Trade Advantage
Spring 2024
Trade Advantage
Welcome to our inaugural Trade Advantage newsletter bringing you the latest commodities news, trends and regulatory developments on a quarterly basis.
This quarter’s news features bias in arbitration, an update on EU Deforestation Regulation, insight on Sanctions clauses, and more.
The Court has removed a sole arbitrator because there was an appearance of bias, based on remarks he made about the expert witnesses which suggested that he did not have an open mind on one of the central issues in dispute. Read more.
The Court has emphasised the high threshold for successfully relying on the fraud exception to the autonomy principle and the importance to international trade of honouring letters of credit. Read more.
The issue in this case was whether the date of buyers’ default under the sale contract, for the purposes of the default clause in GAFTA 100, was the date of breach or date of acceptance. Read more.
The EU Regulation on deforestation-free products (EUDR) came into force on 29 June 2023. The EUDR has an 18-month implementation period for operators and traders that come within its scope but those affected should consider preparing now to ensure that they are compliant when the time comes. Read more.
The Singapore Court of Appeal has held that a bank was not entitled to rely on the sanctions clause in letters of credit to deny payment to the beneficiary upon presentation of compliant documents. Read more.
The Court has clarified when and to what extent it will interfere with an expert or referee appointment or determination. Read more.