DUNAVANT ENTERPRISES INC v OLYMPIA SPINNING & WEAVING MILLS LTD

[2011] 2 Lloyd's Rep. 619

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Burton

Sale of goods — “Invoicing back” clauses — Sale of cargoes of cotton bales for export — Contract closed out pursuant to Rules of International Cotton Association — Close-out calculation resulting in seller being liable to make payment to buyer — Whether seller entitled to rely on contractual exemption clause — International Cotton Association Bylaws 102 and 201, and Rules 225 and 226.