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29 May 2024

Commodities in Focus Weekly - Sharp v Viterra – Supreme Court clarifies the law of damages in GAFTA Default Clause case

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On 8 May 2024, the Supreme Court handed down judgment in Sharp Corp Ltd v Viterra BV [2024] UKSC 141, finding that the compensatory principle and principle of mitigation were both fundamental to the law of damages. In respect of the GAFTA Default Clause, this meant that damages were to be assessed by reference to "the market in which it would be reasonable for the seller to sell the contract goods" at the date of default.
 
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