Commodities in Focus Weekly - Issue 112
Orion Shipping and Trading Ltd v Great Asia Maritime Limited [2024] EWHC 2075 (Comm)
Executive summary
The High Court has held that, where a Memorandum of Agreement on the NSF 2012 is lawfully cancelled by a buyer under Clause 14 in circumstances where (i) the seller has failed to give notice of readiness or failed to be ready to validly complete a legal transfer by the Cancelling Date, and (ii) such failure is due to the seller's "proven negligence," the buyer is not entitled to recover loss of bargain damages in the absence of an accepted repudiatory breach of contract.
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