AGA Partners successfully defends client’s interests in GAFTA appeal

Irina Moroz, Partner, and Dmitry Koval, Associate at AGA Partners, have successfully represented client’s interests in GAFTA Appeal.

The case concerned a dispute as to whether there was a contract. The main goal was to prove the existence of a contract, as during a long negotiation and discussion, the market price for goods fell, and the defendant refused to sign the contract. Under the framework of English law, a contract can be regarded as concluded without the signatures of the parties, if they have formally agreed on the main provisions.

The Tribunal confirmed the conclusion of the contract, despite the absence of the parties’ signatures, and fully satisfied our client's claim for $1 million of default losses. The award was executed by the defendant by signing a settlement agreement.