Training course “GAFTA/FOSFA contracts: performance and correlation with charter party” in Odessa
Interlegal held a training course “GAFTA/FOSFA contracts: performance and correlation with charter party” in Odessa, on October 7, 2016, for trade company experts operating with standard proformas of GAFTA/FOSFA contracts and charter parties.
Interlegal experts Andrey Perepelitsa and Olena Ptashenchuk, under general supervision of associated partners Natalya Myroshnychenko and Artem Skorobogatov, held a training course including presentation lectures, case study and interactive discussion. Program provided 4 hours of intensive work.
Discussions touched the issues concerning maintenance of sales agreements on supply terms CPT, FOB, CIF, CFR. Special attention was drawn to proformas of GAFTA/FOSFA contracts and to general principles of the English contract law. Trainers shared their practice of claims handling, procedure of declaring counteragents in default and peculiarities of contract’ washout.
Problems related to cargo supply by sea awoke particular interest, namely: correlation between bill of lading, sale contract and charter party; nature of demurrage under the sale contract, as compared to charter party, and difference in calculations.