ARBITRADE is successful in GAFTA arbitration
ARBITRADE has obtained an award in arbitration under the rules of the Grain and Feed Trade Association (GAFTA) in favour of its client, a Turkish company, against a company registered in the UK. The case concerned damages for the buyer’s breach of a contract for the sale and purchase of sunflower meal on FOB terms; the ARBITRADE team represented the seller.
The dispute arose out of the buyer’s failure to pay for the goods, as a result of which the seller was forced to resell the goods at a substantially lower price. The claimant represented by ARBITRADE was successful in recovering the difference in price from the buyer. The arbitral tribunal accepted the actual resale price as the default price. The ARBITRADE team in the case was led by Partner Andriy Shulga and Counsel Anastasiya Grenyuk.
ARBITRADE regularly represents clients in commodities arbitrations, including GAFTA, with the application of English law. ARBITRADE is a long-standing member of GAFTA; the firm is also a member of the Kyiv GAFTA Trade Committee and is actively involved in the activity of the GAFTA International Contract Policy Committee (ICPC).