A ship agent overlooked the filing of some customs documentation for two containers of bananas due to be loaded on a ship in the Caribbean. Due to this error, the two containers remained in port.
The next available ship was a week away, so the decision was taken to sell the products locally, before the bananas spoiled.
A buyer was found, who purchased the bananas for USD 21,000, however the original price of both containers was USD 45,000.
The agent was therefore held liable for the difference, which was paid by ITIC.