The determination of damages in cases of contractual breach remains one of the most significant issues in international commodity trading. The standard form contracts issued by GAFTA (the Grain and Feed Trade Association) and FOSFA (the Federation of Oils, Seeds and Fats Associations) contain a distinctive contractual mechanism known as the Default Clause, which sets out the consequences of non-performance and governs the calculation of damages. In recent years, the scope and

Under GAFTA’s standard forms (e.g. GAFTA 24, 48, 100, 125), the Default Clause is the linchpin for calculating damages when a party fails to perform. It provides that damages are normally the difference between the contract price and the market or resale price on the date of default, plus or minus any incidental costs or savings. This formula is overlaid on the general English common-law duty to mitigate loss. As an example, Clause 24 of Gafta No.100 Contract provides as foll

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