GRIFFON SHIPPING LLC v FIRODI SHIPPING LTD (THE “GRIFFON”)

[2013] 2 Lloyd's Rep. 50

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice TEARE

Sale of ship – Deposit – Sale agreement providing for payment of 10 per cent deposit by buyers – Buyers failing to pay deposit – Sellers terminating contract for accepted repudiation and/or pursuant to contractual cancellation clause – Whether sellers entitled to recover unpaid deposit or restricted to recovering compensation in lesser amount – Norwegian Saleform 1993, clause 13.