Case Problem:
A German seller brought a claim against a Russian buyer because the buyer failed to pay for the equipment supplied to the buyer pursuant to their contract. The buyer acknowledged it had received the goods but said its nonpayment should be excused, because it was due to the failure of the bank responsible for the buyer’s foreign currency transactions to make payment to the seller. The buyer claimed the fact the bank lacked the available currency resources should be regarded as a force majeure, discharging it from liability for nonpayment to the buyer. The contract did include a force majeure clause, but it did not refer to the buyer’s lack of foreign currency. Do you agree with the buyer? Tribunal of International Commercial Arbitration at the Russian Federation Chamber of Commerce and Industry 17 October 1995. (See case law on UNICTRAL texts Abstract No. 142; reproduced with permission on Pace University’s CISG Web site.)
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.