Buyers under MOA entitled to recover loss of bargain damages following sellers’ default (Orion Shipping and Trading LLC v Great Asia Maritime Ltd)
Commercial analysis: Iain Sharp, partner, and Vassilis Mavrakis, legal director at Hill Dickinson, consider a recent Court of Appeal decision that overturned the Commercial Court’s ruling. The judgment held that where sellers under the Norwegian Saleform 2012 fail to meet the cancelling date due to a lack of due diligence, buyers may cancel the memorandum of agreement (MOA) and claim damages for loss of bargain (not merely for wasted expenditure).