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Market view: Terminating a contract
12 March 2010
Reed Smith partner Paul Dillon explains the pitfalls regarding the termination of commodity contracts.
Read more:
[Commodity finance contracts]
[commodity arbitrations]
[legal view commodity finance]
Reed Smith partner Paul Dillon explains the pitfalls regarding the termination of commodity contracts. Dillon specialises in litigation, international arbitration, expert determination and mediation. He has a wealth of experience in commodity-based arbitrations.
Who's Afraid of Termination?
You might think that it is easy to terminate a contract. In some respects you would be right. But from a strict legal point of view, termination is fraught with potential traps.
This article will set out some common mistakes that parties make when terminating and also offer some simple rules to follow when you find yourself in the position where termination becomes a possibility.
Commercial versus legal
The primary reason why termination can be so fraught with difficulties is the underlying tension between the commercial reality of how business people deal with breaches of contract, and the artificial way that the law requires those business people to act in those same circumstances.
Taking...
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