Singapore Arbitration 4/18

Arbitration
Written By Louise Glover

Singapore Arbitration 4/18

“Under an MOA on the 2012 saleform with addenda, following NOR, Sellers were to provide (i) their own confirmation of non-encumbrance and (ii) a confirmation from the Vessel's registry. In the absence of (ii), Buyers failed to pay the purchase price…

“Under an MOA on the 2012 saleform with addenda, following NOR, Sellers were to provide (i) their own confirmation of non-encumbrance and (ii) a confirmation from the Vessel's registry. In the absence of (ii), Buyers failed to pay the purchase price and Sellers cancelled the MOA. The Tribunal dismissed Buyers' claim for return of the deposit and damages, finding that on a true construction of the addenda, (ii) need not be provided before the payment obligation was triggered. Sellers' cancellation was valid, entitling them to retain the deposit.”

Louise Glover
E. G. Arghyrakis & Co.
02nd January 2019

Louise Glover
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