The High Court confirms how contractual deadlines should be interpreted under SALEFORM 2012 and the significance of local payment timing.
The High Court has provided important guidance on the interpretation of “Banking Days” in the Norwegian SALEFORM 2012, confirming that contractual deadlines are generally assessed by reference to midnight at the place of performance.
The decision provides welcome commercial certainty for parties involved in ship sale and purchase transactions, particularly where contractual definitions refer to multiple jurisdictions and time zones.
Background
The dispute arose from the sale of the MT Songa Coral under a Memorandum of Agreement (MOA) based on the Norwegian SALEFORM 2012.
