QUEENS BENCH DIVISION
COMMERCIAL COURT
Strand, London, WC2A 2LL | ||
B e f o r e :
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LOGOS TRADING N.V. | Claimant | |
- and - | ||
A-Z PETROLEUM PRODUCTS LTD | Defendant |
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Mr J. Johnson (instructed by Messrs Lawrence Jones) for the Defendants
Hearing dates : 15th –16th April 2002
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Crown Copyright ©
Mr Justice Langley:
“Article 8: Demurrage
Demurrage as per charter party terms and conditions. Demurrage, if any, shall be fully settled by buyer latest 15 days after receipt of demurrage invoice with supporting documentation.
Article 10: Payment Terms
Payment by an irrevocable and acceptable letter of credit … Buyer to open the letter of credit latest 7 Banking Working Days … prior 1st January 1998.
Any difference between the Proforma Invoices and the contractual price shall be transferred in cash to seller’s nominated account upon signing contract.
Article 16: Other Terms
This Agreement is made subject to seller’s reconfirmation to be granted/rejected within two working days from the date of the full agreement.”
“It is imperative that the L/Cs are in place with us latest Monday/Tuesday next week due to the holidays. The vessel we are working to fix will commence loading 30th Dec. but Petrobras need their L/C from us end next week. Keep us advised.”