Can A Contractual Term Exclude Common Law Rights?

The Court of Appeal has recently considered whether a termination clause in a contract excluded the common law right to treat the contract as discharged on the basis of a repudiatory breach and to claim damages.

Gearbulk ordered three bulk carriers from Stocznia. Stocznia agreed to build the container ships and deliver them to Gearbulk by a specified date. The contract gave Gearbulk the right to cancel the order and terminate the agreement if delivery was late, and also permitted Gearbulk in these circumstances to recover pre-paid instalments of the purchase price and interest (the contractual remedies). The contract excluded Stocznia's liability for 'any other compensation for damages sustained by ... delay'.