ICC Arbitration 1/07

Contract – Formation – Sale of goods FOB – Contract coming into force when letter of credit opened – Letter of credit to be provided no later than 5 days prior to loading and “in a format acceptable to seller” – Letter of credit opened 2 days prior to loading – Delay in loading vessel – Applicable law of contract – Whether letter of credit in format acceptable to seller – Whether provision of satisfactory letter of credit 5 days before start of loading was condition precedent to seller’s obligation to load – Whether seller in breach of contract – Damages – Demurrage

(2007) 717 LMLN 2