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Eterna Law

SOPHIA BUSINESS CENTER, 6 RYLSKIY LANE, 01601 KYIV, UKRAINE
Tel:
Work +380 44 490 7001
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Web:
https://www.eterna.law
Almaty, Kiev, Moscow

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AstapovLawyers protects the interests of the international trading company

June 2012

AstapovLawyers successfully represented the international trading company Alegrow Limited in first tier and appeal proceedings of GAFTA arbitration in a USD 6 mln dispute with a Yemeni mills operator.

The dispute arose from the Yemeni buyer's failure to comply with its obligations to open a confirmed letter of credit within the established time limits under a sale contract. The buyer referred the matter to arbitration alleging that the seller by its conduct had waived the defective letter of credit opened by the buyer. The first tier Tribunal held that the seller had no obligation to deliver the goods unless an effective confirmed letter of credit was provided and dismissed the waiver argument thus finding the termination of the contract by the seller to be effective. Despite the buyer's appeal the GAFTA Board of Appeal completely upheld the first tier arbitration award.

The matter was handled by AstapovLawyers' Counsel Mr. Eugene Blinov.


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