Appeal on the following question of law arising from the GAFTA Board of Appeal’s Award:
‘Where goods sold C and F free out are located at their discharge port on the date of the buyer’s default, is ‘the actual or estimated value of the goods, on the date of default’ under sub-clause (c) of the GAFTA Default Clause to be assessed by reference to:
The market value of goods at that discharge port (where they are located on the date of default); or
The theoretical cost on the date of default of (i) buying those goods FOB at the original port of shipment plus (ii) the market freight rate for transporting the goods from that port to the discharge port free out?’
Judges:
Mrs Justice Cockerill DBE
Citations:
[2022] EWHC 354 (Comm)
Links:
Jurisdiction:
England and Wales
Arbitration
Updated: 21 April 2022; Ref: scu.672121