Published On: Mon, Jun 24th, 2013

Turkish Company Seeks to Enforce Oral Agreement for Sale of Steel

פטיש LAW/By Itzhak Dannon/

Metal Dis Ticaret, MTC, a Turkish company engaged in international trade in iron and steel, filed a suit at the Tel Aviv District Court, claiming it is entitled to damages in the sum of $1.15 million (NIS5.15 million) from defendant — Lamed, an investments and trading company from Tel Aviv – an outfit engaged in import and export of various goods, including steel products.

According to plaintiff, who is located in Istanbul, it made several business deals with defendant during 2008 for the sale/purchase of steel, which apparently were uneventful. Those, were followed by an oral agreement in which the parties agreed that plaintiff will sell defendant 1, 500 metric tons of steel at the price of $1, 300 per ton for the total amount of $ 1.95 million. However, plaintiff avers, defendant breached the agreement when it failed to take delivery of the order at a port in Turkey, as it had committed itself to do.

The lawsuit alleges that defendant defrauded plaintiff by dragging its feet and falsely creating in the latter a sense of hope that the transaction will be executed, thus acting in outrageous bad faith. In light of the alleged breach of contract by defendant, the lawsuit asserts that plaintiff is entitled to compensation for all damages it incurred.

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