Can GAFTA terms be implied to provide a party with the bite of arbitration?
Lessons learned from Black Sea Commodities Ltd v Lemarc Agromond PTE Ltd. In a rare case of a party successfully challenging an arbitration award under s67 Arbitration Act 1996, the English High Court considered the question of whether a GAFTA arbitration clause can be implied into an agreement between parties by market practice and custom.