In Cereal Investment Co v ED&F Man Sugar Ltd – Lawtel 14.12.07 the Commercial Court determined that the question on appeal would only arise in the instant case if it were held by the court that the contract identified a shipment period under which loading had to be completed by 31.10.06. The relevant contractual wording provided 'One vessel only presenting October 2006 Shipment at Buyer's Option, with 10 days pre-advise of vessel arrival.'

The Commercial Court held that when construing the relevant wording in the contract, it was logical to put in a full stop before the capital 'S' of 'Shipment at Buyer's Option'. Accordingly, the sale contract did not require the letter of credit to contain a last date for shipment at all. It followed that the words 'Shipment at Buyer's Option, with 10 days pre-advice of vessel arrival' stood on their own.