Case Update: Interpretation of GAFTA 78, clauses 11.3 and 17 – Arbitration Public Company Rise v Nibulon SA [2015] EWHC 684 (Comm).

The dispute between the sellers (claimants) and the buyers (defendants) arose out of three contracts for the sale of 158,000 mt in total of Ukrainian feed corn. The contracts incorporated Incoterms 2000 (Incoterms). The sellers were to obtain export licences and each contract incorporated the provision of GAFTA 78. The three contracts were for 28,000 metric tons with delivery 20 September to 30 October 2010; 30,000 metric tons with delivery 1 October 2010 to 30 November 2010, and 100,000 metric tons with delivery 1 November to 31 December 2010.