Interlegal lawyers defended a large trader in the dispute arising from the contract chain
21 декабря 2017 г.: ru 2 en 125 января : ru 1 en 120 декабря 2017 г.: ru 4 всего: 33 19.12.17
The Client, large agricultural trader, applied to Interlegal on defending its interests in the dispute arising from the supply contract chain.
Under one of the contracts on CIF terms of delivery, with the Client as the buyer, the seller breached its obligation on submitting documents.
Due to such breach the Client faced difficulties in performing the second contract where the Client acted as the seller, which resulted in the risk of final consignee’s claim.
Under the English law governing both contracts, non-submission of documents shall be deemed as essential breach of condition granting to party in breach a right on the contract cancellation.
Interlegal lawyer Ekaterina Gadetskaya and junior lawyer Anna Averina under the general supervision of partner Natalya Myroshnychenko, analyzed the risks and, with regards to changed market conditions, gave recommendations to the Client upon cancelling both contracts with minimum risks and losses for the Parties.
Based on Interlegal recommendations, the Client declared the seller in default, cancelled the first contract and concluded the Wash Out Agreement at zero rate with the buyer under the second contract. Interlegal lawyers helped the Client to settle the dispute and to prevent potential claims of counteragents in the contract chain.