||All England Reporter
|| All ER (D) 255 (Jun)
|| EWHC 177 (Comm)
||Queen's Bench Division, Commercial Court
||Julian Kenny (instructed by Ince & Co LLP) for the buyer.
||Richard Coleman QC (instructed by Royds LLP) for the bank.
||26 June 2013
Guarantee - Refund guarantee - Claimant (buyer) and builder entering into contract whereby builder to deliver and sell vessel to buyer - Bank issuing refund guarantee to buyer in connection with contract - Buyer assigning to another bank its rights under refund guarantee - Shipbuilding contract being terminated due to delay in delivery of vessel - Buyer demanding payment from bank under refund guarantee - Whether demand made by buyer complying with terms of refund guarantee - Whether bank liable to repay sums.
Guarantee Refund guarantee. The claimant (the buyer) and a builder entered into a contract whereby the builder was to deliver and sell a vessel to the buyer. The defendant bank issued a refund guarantee to the buyer in connection with that contract. The buyer assigned to another bank its rights under the refund guarantee. The shipbuilding contract was subsequently terminated and the buyer demanded payment from bank under the refund guarantee. The Commercial Court held that the claim failed on the ground that the demand did not comply with the terms of the refund guarantee. The demand was not one which, on its true construction, triggered the bank's liability to pay.
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