{"id":61322,"date":"2026-01-07T10:16:51","date_gmt":"2026-01-07T10:16:51","guid":{"rendered":"https:\/\/www.hfw.com\/?post_type=insight&#038;p=61322"},"modified":"2026-01-23T16:00:57","modified_gmt":"2026-01-23T16:00:57","slug":"navigating-the-saf-transition-risks-opportunities-and-contractual-strategies","status":"publish","type":"insight","link":"https:\/\/www.hfw.com\/insights\/navigating-the-saf-transition-risks-opportunities-and-contractual-strategies\/","title":{"rendered":"Navigating the SAF Transition: Risks, Opportunities, and Contractual Strategies"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n<section\n    class=\"alignfull is-dark block-single-insight-hero group has-primary-dark-grey-color has-single-primary-color-background-color lg:min-h-s\/70 relative flex w-full items-end pb-6 pt-22 lg:pb-0 lg:min-h-270\"\n    id=\"block_b769e7addbf62830ce371a033d2400eb\"\n      >\n          <style>#block_b769e7addbf62830ce371a033d2400eb{--section-padding-top-mobile:0px;--section-padding-bottom-mobile:0px;--section-padding-top-desktop:0px;--section-padding-bottom-desktop:0px;--section-margin-top-mobile:0px;--section-margin-bottom-mobile:0px;--section-margin-top-desktop:0px;--section-margin-bottom-desktop:0px;}<\/style>          <div class=\"absolute left-0 top-0 h-full w-full\">\n    <img decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO.jpg\" class=\"w-full h-full object-cover\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO.jpg 1920w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-300x169.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-1024x576.jpg 1024w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-150x84.jpg 150w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-768x432.jpg 768w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-1536x864.jpg 1536w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-640x360.jpg 640w, https:\/\/www.hfw.com\/app\/uploads\/2025\/08\/Airplane-Wing-in-Flight-GettyImages-477385856-HERO-1177x662.jpg 1177w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/>\n    <div class=\"absolute left-0 top-0 h-full w-full bg-hero-banner\"><\/div>\n  <\/div>\n\n<div class=\"container relative z-10 flex h-full w-full justify-end lg:py-20\">\n  <div class=\"flex w-full flex-col items-end justify-between lg:flex-row\">\n    <div class=\"w-full lg:w-1\/2\">\n      <div class=\"py-3 [&#038;_*]:!text-white [&#038;_nav]:!px-0 [&#038;_nav]:block [&#038;_nav]:!m-0 [&#038;_nav]:!w-full\">\n  <nav\n  class=\"breadcrumbs-nav container hidden py-3 text-base text-primary-dark-grey lg:block\"\n  aria-label=\"Breadcrumb\"\n>\n  <ol class=\"prevent-default inline-flex flex-wrap items-center gap-x-2\">\n                  <li class=\"breadcrumb-item inline-flex items-center gap-x-2\">\n                    <a\n            class=\"inline-flex items-center no-underline hover:underline prevent-default\"\n             href=\"https:\/\/www.hfw.com\/\"           >\n            Home\n            <\/a>\n            <svg class=\"w-3 h-3\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\"><!--! Font Awesome Pro 6.5.1 by @fontawesome - https:\/\/fontawesome.com License - https:\/\/fontawesome.com\/license (Commercial License) Copyright 2023 Fonticons, Inc. --><path d=\"M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z\"\/><\/svg>        <\/li>\n                        <li\n          class=\"breadcrumb-item active breadcrumbs-nav-last inline-flex items-center\"\n          aria-current=\"page\"\n        >\n          <span class=\"breadcrumbs-nav-last text-primary-dark-blue\">\n            \n          <\/span>\n        <\/li>\n            <\/ol>\n<\/nav>\n<\/div>\n      <h1\n          class=\"m-0 text-white uppercase leading-tight \"\n      >\n    Navigating the SAF Transition: Risks, Opportunities, and Contractual Strategies\n    <\/h1>\n      <\/div>\n          <div class=\"mt-8 flex w-full flex-col items-end justify-end text-white lg:mt-0 lg:w-4.3\/10\">\n        <div class=\"relative flex w-full min-w-76 flex-col gap-y-2 pt-6 lg:w-auto\">\n                      <div\n              class=\"has-single-secondary-color-background-color absolute left-0 top-0 h-1 w-full\"\n            ><\/div>\n                                <div class=\"text-xl font-bold uppercase\">Briefing<\/div>\n                                                            <div class=\"text-base font-bold\">07 January 2026<\/div>\n                                        <div class=\"text-base font-bold\">10 MIN READ<\/div>\n                                        <div class=\"text-base font-bold\">2 AUTHORS<\/div>\n                              <\/div>\n      <\/div>\n      <\/div>\n<\/div>\n  <\/section>\n\n\n<section\n  class=\"alignfull is-light block-two-columns-layout group has-primary-dark-grey-color has-white-background-color relative\"\n  id=\"block_bf5065e543cb3f21ee0a57d9988a1d6c\"\n>\n      <style>#block_bf5065e543cb3f21ee0a57d9988a1d6c{--section-padding-top-mobile:24px;--section-padding-bottom-mobile:24px;--section-padding-top-desktop:40px;--section-padding-bottom-desktop:40px;--section-margin-top-mobile:0px;--section-margin-bottom-mobile:0px;--section-margin-top-desktop:0px;--section-margin-bottom-desktop:0px;}<\/style>  \n  \n      <div class=\"container relative\">\n\n      \n      <div class=\"lg:grid-cols-[3fr_1fr] grid grid-cols-1 gap-x-20 gap-y-4\">\n        \n<div\n  class=\"alignfull is-light block-column group has-primary-dark-grey-color has-transparent-background-color it-col\"\n  id=\"block_020e6fcb844051edf882f5a54d5cecff_6981a6ae1e7a4\"\n>\n      <style>#block_020e6fcb844051edf882f5a54d5cecff_6981a6ae1e7a6{--section-padding-top-mobile:40px;--section-padding-bottom-mobile:40px;--section-padding-top-desktop:80px;--section-padding-bottom-desktop:80px;--section-margin-top-mobile:0px;--section-margin-bottom-mobile:0px;--section-margin-top-desktop:0px;--section-margin-bottom-desktop:0px;}<\/style>  \n  \n\n\n\n<p class=\"font-bold text-xl md:text-2xl wp-block-paragraph\">Sustainable Aviation Fuel (<strong>SAF<\/strong>) is widely heralded as aviation\u2019s most immediate lever for decarbonisation. Yet its ability to deliver meaningful lifecycle emissions reductions hinges on the successful development and deployment of second and third-generation advanced technologies. Increasing demand and rising blend targets under applicable SAF mandates mean that suppliers cannot rely on first-generation methods &#8211; such as blending fossil-based jet fuel with hydroprocessed esters and fatty acids (<strong>HEFA<\/strong>) derived from waste oils &#8211; to meet the future scale and sustainability demands of modern aviation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transition to advanced technologies will often require first-of-a-kind (<strong>FOAK<\/strong>) plants integrating multiple advanced processes. These projects are inherently high-risk: technology performance is uncertain, supply chains are delicate, and traditional EPC contracting models may not be appropriate. For stakeholders, this means an increased chance of ending up in a claims process involving delay, performance guarantees, or interface challenges. Anticipating risks through robust contractual frameworks and risk-sharing mechanisms will be critical to delivering SAF infrastructure successfully.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why SAF matters<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Aviation faces the same decarbonisation challenge as the resources and waste management sector and other heavy industries. Global air traffic is forecast to grow from 4.5 billion passengers in 2019<sup>1<\/sup> to 12.4 billion by 2050,<sup>2<\/sup> intensifying scrutiny on aviation\u2019s carbon footprint. In 2023, aviation contributed 2.5% of global energy-related CO\u2082 emissions; growing faster than rail, road, or shipping.<sup>3<\/sup> This trend is likely to continue as demand for travel rises.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Battery-electric and hydrogen aircrafts remain commercially unviable in the near term. Conversely, SAF, a \u201cdrop-in\u201d replacement for conventional jet fuel, is readily available and offers an average of 70% lifecycle emissions reductions<sup>4<\/sup> when fully replacing kerosene, depending on feedstock and process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Regulatory Push Toward Advanced SAF<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Today, most SAF is produced via HEFA. These are essentially waste oils and fats like used cooking oil, which can be blended with traditional jet fuel to create aviation-grade fuel. However, HEFA is limited and mostly imported from Asia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To reduce dependence on first-generation SAF, regulators in the UK and Europe are steering the industry towards advanced production pathways. Both the UK\u2019s SAF Mandate and the EU\u2019s ReFuelEU Aviation Regulation recently came into force and set a clear signal: that the future lies beyond HEFA. Two key routes dominate the pipeline:<\/p>\n\n\n\n<ul class=\"wp-block-list is-type-dot wp-block-list\">\n<li><em>Second-generation SAF:<\/em> Fuels from waste and residues such as municipal solid waste or forestry residues. These feedstocks are familiar to the resources and waste management sector, but competition from energy recovery and biomass markets could limit availability.