Lloyd's Maritime Law Newsletter

Sale of goods – Contract for sale of feed wheat of Ukrainian or Russian origin c&f Haifa or Ashdod – Russian wheat subject to export ban – Whether sellers discharged from liability pursuant to GAFTA Prohibition Clause – Meaning of “executive act”

Guarantee – Bank paying shipbuilder pursuant to on-demand guarantee in respect of instalment of purchase price – Arbitrators finding that instalment was not in fact due – Whether payment held by shipbuilder on trust for bank

Sale of goods – Contract for sale of milling wheat fob Novorossiysk – Russian government issuing export ban – Whether sellers entitled to cancel contract – Whether cancellation constituted wrongful repudiation of contract – GAFTA Prohibition Clause – Whether sellers entitled to nominal damages only – GAFTA Default Clause – GAFTA 49

Sale of ship – Deposit – Sale agreement providing for payment of 10 per cent deposit by buyers – Buyers failing to pay deposit – Sellers terminating contract for accepted repudiation and/or pursuant to contractual cancellation clause – Whether sellers entitled to recover deposit as a debt or confined to damages/compensation in lesser amount

Guarantee – Payment guarantee provided by bank in favour of shipbuilder in respect of instalment of purchase price – Whether payment guarantee to be construed as guarantee or a demand bond