Issues for discussion
• Does the new NSF address the issues faced in current market conditions; for example, satisfactory arrangement for the payment of the deposit is becoming an increasing challenge; what are the obligations of a seller as regards KYC (Know Your Counterparty)?
• How relevant is the Union Power decision and how should it be addressed in the contract?
• What is the impact of the whole agreement provision introduced in the latest NSF and does it achieve its objective?
In addition there will be consideration of the recent decision in Griffon Shipping v Firodi Shipping 2013 where the issue of the treatment of a deposit in the context of the ability to recover the same when unpaid as well as the ability to forfeit the same and the “Blankenstein” will be reviewed