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Transport, Shipping and International Trade Web-course: “GAFTA / FOSFA Contract Default”

23/ 04/ 2020
  Participants in international sales contracts often face inequitable conduct by their counterparties. However, in order not to become a hostage to this situation, in case of a breach of the essential terms of the treaties under the GAFTA and FOSFA standard terms, the non-defaulting party should refer to the default mechanism. On April 23, at the 8th webinar on the Transport, Shipping and International Trade Web-course we discussed the procedures for breaking, minimizing and recovering damages in GAFTA and FOSFA contracts. During the webinar the mechanism of default, guarantee letters, proofs, the principle of mitigation of losses were considered, as well as answers to the most common questions from practice: Can the buyer terminate the contract on the grounds of breach of quality conditions and refuse from the product? Can the buyer claim a discount for quality deviation? How not to lose the rights under the contract? What should I do if the contract rights are waived? Remember that during the contract performance it is necessary to save the correspondence, to keep all documents, because all this can help in further recovery of damages. We hope the tips and tricks from our speakers have been helpful to you! See you at the next course webinars.

Participants in international sales contracts often face inequitable conduct by their counterparties. However, in order not to become a hostage to this situation, in case of a breach of the essential terms of the treaties under the GAFTA and FOSFA standard terms, the non-defaulting party should refer to the “default mechanism”. On April 23, at the 8th webinar on the Transport, Shipping and International Trade Web-course we discussed the procedures for breaking, minimizing and recovering damages in GAFTA and FOSFA contracts.

During the webinar the mechanism of default, guarantee letters, proofs, the principle of mitigation of losses were considered, as well as answers to the most common questions from practice:

  • Can the buyer terminate the contract on the grounds of breach of quality conditions and refuse from the product?
  • Can the buyer claim a discount for quality deviation?
  • How not to lose the rights under the contract?
  • What should I do if the contract rights are waived?

Remember that during the contract performance it is necessary to save the correspondence, to keep all documents, because all this can help in further recovery of damages. We hope the tips and tricks from our speakers have been helpful to you! See you at the next course webinars.

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