Haugland Tankers AS v RMK Marine Gemi Yapim Sanayii ve Deniz Tasimaciligi Isletmesi AS - QBD (Com Ct) (Langley J) - 9 March 2005

Contract - Option agreement for purchase of tanker - Buyer failing to pay "Commitment Fee" when purporting to exercise option - Whether option validly exercised

On 17 September 2003 the claimant buyer entered into a shipbuilding contract with the defendant seller under which the defendant agreed to design, complete and deliver to the claimant an Oil Product Tanker, Hull No 63.