||All England Reporter
|| All ER (D) 153 (Oct)
Peter Smith J
||Nicholas Stewart QC and Ian Clark (instructed by Gregsons) for the claimant.
||Richard Atkins QC and Antony Zacaroli (instructed by Allen & Overy) for the defendants.
||9 October 2002
Guarantee - Construction - Payment under guarantee - Claimant issuing guarantees - Bank issuing claimant counter-guarantees - Whether claimant required to make payment under guarantees before implementation of counter-guarantees.
On the true construction of an agreement governed by Libyan law, the court held that the claimant was required to make a payment under guarantees before it could be reimbursed for that sum under counter guarantees.
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