<\/li>\n\n\n\n<li><em>Third-generation SAF (Power-to-liquid (<strong>PtL<\/strong>)):<\/em> Synthetic fuels made using renewable electricity or low-carbon power to convert power into liquid hydrocarbons. These processes are energy-intensive and may compete for scarce renewable power.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Under the UK SAF Mandate, suppliers must blend 2% SAF into jet fuel by 2025, rising to 10% by 2030 and 22% by 2040.<sup>5<\/sup> From 2027, suppliers will not be able to rely on HEFA alone to meet compliance, and by 2040 HEFA&#8217;s share will be capped at approximately 40% of SAF used in the UK.<sup>6<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The EU has taken a different approach, focusing on PtL. It has set ambitious PtL targets: 0.7% of jet fuel by 2030, rising to 35% by 2050.<sup>7<\/sup> For operators or suppliers straddling both jurisdictions, the message is clear, start planning for a future built on these advanced SAF technologies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Opportunities in Advanced SAF<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SAF offers a chance to turn residual waste streams into high-value products. Municipal solid waste, forestry residues, and industrial offcuts can become SAF feedstock, diverting waste from landfill and creating new revenue streams. In the UK, these opportunities should continue to grow under the UK&#8217;s proposed Revenue Certainty Mechanism (<strong>RCM<\/strong>), which intends to operate like a CfD-style scheme guaranteeing a strike price for SAF, funded by a levy on jet fuel suppliers. The RCM framework is set out in the Sustainable Aviation Fuel Bill, which is currently under review in the House of Lords. While the RCM could reduce revenue risk and help projects reach Final Investment Decision (FID) in the near future, its political durability and strike price adequacy remain uncertain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The UK Government&#8217;s support is also significant. Earlier this year, the UK&#8217;s Advanced Fuels Fund awarded \u00a363 million to 17 developers, following \u00a3135 million in earlier rounds. These pioneering projects use technologies such as gasification, Fischer-Tropsch synthesis, ethanol-to-jet, and PtL through electrolysis. Continued government grants and subsidies will likely assist the rate upon which these technologies can get up to scale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Challenges and Risks in SAF Deployment<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The majority of second and third-generation technologies are not yet proven at scale. Scaling these technologies will require complex, integrated and often FOAK plants combining chemical processing, power generation, and even carbon capture. These remain at&nbsp;pilot or early commercial stage and so the commercial viability and timelines of constructing plants of this nature are far from guaranteed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stakeholders involved in funding, designing, and constructing these plants should consider the following risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Technology Risk<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Advanced SAF technologies are still in their infancy. Performance guarantees will be hard to secure, and lenders will demand strong risk mitigation. Employers and funders will seek to push liability down the chain, but contractors will invariably resist without clear risk-sharing mechanisms such as caps on liability and contract exclusions. Negotiating realistic performance guarantees and liquidated damages regimes at contract formation will be essential.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supply Chain Issues<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Critical plant components such as electrolysers, Fischer-Tropsch reactors, and carbon capture units are in short supply. Delays in procurement in one subsystem could have significant knock-on effects on project completion. Early procurement and contractual clarity on who bears procurement risk will be vital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Integration Complexity<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SAF plants combine multiple processes. Managing interfaces will require detailed FEED, clear commissioning regimes, and strong contractual integration. Traditional EPC models (i.e. where the EPC contractor holds sole responsibility) may not be feasible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Certification and Compliance<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SAF must meet strict aviation standards (e.g., ASTM D7566). Contracts should align performance testing and certification requirements across all packages. For second generation technologies using municipal solid waste, feedstock variability (as existing EfW plant operators will be all too familiar with) adds further complexity and will necessitate clear definitions of fuel envelopes and sampling protocols.