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Griffon Shipping LLC v Firodi Shipping Ltd (The Griffon)

The court construed cl.2 and cl.13 of the 1993 version of the Norwegian Shipbrokers' Association's Memorandum of Agreement for the sale and purchase of ships. Clause 13 had no effect upon the proper construction and effect of cl.2; a seller's right to a deposit under cl.2 arose unconditionally and would survive termination of the agreement for the buyer's failure to pay it. Accordingly, a seller retained a right to sue for the deposit as an agreed sum recoverable in debt, or as damages for breach of the obligation to pay.

Members of Chambers: Michael Coburn QC and Charlotte Tan for the appellant (instructed by Holman Fenwick Willan LLP)