||All England Reporter
|| All ER (D) 76 (Dec)
|| EWHC 3116 (Comm)
||Queen's Bench Division, Commercial Court
Christopher Clarke J
||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.
||3 December 2009
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.
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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