| Source: | All England Reporter |
| Publisher Citation: | [2009] All ER (D) 76 (Dec) |
| Neutral Citation: | [2009] EWHC 3116 (Comm) |
| Court: | Queen's Bench Division, Commercial Court |
| Judge: | Christopher Clarke J |
| Representation | Ewan McQuater QC and Christopher Harris (instructed by Clifford Chance LLP) for the claimant. |
| Antony White QC (instructed by Reed Smith LLP) for the defendant. | |
| Judgment Dates: | 3 December 2009 |
Catchwords
Contract - Condition - Breach - ISDA Master Agreement - Defendant failing to pay sums due under contract - Claimant terminating contract and claiming termination payment in accordance with contract - Claimant commencing proceedings for non-payment - Defendant contending termination payment acting as a penalty - Whether termination provisions falling within doctrine of penalties.
The Case
Contract Condition. The Commercial Court held that the early termination provisions for breach of condition and related payment clauses of a foreign exchange transaction agreement were not penal in nature under the doctrine of penalties.
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