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fraud Risk<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As demand increases for waste feedstocks required for the production of second-generation SAF, the risk of fraud also increases. SAF producers need to ensure that they have robust due diligence processes in place to verify the source and sustainability credentials of waste feedstocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Environmental and Policy Uncertainty<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SAF production is energy-intensive and may compete for land, water, or renewable electricity. Policy support mechanisms such as the RCM could shift with political cycles, affecting investor confidence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>General Construction Risks<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As with all major engineering projects, risks associated with unforeseeable delays, specification changes, payment disputes, and supply chain issues are invariably part of the construction phase. Contracts should address these risks at the outset and include resilient dispute resolution mechanisms (such as tiered dispute resolution) to address both routine and complex disputes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reputational Risk and Risk of Misleading Investors<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The regulatory framework that applies to the production, supply and use of SAF (and other biofuels) is complex and the obligations under applicable SAF mandates may not be understood easily by consumers and investors. The advertising and promotion of SAF may give rise to legal risks under consumer protection laws and financial regulations.<sup>8<\/sup><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The SAF transition is not just an energy shift; it is a complex infrastructure challenge. Delivering second and third-generation technologies at scale will require rigorous planning, innovative contracting, and realistic risk allocation. These projects will test traditional delivery models, supply chains and technology performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Success demands realism: second and third-generation SAF technologies are not a silver bullet. Their future depends on overcoming cost, technology, and policy uncertainties. Those who anticipate these risks early and craft resilient contractual frameworks will be best placed to navigate any turbulence ahead.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Footnotes<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list\">\n<li>International Civil Aviation Organization, <em>Annual Report 2019: The World of Air Transport in 2019<\/em> (ICAO 2020) &lt;<a href=\"https:\/\/www2023.icao.int\/annual-report-2019\/Pages\/the-world-of-air-transport-in-2019.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www2023.icao.int\/annual-report-2019\/Pages\/the-world-of-air-transport-in-2019.aspx<\/a>>.\u00a0\u00a0\u00a0\u00a0<\/li>\n\n\n\n<li>International Civil Aviation Organization, <em>Strategic Plan 2026\u20132050<\/em> (ICAO 2023) &lt;<a href=\"https:\/\/www.icao.int\/about-icao\/Council\/strategic-plan-2026-2050\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.icao.int\/about-icao\/Council\/strategic-plan-2026-2050<\/a>>\u00a0\u00a0<\/li>\n\n\n\n<li>International Energy Agency, <em>Aviation Sector Update 2023<\/em> (IEA 2023) &lt;<a href=\"https:\/\/www.iea.org\/energy-system\/transport\/aviation\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.iea.org\/energy-system\/transport\/aviation<\/a>>.\u00a0<\/li>\n\n\n\n<li>UK Department for Transport, <em>SAF Mandate: An Essential Guide<\/em> (19 December 2024) \u00a0&lt;<a href=\"https:\/\/www.gov.uk\/government\/publications\/about-the-saf-mandate\/the-saf-mandate-an-essential-guide\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.gov.uk\/government\/publications\/about-the-saf-mandate\/the-saf-mandate-an-essential-guide<\/a>>.