Lloyd's Law Reporter


[2024] UKSC 14, United Kingdom Supreme Court, Lord Reed, President, Lord Hodge, Deputy President, Lord Briggs, Lord Hamblen and Lord Leggatt, 8 May 2024

Sale of goods – Measure of loss – Valuation of goods – Compensatory principle – Mitigation – GAFTA default clause – GAFTA 24 – Arbitration – CourtÂ’s jurisdiction on appeal on a question of law – Arbitration Act 1996, section 69

Viterra had sold to Sharp a cargo of lentils and peas on c&f free out (C&FFO) Mundra terms. The contracts incorporated GAFTA Form 24 including the default clause at clause 25. The cargo was loaded in Vancouver for shipment to India. Sharp exercised its option for a cash against documents payment which required payment before the arrival at Mundra.

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