Double Trouble – Appeal in Relation to Competing Arbitration Agreements
This unusual case involved a successful appeal of a GAFTA arbitral award under sections 67, 68 and 69 of the Arbitration Act 1996.
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Tackling Contractual Defaults Head-On – A Refresher
The commodities market is expected to see an increase in the number of contractual defaults, stemming from climate change and political instability. This article sets out a ‘refresher’ on steps that should be taken when faced with a contractual breach, as well as additional tips for companies to prepare for and handle defaults in this volatile market.
Common sense prevails – Circular trades deemed not inherently fraudulent
This dispute is a further addition to a series of recent cases in which lenders have attempted to resist making payment, or sought recovery of payments made, under letters of credit, on the purported basis that the underlying contracts are fraudulent in nature.
Nullity Exception – Time for Reappraisal?
This article examines the recent judgment of the Singapore Court of Appeal on the Nullity Exception that might also avail the banks. We consider whether it deserves another look or if it is time to close it down completely.
Fraud: neither mindful nor demure
This article discusses the Singapore Court of Appeal’s recent decision to dismiss a claim against two banks for non-payment under letters of credit. This judgment provides commercial parties with further clarity on the fraud exception, in particular what will constitute a false representation under presenting documents.
Enhancing Global Trade Efficiency? UNIDROIT’s New Model Law on Warehouse Receipts
This article examines the new Model Law on Warehouse Receipts developed by UNIDROIT, summarising its key objectives and commenting on its benefit for all commodity market participants.
Sanctions clauses in letter of credit transactions – valid and enforceable?
In this article we discuss the recent case of Kuvera Resources Pte Ltd v JP Morgan Chase Bank NA [2022] SGHC 213, where the High Court of Singapore considered the validity of a sanctions clause for the first time.
