“The Court of Appeal held that the natural reading of a force majeure clause in a diesel supply contract pointed to an express obligation to repay an advance payment following termination due to a force majeure event. In a contract between Nord Naphtha and New Stream, New Stream sold diesel to Nord Naphtha via a refinery. The refinery issued a comfort letter which referred to the contract and offered certain guarantees and confirmations. As per the contract, Nord Naphtha made an advance payment to New Stream. Delivery delays occurred and were not resolved …” (more)
[Mark Dean, Allen and Overy – Compact Contract, 16 December]
First posted 2021-12-17 10:00:14
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