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AGA Partners successfully represented a Ukrainian trading company in London arbitration related to the claim for recovery of the damages for the sum of USD 200,000.00.
During the performance of the sale contract, a buyer refused to perform the contract due to a rapid change in the market price of the goods. The buyer unilaterally canceled the contract, refusing further cooperation with the Client (acting as the seller). The Client filed a claim to the arbitral tribunal in London to reimburse the damages suffered. The damages comprised the difference in the market price of the goods.
The crux of the dispute related to the illegal refusal of the buyer to perform the contract and its illegal cancellation of the contract. The buyer argued that the contract was not concluded because it was not signed, and it lacked some additional formalities for the contract to be concluded as per English law. To the contrary, the Client argued that the Parties concluded a binding contract, arguing that signature and other formalities were not necessary for the contract to be valid.
After careful consideration of the case, the tribunal satisfied the Client’s claim, finding that the parties concluded a binding contract, which the buyer unlawfully terminated based on far-fetched grounds, that is, a change in the market price of the goods. What is more, the arbitral award was successfully enforced against the buyer.
The AGA Partners’ team was represented by partners Ivan Kasynyuk as well as senior associate Yurii Bedenko.