SCoTA — Quality issues and adjustments to the base price
As those readers familiar with the terms of the Standard Coal Trading Agreement (SCoTA) will know, the weighing/sampling/analysis regime set out in clause 9 of the current version of the SCoTA contract (version 8) will, if followed by the parties, produce analysis results which are binding on the parties and defined as the ‘Binding Results’. This bulletin addresses the position when the Binding Result(s) establishes that the shipment does not comply with contract specification.
In this regard, clause 10.2 of SCoTA provides: “If the Binding Results show that the Shipment does not comply with the Specification, the Parties shall use all reasonable endeavours to mutually agree in good faith a fair and reasonable adjustment to the Base Price for the purposes of determining the Final Price in relation to the Shipment.”…
If you are registered and logged in to the site, click on the link below to read the rest of the Ince & Co briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
News from Ince & Co
News from The Lawyer
Briefings from Ince & Co
English Commercial Court enforces obligation to resolve disputes by friendly discussion prior to arbitration
Multi-tiered dispute resolution clauses whereby parties are required to mediate prior to arbitration or litigation have been common currency for some time.
High-frequency trading is the trade of securities (such as stocks) in a matter of microseconds.