Marc Rich Agriculture Trading SA v Agrimex Ltd - QBD (Com Ct)(Langley J) - 6 April 2000

Arbitration - Date on which dispute arose - Buyers failing to respond to sellers’ invoice - Whether sellers’ claim time-barred by clause 2.2 of Gafta 125

Marc Rich entered into a contract to purchase 25,000 mts of Ukrainian feed wheat from Agrimex on fob terms Ukraine. The contract incorporated Gafta 49 and 125. On 16 March 1998 Agrimex sent Marc Rich an invoice for extension and carrying charges in the sum of $79,762.50. There was no response to the invoice. A reminder was sent on 4 May. Agrimex’s solicitors wrote on 7 July demanding payment by 15 July 1998. Again there was no response. On 21 July 1998 Agrimex gave notice of arbitration.