There is always a way out, or how to deal with the time bar in commercial contracts?
A foreign trader applied to Interlegal due to non-fulfillment of the contract by the counterparty. The contract was based on one of GAFTA proformas and provides settlement of disputes by the arbitration under the small procedure (GAFTA 126). Due to the long-term pretrial negotiations the Client missed a term of application to arbitration.
The situation seems to have no way out. GAFTA arbitration will reject dispute consideration due to missing the limitation period, while any other court or arbitration will not accept the dispute for consideration due to GAFTA jurisdiction.
In the process of negotiations, using the law instruments and sequence of agreements, our experts managed to restore terms which resulted in the Client’s amenability and pretrial settlement of dispute.
Dmitriy Zagorodnyuk, the senior lawyer, and Ilona Biliuk, the lawyer, worked upon the case.
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