Interlegal team won GAFTA Arbitration under the dispute concerning short-payment for goods by the Swiss company
28 September, 2020
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Interlegal completed successfully GAFTA Arbitration under the dispute concerning short-payment for corn supplied on DAP terms, Chernomorsk Sea Port, Ukraine.
Client was the Seller under commercial contract concluded with the Swiss company. The Seller supplied goods (corn) by railway wagons, in a few batches. Payment should be made in two installments: 95% of each batch cost, loaded in railway wagons, against copies of documents. Balance should be paid following customs clearance and submission of respective documents.
After the Seller submitted to the Buyers copies of documents required for payment, the Buyers paid the invoiced amount partially, resulting in essential short-payment. The indebtedness amount exceeded 700,000 USD.
Despite the fact that the Buyer was declared as default, the Seller was unable to resell unpaid goods, since the Buyer had exported it.
Interlegal lawyers in due manner supported the Seller’s position in the framework of GAFTA Arbitration and proved that all the Client’s obligations were fulfilled without any violations, while arbitrators supported the Seller’s claims on debt recovery.
Interlegal lawyer Valeria Ivanova and partner Nataliya Myroshnychenko represented the Client’s interests at GAFTA Arbitration.
