Nanjing Tianshun Shipbuilding Co Ltd and Anr v Orchard Tankers Pte Ltd - QBD (Com Ct) (David Steel J) - 11 February 2011
Arbitration - Time bar - Shipbuilding contract - Buyers having right to cancel contract in event of delay - Sellers having right to dispute cancellation if arbitration commenced within 30 days - Buyers purporting to cancel contract for delay - Sellers failing to commence arbitration within 30 days - Whether sellers precluded from disputing buyers' entitlement to cancel
On 8 November 206 the claimant sellers and the defendant buyers concluded a shipbuilding contract. The contract price was payable by way of instalments. In the event of cancellation, the instalments were repayable with interest. As security for such repayment, the sellers were to provide a bank guarantee. In the event of delay in delivery beyond the permitted contractual limits, the buyers were entitled to terminate the contract.
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Feb 21 2011
