London Arbitration 10/17

Contract – Sale of ship – Barge construction agreement – Seller terminating agreement for non-payment of “Advance Payment” – Whether obligation to make “Advance Payment” was a condition of the contract or an instalment of the price – Whether buyer in material default – Whether termination premature – Whether seller validly terminated contract

By a barge construction agreement dated 28 September (the Agreement) the claimant sellers agreed to construct and sell to the respondent buyers 12 hopper barges at a price of US$1 million each.