Interlegal lawyers helped the Client to charge over 300 thousand USD for goods delivery after late payment for over a month
26 July, 2021
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Interlegal lawyers helped the Client to charge over 300 thousand USD for goods delivery after late payment for over a month
Our client, the Seller under a foreign trade Contract, supplied oil to China on CFR terms. The Buyer delayed payment for over a month, without any reasonable justification for such essential delay. The Contract incorporated FOSFA terms and was governed by English law.
Having analyzed the situation, Interlegal lawyers carried out comprehensive claims handling which resulted in signing trilateral agreement, whereunder the Chinese ultimate consignee promptly paid indebtedness to the Seller on behalf of the Debtor (i.e. the Buyer). Therefore the Seller received payment for the goods, the ultimate consignee received oil, while all the parties managed to avoid additional expenses for container idle stay in China and potential arbitration costs. Interlegal qualified assistance defended the Seller’s rights and financial interests throughout all stages of the dispute settlement procedure. Interlegal associate attorney Igor Kostov led the case.
Dispute settlement due to overdue payment under English Law has many specifications. See the article for details:
