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Contracts Keyed to Farnsworth
Lake River Corp. v. Carborundum Co.
Citation:
769 F.2d 1284Facts
Lake River Corporation (“Lake River”) (plaintiff) contracted with Carborundum Company (defendant), a manufacturer of an abrasive powder, “Ferro Carbo,” used in making steel, in order to better serve the latter’s midwestern customers. To do so, Lake River would provide distribution services for Carborundum in Illinois. Lake River would receive Ferro Carbo from Carborundum, bag it, and ship the bagged product to Carborundum customers. Carborundum insisted that Lake River install a new bagging system. The new system costed Lake River $89,000. In order to recover a profit following installation of the bagging system, Lake River insisted on a guarantee whereby Carbondum agreed to ship to Lake River at least 22,500 tons of Ferro Carbo to bag within three years. If Carborundum failed to do so, then they would have to pay Lake River the difference, Demand for Ferro Carbo later plummeted, and Carborundum shipped only 12,00 of the 22,500 tons it had guaranteed. Lake River demanded $241,000 and refused to turn over the 500 tons of bagged Ferro Carbo in its warehouse until payment was made. Lake River brought suit to recover $241,000 in liquidated damages. Carborundum counterclaimed to recover the impounded bagged Ferro Carbo.
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Topic Resources
Topic Outline
DamagesTopic Refresher Course
Liquidated Incidental and Consequential Damages