<\/li>\n\n\n\n<li>The Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order 2024, Part 2, The SAF obligation. &lt;<a href=\"https:\/\/www.legislation.gov.uk\/ukdsi\/2024\/9780348262575\/part\/2\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.legislation.gov.uk\/ukdsi\/2024\/9780348262575\/part\/2<\/a>>.\u00a0<\/li>\n\n\n\n<li>The Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order 2024, Part 5, Discharge of an obligation: &lt;<a href=\"https:\/\/www.legislation.gov.uk\/ukdsi\/2024\/9780348262575\/part\/5\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.legislation.gov.uk\/ukdsi\/2024\/9780348262575\/part\/5<\/a>>.<\/li>\n\n\n\n<li>European Union, <em>RefuelEU Aviation \u2013 Sustainable Air Transport<\/em>, Regulation (EU) 2023\/2405, EUR-Lex &lt;<a href=\"https:\/\/eur-lex.europa.eu\/EN\/legal-content\/summary\/refueleu-aviation-sustainable-air-transport.html\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/eur-lex.europa.eu\/EN\/legal-content\/summary\/refueleu-aviation-sustainable-air-transport.html<\/a>>.<\/li>\n\n\n\n<li>The UK-based NGO Opportunity Green recently warned of these risks in its report <a href=\"https:\/\/static1.squarespace.com\/static\/64871f9937497e658cf744f5\/t\/6877884c38b0b919361373b8\/1752664142866\/Opportunity+Green+-+SAF+legal+briefing+-+consumer+and+financial+greenwashing.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Fuelling misconceptions: the legal risks of advertising &#8216;sustainable aviation fuel&#8217;<\/em><\/a>. HFW Partner Michael Buffham comments on this report and discusses the regulatory frameworks around the use of sustainable aviation fuel (SAF) and the importance of taking care in making SAF sustainability claims in the Forward Law Review article <a href=\"https:\/\/forwardlawreview.com\/2025\/08\/21\/saf-a-disconnect-between-supplier-obligations-and-consumer-expectations\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>SAF: a disconnect between supplier obligations and consumer expectations? | Forward Law Review<\/em><\/a>.<\/li>\n<\/ol>\n\n\n\n\n<\/div>\n\n\n<div\n  class=\"alignfull is-light block-column group has-primary-dark-grey-color it-col\"\n  id=\"block_af944dd91c76901cfb446ce3a50bec33_6981a6ae29ee6\"\n>\n      <style>#block_af944dd91c76901cfb446ce3a50bec33_6981a6ae29ee8{--section-padding-top-mobile:40px;--section-padding-bottom-mobile:40px;--section-padding-top-desktop:80px;--section-padding-bottom-desktop:80px;--section-margin-top-mobile:0px;--section-margin-bottom-mobile:0px;--section-margin-top-desktop:0px;--section-margin-bottom-desktop:0px;}<\/style>  \n  \n<section\n  class=\"alignfull is-light block-single-share group has-primary-dark-grey-color has-utility-neutral-grey-background-color\"\n  id=\"block_418c52329efb7e7bd25f027d847fb379\"\n>\n      <style>#block_418c52329efb7e7bd25f027d847fb379{--section-padding-top-mobile:16px;--section-padding-bottom-mobile:16px;--section-padding-top-desktop:16px;--section-padding-bottom-desktop:16px;--section-margin-top-mobile:0px;--section-margin-bottom-mobile:32px;--section-margin-top-desktop:0px;--section-margin-bottom-desktop:32px;}<\/style>    <div class=\"flex items-center px-4\">\n          <span class=\"mr-6 text-base font-semibold\">\n        Share\n      <\/span>\n        <span>\n      <div class=\" flex w-max flex-row flex-wrap items-center gap-6\">\n          \n      <a\n        class=\"inline-flex !bg-transparent !text-primary-dark-grey group-dark:!text-white !gap-x-6 !w-6 !h-6 [&amp;.social-icon--inbox-out]:!w-5 !rounded-none hover:opacity-80 ease-in transition-opacity text-white items-center justify-center    prevent-default social-icon--square-x-twitter\"\n        href=\"https:\/\/twitter.com\/intent\/tweet?source=https%3A%2F%2Fwww.hfw.com%2Fwp-json%2Fwp%2Fv2%2Finsight%2F61322&amp;text=https%3A%2F%2Fwww.hfw.com%2Fwp-json%2Fwp%2Fv2%2Finsight%2F61322\"\n        target=\"_blank\"\n        rel=\"nofollow noopener noreferrer\"\n      >\n        <span class=\"sr-only\">Twitter<\/span>\n\n        <svg class=\"w-full h-full\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><!--! 