Pursuant to a contract made in 1996 and governed by the law of Singapore, a Singaporean company (Claimant) undertook to sell construction materials to a Hong Kong company (Respondent) and to make delivery on the basis of the Incoterms rule C&F.

'9.2 The Contract was for the sale of [goods] on C&F terms. The essence of a C&F Contract is that it is performed by the delivery of the proper shipping documents and not by the actual physical delivery of goods. Property passes upon delivery of documents against which payment is made. (Per. McCardie J: Manbre Saccharine Co. Ltd v. Corn Products Co Ltd(1919) 1 K.B. 198 at page 202 and Lord Simmonds in The Julia (1949) AC 293 at page 317.)'