The Court of Appeal’s decision in Sharp Corp Ltd v Viterra BV provides the first appellate-level authority on the quantification of damages under sub-clause (c) of the GAFTA standard form contract default clause for non- acceptance of goods by the buyer. The Court of Appeal held that ‘the actual or estimated value of the goods, on the date of default’ under sub-clause (c) must be measured by positing a notional substitute contract on the same terms as the parties’ contract, save as to price, on the date of default. Prior to the default, the parties had varied the terms of their two contracts to effectively convert them from C&F free out sales into ex warehouse sales of landed and customs cleared goods on instalment payment terms. Since the GAFTA Appeal Board had valued the unaccepted goods on a C&F free out basis, the Court of Appeal remitted the Award to the Board to value those goods on the alternative ex warehouse basis.