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color:#ffffff;\"\n      >\n        Briefing\n      <\/div>\n    \n    <div class=\"p-4\">\n              <div class=\"text-lg font-bold leading-6.5\">\n          Letters of Credit: A Mechanism for Payment, Not Immunity From Liability to Pay The Price\n        <\/div>\n          <\/div>\n  <\/a>\n                  <a\n    class=\" prevent-default bg-utility-neutral-grey no-underline max-lg:border max-lg:border-primary-dark-grey\"\n    href=https:\/\/www.hfw.com\/insights\/measuring-loss-in-charterparty-carriage-of-goods-and-sale-of-goods-disputes-a-court-of-appeal-decision\/\n  >\n          <div class=\"aspect-video overflow-hidden\">\n        <img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-1024x576.jpg\" class=\"object-cover w-full h-full\" alt=\"\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-1024x576.jpg 1024w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-300x169.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-150x84.jpg 150w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-768x432.jpg 768w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-1536x864.jpg 1536w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-640x360.jpg 640w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015-1177x662.jpg 1177w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/4-court-of-appeal-gies-key-insurance-act-2015.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" loading=\"lazy\" \/>      <\/div>\n    \n          <div\n        class=\"px-6 py-1 text-sm font-bold uppercase\"\n        style=\"background-color: #00685e; color:#ffffff;\"\n      >\n        Briefing\n      <\/div>\n    \n    <div class=\"p-4\">\n              <div class=\"text-lg font-bold leading-6.5\">\n          Measuring Loss in Charterparty, Carriage of Goods and Sale of Goods Disputes: A Court of Appeal Decision\n        <\/div>\n          <\/div>\n  <\/a>\n                  <a\n    class=\" prevent-default bg-utility-neutral-grey no-underline max-lg:border max-lg:border-primary-dark-grey\"\n    href=https:\/\/www.hfw.com\/insights\/turning-off-the-tap-the-impact-of-eu-policy-on-lng-traders\/\n  >\n          <div class=\"aspect-video overflow-hidden\">\n        <img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-1024x576.jpg\" class=\"object-cover w-full h-full\" alt=\"\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-1024x576.jpg 1024w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-300x169.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-150x84.jpg 150w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-768x432.jpg 768w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-1536x864.jpg 1536w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-640x360.jpg 640w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084-1177x662.jpg 1177w, https:\/\/www.hfw.com\/app\/uploads\/2024\/12\/LNG-Carrier-Terminal-iStock-844217084.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" loading=\"lazy\" \/>      <\/div>\n    \n          <div\n        class=\"px-6 py-1 text-sm font-bold uppercase\"\n        style=\"background-color: #00685e; color:#ffffff;\"\n      >\n        Briefing\n      <\/div>\n    \n    <div class=\"p-4\">\n              <div class=\"text-lg font-bold leading-6.5\">\n          Turning Off the Tap \u2013 The Impact of EU Policy on LNG Traders\n        <\/div>\n          <\/div>\n  <\/a>\n              <\/div>\n    <\/div>\n  <\/section>\n\n\n<\/div>\n\n\n      <\/div>\n\n    <\/div>\n  <\/section>\n\n\n<section\n    class=\"alignfull is-light block-single-post-featured-contacts group has-primary-dark-grey-color has-utility-neutral-grey-background-color\"\n    id=\"block_0ecbd68163d579c9d0487ab0afbb72cb\"\n      >\n          <style>#block_0ecbd68163d579c9d0487ab0afbb72cb{--section-padding-top-mobile:24px;--section-padding-bottom-mobile:24px;--section-padding-top-desktop:40px;--section-padding-bottom-desktop:40px;--section-margin-top-mobile:0px;--section-margin-bottom-mobile:0px;--section-margin-top-desktop:0px;--section-margin-bottom-desktop:0px;}<\/style>          <div class=\"container\">\n    <div class=\"flex flex-col gap-y-16\">\n              <div class=\" text-2xl font-bold uppercase lg:text-4.5xl\">\n          authors\n        <\/div>\n                    <div class=\"grid grid-cols-1 md:grid-cols-2  lg:grid-cols-3 auto-rows-max gap-8\">\n                                                <div class=\"flex w-full flex-col lg:flex-row\">\n\n      <div class=\"h-full overflow-hidden max-lg:aspect-square lg:max-w-40.5\">\n            <img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2024\/04\/Michael_Buffham_thumbnail-300x300.jpg\" class=\"object-cover h-full w-full\" alt=\"\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2024\/04\/Michael_Buffham_thumbnail-300x300.