Commodities in Focus Weekly: Sharp v Viterra – Court of Appeal clarifies measure of damages under GAFTA Default Clause

On 11 January 2023 the Court of Appeal handed down judgment in Sharp Corp Limited v Viterra B.V., finding that the words “actual or estimated value of the goods, on the date of default” in paragraph (c) of the GAFTA Default Clause mean the value of the goods measured by reference to a notional substitute contract on the same terms as the subject contract, as it exists at the date of default, save as to price.

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