MOA: sellers cancel for non-payment but end up paying the price
It is not unusual in ship sale and purchase for the parties to leave discussions about exactly how the purchase price is to be paid until fairly close to delivery. But as traditional methods of payment become more time-consuming to arrange – principally as a result of banks’ customer due diligence requirements – a recent London arbitration (London arbitration 7/11) reminds us that it is critical for both sellers and buyers to keep their respective obligations relating to payment in mind - and to perform them promptly.
10 October 2011
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