Geoff Farnsworth and Nathan Cecil, partners at Holding Redlich, write:
Australian exporters of various commodities are suffering as a result of action by the Chinese Government, as are their Chinese counterparts.
At a macro-level, these issues will need to be resolved at a government and diplomatic level, or possibly at the WTO.
But these can take time.
So where do risks lie under open contracts when imposts like tariffs are made? A recent decision of the Victorian Supreme Court provides some helpful guidance.
In Full Joy Foods Pty Ltd v Australian Dairy Park Pty Ltd the Court was asked to decide on a challenge to an arbitration award pursuant to the Commercial Arbitration Act 2011 (Vic).
