![]() ![]() MSC subsequently issued proceedings to claim the liquidated damages from the end of the 14 day period to continue until Cottonex returned the containers. ![]() ![]() Cottonex informed MSC in writing, but MSC insisted that the contract remained in place and that the liquidated damages would continue to accrue. The port authority refused to let anyone unload the containers without a Court Order, which prevented Cottonex from returning the containers to MSC. While the cotton was in transit, its market price collapsed and the buyer paid for the cotton but refused to collect it. The contract gave 14 days from the date the containers were put ashore in Bangladesh for the containers to be returned to MSC, after which Cottonex had to pay MSC “demurrage” charges (liquidated damages) at a daily rate, without limit in time. MSC and Cottonex agreed a contract for MSC to ship containers of cotton to Bangladesh, where a buyer had agreed to purchase the cotton from Cottonex. Is a party that is entitled to terminate an agreement for breach required to exercise that right in good faith? ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |