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13 October 2017, 17:40

Interlegal secured storage cost recovery for the Seller under FOB contract due to extension of delivery

Interlegal

The Client, large international trader, filed a request to Interlegal on debt recovery from the Buyer under FOB contract.

The debt arose under excess storage costs borne by the Seller due to extension of delivery set forth in Clause 8 “Extension of delivery” GAFTA 49.

Although the Buyer shall pay such costs under the standard proforma, the Buyer neither recognized nor paid them.

Interlegal lawyers Ekaterina Gadetskaya, Igor Derus and Elena Pashkova under general supervision of partner Natalya Myroshnychenko drafted and sent the claim to the Buyer and initiated GAFTA arbitration proceedings due to upcoming expiry of the arbitration limitation period.

Based on detailed legal position stated in the claim, Interlegal lawyers held negotiations with the Buyer who supported arguments of the Seller’s lawyers and paid the debt in due time.

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