Ayhan Sezer Yag ve Gida Endustrisi Ticaret Ltd Sirket v Agroinvest SA [2024] EWHC 479 (Comm), King's Bench Division, Commercial Court (His Honour Judge Pearce, sitting as a Judge of the High Court) - 5 March 2024

Sale of cargo - Buyer making advance payment - Buyer refusing to proceed with purchase - Whether advance payment repayable

On 22 March 2018 the defendant emailed the claimant a draft contact for the sale by the defendant of a quantity of rape meal and non-GMO (non-genetically modified) soybean meal. The draft provided that there was to be an advance payment or guarantee of US$494,500 on signing and before the breaking of the bulk cargo. The draft incorporated the standard terms of GAFTA 100.