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2024\/04\/Michael_Buffham_thumbnail.jpg 472w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" loading=\"lazy\" \/>          <\/div>\n  \n  <div class=\"parent bg-white relative flex w-full flex-col p-8 lg:p-4\">\n    <div\n      class=\"has-single-secondary-color-background-color absolute right-0 top-0 h-1\/2 w-2 transition-all ease-in parent-hover:h-full\"\n    >\n    <\/div>\n    <div class=\"text-primary-dark-grey mb-4 flex flex-col gap-y-2\">\n            <a\n        class=\"text-xl font-bold uppercase text-current lg:text-lg prevent-default no-underline hover:underline\"\n         href=\"https:\/\/www.hfw.com\/people\/michael-buffham\/\"       >\n        Michael Buffham\n        <\/a>\n                  <div class=\"text-lg text-current\">\n            Partner\n          <\/div>\n            <\/div>\n    <div class=\"text-primary-dark-grey flex flex-wrap gap-4\">\n              <a\n          class=\"prevent-default flex gap-x-4 text-base font-medium text-current no-underline hover:underline\"\n          href=\"https:\/\/www.hfw.com\/about-us\/our-locations\/london\/\"\n        >\n          <svg class=\"w-4 shrink-0\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 384 512\"><!--! 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Font Awesome Pro 6.5.1 by @fontawesome - https:\/\/fontawesome.com License - https:\/\/fontawesome.com\/license (Commercial License) Copyright 2023 Fonticons, Inc. --><path d=\"M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z\"\/><\/svg>    <\/span>\n  <\/span>\n  <\/a>\n          <\/div>\n          <div class=\"lg:grid-cols-3 grid gap-x-8 gap-y-6\">\n          <a\n    class=\"bg-white prevent-default flex flex-col no-underline\"\n    href=\"https:\/\/www.hfw.com\/insights\/letters-of-credit-a-mechanism-for-payment-not-immunity-from-liability-to-pay-the-price\/\"\n  >\n          <div class=\"aspect-video overflow-hidden\">\n        <img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-1024x576.jpg\" class=\"object-cover w-full h-full\" alt=\"\" loading=\"eager\" fetchpriority=\"high\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-1024x576.jpg 1024w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-300x169.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-150x84.jpg 150w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-768x432.jpg 768w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-1536x864.jpg 1536w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-640x360.jpg 640w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726-1177x662.jpg 1177w, https:\/\/www.hfw.com\/app\/uploads\/2025\/05\/Court-Pillars-Getty-1591332726.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>      <\/div>\n    \n          <div\n        class=\"px-6 py-1 text-sm font-bold uppercase\"\n        style=\"background-color: #00685e; color:#ffffff;\"\n      >\n        Briefing\n      <\/div>\n    \n    <div class=\"flex grow flex-col gap-y-4 p-4\">\n\n      <div class=\"flex grow flex-col gap-y-2\">\n                  <div class=\"text-lg font-bold leading-6.5\">\n            Letters of Credit: A Mechanism for Payment, Not Immunity From Liability to Pay The Price\n          <\/div>\n        \n        <span class=\"text-lg font-medium lg:text-base lg:font-normal leading-6 entry-content block max-w-full text-base keep-words\">\n          HFW High Court Win: Issuing a Letter of Credit does not discharge a buyer\u2019s payment obligation if the cargo is accepted; the seller may claim the&#8230;\n      <\/span>\n      <\/div>\n\n              <div class=\"btn prevent-default btn-secondary-dark-grey w-max\">\n<span class=\"btn-inner flex-row flex items-center\">\n      Read more\n        <span>\n      <svg class=\"ml-4 w-2.5\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\"><!--! Font Awesome Pro 6.5.1 by @fontawesome - https:\/\/fontawesome.com License - https:\/\/fontawesome.com\/license (Commercial License) Copyright 2023 Fonticons, Inc. --><path d=\"M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z\"\/><\/svg>    <\/span>\n  <\/span>\n  <\/div>\n          <\/div>\n  <\/a>\n          <a\n    class=\"bg-white prevent-default flex flex-col no-underline\"\n    href=\"https:\/\/www.hfw.com\/insights\/bulletin\/insurance-bulletin-january-2026\/\"\n  >\n          <div class=\"aspect-video overflow-hidden\">\n        <img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-1024x576.jpg\" class=\"object-cover w-full h-full\" alt=\"\" loading=\"lazy\" fetchpriority=\"low\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-1024x576.jpg 1024w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-300x169.