Successful representation of the Client's interests at the FOSFA Arbitration has ended with the voluntarily award enforcement and compensation of the claimed damages with the accrued interests  in the amount exceeding 470 000 USD.

Irina Moroz, Senior associate of AGA Partners Law Firm, successfully represented client’s interests in dispute against major world trading German trade holding, which was considered in the institutional arbitration of the Federation of Oils, Seeds and Fats Associations (FOSFA), London.

The central issue was the failure by the buyer to execute the contract on FOB basis with delivery terms «as soon as possible». It should be noted that the delivery terms were agreed by the parties in the exchange of e-mails and only with reference to a previously signed contract. The demands of our clients, is that his buyer is relying on the growth of the market price and the previous contractual arrangements refused to nominate a vessel and to accept the goods, which in turn has led to substantial losses. In its defense, the buyer raised the question of time bar of claim and the issue of options of the parties in terms of delivery on FOB terms. As the result, the court fully supported position of AGA Partners Law Firm lawyers and satisfied all of the claimed losses.

It is important to mention that recognizing the authority of the Federation of Oils, Seeds and Fats Associations (FOSFA), as well as the possible consequences of non-executing the arbitration award that was issued, the defendants voluntarily enforced the award and compensated all the claimed damages together with accrued interest in the amount more than 470 000, 00 USD.