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ARTICLE · 17 SEPTEMBER 2018

GAFTA Contracts: Latest Amendments

Reed Smith (Worldwide)
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Buyers' do not have the right to terminate the contract if sellers breach this obligation.

United KingdomCorporate/Commercial Law
Diane Galloway
Diane Galloway
Andrew Meads
Andrew Meads
Nazanin Tajbakhsh
Nazanin Tajbakhsh
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This Client Alert discusses the recent amendments to the Grain and Feed Trade Association ("GAFTA") Arbitration Rule No. 125 ("GAFTA 125") and GAFTA 49 and the practical implications of each. The time bar for 'Amounts Payable' claims has now been removed from GAFTA 125. When determining the applicable time bar, all claims are now to be judged based on parity of contract. The express obligation for sellers to have cargo ready at any time during the agreed delivery period from GAFTA 49. This has the practical effect of leaving the sellers with the obligation to supply at 'Buyers' Call' which is not a condition of the contract. Buyers' do not have the right to terminate the contract if sellers breach this obligation.

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