London Arbitration 12/18

London Arbitration 12/18

“The sellers of a road salt cargo claimed that the buyers were in repudiatory breach of the sale contract for not providing the letter of credit on time. The Tribunal found that the provision of a letter of credit was to be read as an innominate term and not a condition as the failure to provide it would have not deprived the sellers of the whole benefit of the contract, i.e. the sale of salt and the expected profit.”

Antonino Cordopatri
E. G. Arghyrakis & Co.
25th April 2018