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Commodities in Focus Weekly - Issue 114
ISU Specialty Chemical Co Ltd v C&D (Singapore) Business Pte Ltd [2024] SGHC 285
This case, which was heard in the Singapore High Court, involved a dispute between ISU Specialty Chemical Co Ltd ("ISU Specialty") and C&D (Singapore) Business Pte Ltd ("C&D"), over the existence of a contract for the purchase of Light Cycle Oil ("LCO"). The key issue in dispute was whether a contract been formed over the course of a telephone call between the Parties' representatives and subsequent steps taken.
The Singapore Court held that a contract had been formed. In reaching its decision, the Court took into account specific industry practices in the LCO trade, including the rapid acceptance of bids and offers, as well as the C&D's failure to object to a deal recap sent by email by ISU.
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