The ARBITRADE team successfully represented a Russian-Latvian group of companies in arbitration under the rules of the Federation of Oils, Seeds and Fats Associations (FOSFA).
The dispute between the client of ARBITRADE and a Swiss trading company arose out of an agreement for sale of sunflowerseed oil concluded on the basis of a standard FOSFA contract form. ARBITRADE’s client delivered the goods in accordance with the contract but did not receive the payment in full. In addition, the amount of goods delivered exceeded the contractual tolerance. Despite having accepted the excess goods, the purchaser also failed to pay for them, and in the course of arbitration proceedings the parties were in dispute as to the price applicable to such goods.
The defendant was represented by a reputable UK law firm, Hill Dickinson LLP. In the course of the arbitration the defendant attempted to avoid payment by making a counterclaim for quality of the goods delivered. However, in the end result the arbitrators agreed with the position of the claimant company represented by ARBITRADE, granting the claim and denying the counterclaim.
ARBITRADE's team working on the matter consisted of partner Andriy Shulga, counsels Yuliya Chernykh and Anastasiya Grenyuk.
The Federation of Oils, Seeds and Fats Associations was founded in 1968 and now has 1,103 members in 89 countries. Over 85% of the global trade in oils and fats is conducted under FOSFA contracts.
