| Source: | All England Reporter |
| Publisher Citation: | [2011] All ER (D) 19 (Nov) |
| Neutral Citation: | [2011] UKSC 50 |
| Court: | Supreme Court |
| Judge: | Lord Phillips P, Lord Mance, Lord Kerr, Lord Clarke, Lord Wilson SCJJ |
| Representation | Mark Howard QC, Michael Ashcroft QC (instructed by Ince & Co LLP) for the buyers. |
| Guy Phillips QC and James Cutress (instructed by Linklaters LLP) for the bank. | |
| Judgment Dates: | 2 November 2011 |
Catchwords
Contract - Bond - Performance bond - Construction - 'On demand' advance payment bonds entered into in respect of shipbuilding contracts - Claimant buyers demanding repayment of instalments already paid to builder under terms of contracts - Builder refusing to repay instalments - Buyers demanding payment under bonds - Defendant bank refusing to repay and judge finding bank right to so refuse - Whether bonds covering sums to which buyers claiming entitlement to repayment
The Case
Contract Bond. The Supreme Court, in construing the terms of a guarantee bond, held that the construction advanced by the claimant buyers was more consistent with commercial common sense than that advanced by the defendant bank, and would be preferred.
Practice Areas
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