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hello Im chirag Kario KC a barrister and Kings council at quadrant Chambers specializing in Commercial International Trade shipping Commodities and energy law Im going to be talking briefly about the recent decision of the court of appeal in Sharp versus litera in which I represented the successful buyer the court in that case had to decide how open quotes the actual or estimated value of the goods on the data default close quotes in subclass C of the gafter default clause was to be construed and applied in the case of a non-acceptance of goods by the buyer the Commercial background the Commercial background to this case and that revision is that approximately 80 percent of the worlds grain trade is conducted using after standard form contracts and the gafta default clause appears in 64 out of the 78 gafta contracts presently in use therefore its no underestimate to say that a ruling on the proper construction effect of the gafta default clause is a matter of considerable importanc