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-150x84.jpg 150w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-768x432.jpg 768w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-1536x864.jpg 1536w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-640x360.jpg 640w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370-1177x662.jpg 1177w, https:\/\/www.hfw.com\/app\/uploads\/2024\/06\/Looking-directly-up-at-the-skyline-of-the-financial-district-in-central-London-GettyImages-1133400370.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>      <\/div>\n    \n          <div\n        class=\"px-6 py-1 text-sm font-bold uppercase\"\n        style=\"background-color: #a0d1ca; color:#2f2f2f;\"\n      >\n        Bulletin\n      <\/div>\n    \n    <div class=\"flex grow flex-col gap-y-4 p-4\">\n\n      <div class=\"flex grow flex-col gap-y-2\">\n                  <div class=\"text-lg font-bold leading-6.5\">\n            Insurance Bulletin January 2026\n          <\/div>\n        \n        <span class=\"text-lg font-medium lg:text-base lg:font-normal leading-6 entry-content block max-w-full text-base keep-words\">\n          In our monthly Insurance Bulletin we set out key developments of interest to the insurance industry, including in relation to regulation and&#8230;\n      <\/span>\n      <\/div>\n\n              <div class=\"btn prevent-default btn-secondary-dark-grey w-max\">\n<span class=\"btn-inner flex-row flex items-center\">\n      Read more\n        <span>\n      <svg class=\"ml-4 w-2.5\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\"><!--! Font Awesome Pro 6.5.1 by @fontawesome - https:\/\/fontawesome.com License - https:\/\/fontawesome.com\/license (Commercial License) Copyright 2023 Fonticons, Inc. --><path d=\"M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z\"\/><\/svg>    <\/span>\n  <\/span>\n  <\/div>\n          <\/div>\n  <\/a>\n          <a\n    class=\"bg-white prevent-default flex flex-col no-underline\"\n    href=\"https:\/\/www.hfw.com\/insights\/year-in-review-summary-of-uk-insurance-regulatory-developments-in-2025\/\"\n  >\n          <div class=\"aspect-video overflow-hidden\">\n        <img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-1024x576.jpg\" class=\"object-cover w-full h-full\" alt=\"\" loading=\"lazy\" fetchpriority=\"low\" srcset=\"https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-1024x576.jpg 1024w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-300x169.jpg 300w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-150x84.jpg 150w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-768x432.jpg 768w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-1536x864.jpg 1536w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-640x360.jpg 640w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail-1177x662.jpg 1177w, https:\/\/www.hfw.com\/app\/uploads\/2025\/03\/Closing-loopholes-thumbnail.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>      <\/div>\n    \n          <div\n        class=\"px-6 py-1 text-sm font-bold uppercase\"\n        style=\"background-color: #00685e; color:#ffffff;\"\n      >\n        Briefing\n      <\/div>\n    \n    <div class=\"flex grow flex-col gap-y-4 p-4\">\n\n      <div class=\"flex grow flex-col gap-y-2\">\n                  <div class=\"text-lg font-bold leading-6.5\">\n            Year in Review: Summary of UK Insurance Regulatory Developments in 2025\n          <\/div>\n        \n        <span class=\"text-lg font-medium lg:text-base lg:font-normal leading-6 entry-content block max-w-full text-base keep-words\">\n          This article provides a summary of 2025 developments in UK insurance regulation and a few thoughts on 2026&#8230;\n      <\/span>\n      <\/div>\n\n              <div class=\"btn prevent-default btn-secondary-dark-grey w-max\">\n<span class=\"btn-inner flex-row flex items-center\">\n      Read more\n        <span>\n      <svg class=\"ml-4 w-2.5\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\"><!--! Font Awesome Pro 6.5.1 by @fontawesome - https:\/\/fontawesome.com License - https:\/\/fontawesome.com\/license (Commercial License) Copyright 2023 Fonticons, Inc. --><path d=\"M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z\"\/><\/svg>    <\/span>\n  <\/span>\n  <\/div>\n          <\/div>\n  <\/a>\n      <\/div>\n              <a\n    href=\"https:\/\/www.hfw.com\/insights\/\"\n    class=\"btn prevent-default btn-secondary-dark-grey  ml-auto mt-6 !self-center lg:hidden\"\n              target=\"_self\"\n                  >\n  <span class=\"btn-inner flex-row flex items-center\">\n      View all insights\n        <span>\n      <svg class=\"ml-4 w-2.5\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\"><!--! 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