GAFTA 64 PDF

Gafta is an international trade association that protects members’ interests by providing support through contracts and arbitration, trade assurance, trade policy, . limited by guarantee under Company no. VAT Registration No. GB T: +44 20 F: +44 20 E: [email protected] 7. SHIPMENT AND CLASSIFICATION. Shipment by first class mechanically self-propelled vessel(s) suitable for the carriage of the.

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Methods of rapid communication for the purposes of this clause are defined and mutually recognised as: A notice to the Brokers or Agent shall be deemed a notice under this contract. To view articles by sector and or location or to search within articles please use the options below.

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Court construes “Notices” provision in GAFTA 64 contract | International Law Firm

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The Court upheld the GAFTA Board of Appeal award which found that the provision in the contract, whereby any notice received after hours on a business day gaftta be deemed to have been received the following day, applied only in the case of resales and repurchases which gaftta not the case here. The commercial reality was that, in those gaffta, it is particularly important that notices up or down the chain are served without delay because intermediary sellers or buyers in the chain may otherwise be prejudiced if the notice is not received in time to be passed on.

The Sellers argued that, as the notice was served after hours, it was deemed to have been received the following day, on Tuesday 14 December, pursuant to the deemed notice provision in clause 19 and was therefore out of time.

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The GAFTA Board of Appeal found in favour of the Buyers, holding that the deemed notice provision in clause 19 did not apply and that, under clause 8, the Buyers had 46 midnight on 13 December to serve the notice claiming an extension. In particular, under clause 6, vessel nomination notices in the case of resales had to be passed on, where possible, by telephone and then confirmed on the same day in 6 with clause 19, the Notices clause.

Gafta implements important contract amendments

Instead, it construed the disputed wording in the context of the contract as a whole, this being more likely fafta result in a construction that accords with what the parties can objectively be taken to have agreed. Search Knowledge Bank To view articles by sector and or location or to search within articles please use the options below Search terms. View articles Clear all filters.