract. Wrongful suspension may ultimately lead to the termination of a contract, and...more

Does a shipowner have to sell its ship in order to mitigate its loss?

by Reed Smith on

The greatly anticipated Supreme Court judgment on the New Flamenco is due to be heard later this year. The decision will address principles of mitigation and the assessment of damages for repudiatory breach of a time...more

Arbitrator's award of third party funding costs upheld by High Court

by White & Case LLP on

A recent High Court decision upheld a costs award in arbitration proceedings that included third party funding costs. The Court concluded that the arbitrator had wide discretion to award costs, which included the award of...more

Court of Appeal rules on indefinite demurrage claims

by Reed Smith on

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

2016 Summer Review: M&A legal developments

by White & Case LLP on

We set out below a number of interesting English court decisions which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on their implications....more

Termination For Repudiatory Breach: Do Contractual Notification Provisions Apply?

by Allen & Overy LLP on

A party who terminated a contract for common law repudiatory breach was not obliged to follow contractual termination provisions (including as to a cure period and notice). In Vinergy International (PVT) Ltd v Richmond...more

Employer May Terminate Pre-Hire Agreement with Union, Sixth Circuit Rules

by Miller Canfield on

On April 21, 2016, resolving a situation not previously decided by the Sixth Circuit Court of Appeals, the court held that a construction company that was a party to a pre-hire collective bargaining agreement lawfully...more

When Mitigation Leads To A Profit, Who Should Benefit?

by Allen & Overy LLP on

If, following a breach of contract, the innocent party benefits from its mitigation, then, ordinarily, that benefit will reduce the loss that can be claimed for breach. In Fulton Shipping Inc of Panama v Globalia Business...more

"Many Thanks Myles, Much Appreciated" – Lessons In Audit Rights, Repudiatory Breach And Informal Variation

by Allen & Overy LLP on

In a dispute between an insurer and its claims handler, issues concerning the right to access files and data arose which are common to many outsourcing or data-processing arrangements. It was held that an insurer was not...more

Mitigation and the assessment of damages on early redelivery – “The New Flamenco”

by Reed Smith on

Mitigation and the assessment of damages on early redelivery – “The New Flamenco” - Assessing the level of damages recoverable following the early redelivery of a vessel under a time charter can be a complex area of law...more

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

by Reed Smith on

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

2015 Half-year in review M&A legal developments

by White & Case LLP on

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

Guarantors’ “Lost Profits” Completely Offset Lender’s Deficiency Claim

by Snell & Wilmer on

Believe it or not, lenders can breach loan agreements too…and when they do, there can be significant consequences. In Great Western Bank v. LJC Dev., LLC, 726 Ariz. Adv. Rep. 21 (Ariz. Ct. App. Nov. 10, 2015), the Court of...more

LLP Agreements and Repudiatory Breach

by Dechert LLP on

This OnPoint reports on a recent important High Court decision ?limiting the remedies available for breach of a UK LLP agreement. Generally, in contract law, if a party to a contract commits a breach which is...more

Manufacturing Contracts in Distress

by Foley & Lardner LLP on

The automotive industry has recently enjoyed a strong period of sales growth and productivity. But even during this period, some manufacturers and raw materials suppliers continue to face pressures presented by financially...more

Charterers held to have lost right to cancel where revised loadport orders given

by Reed Smith on

ST Shipping & Transport Inc v Kriti Filoxenia Shipping Co SA [2015] EWHC 997 (Comm) - Charter terms: The charter, on BPVOY3 form, provided that subject to the provisions of clause 24, the vessel would proceed to...more

Harrison Decision: Cabot Oil Denied Equitable Extension of Oil and Gas Lease

by Morgan Lewis on

The decision marks another departure by the Pennsylvania Supreme Court from “mainstream” oil and gas jurisprudence. On February 17, the Pennsylvania Supreme Court (the Court) unanimously ruled that state law does not...more

Third Circuit Clarifies Time Limits for Joint Authorship Copyright Claims, and Bars District Courts from Canceling Copyright...

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Third Circuit has announced several bright-line rules relating to copyright law in the important field of joint authorship. The first rule is that the statute of limitations for joint...more

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