ASBATANKVOY -- FORCE MAJEURE -- HURRICANE -- WRONGFUL CANCELLATION -- DUE DILIGENCE -- Seller Award
The CFR Buyer declared force majeure after its Pasadena, TX facility was struck by Hurricane Ike and cancelled one of two CFR contracts with the Seller. The dispute concerns whether the event constituted force majeure within the context of the sales contract, whether the sales contract allowed Buyer to cancel the contract and whether Buyer's steps to restore operations at its facility constituted the due diligence required.