||All England Reporter
|| All ER (D) 255 (May)
|| EWCA Civ 582
||Court of Appeal, Civil Division
Thorpe and Patten LJJ and Sir Simon Tuckey
||Andrew Baker QC and Socrates Papadopoulos (instructed by Ince & Co) for the claimants.
||Guy Philipps QC and James Cutress (instructed by Linklaters LLP) for the defendant.
||27 May 2010
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 from 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 claimants claiming entitlement to repayment.
Contract Bond. The Court of Appeal, Civil Division, held that the judge in the Commercial Court was wrong to hold that the defendant bank was right to withhold payment of sums which the claimants were claiming their entitlement to repayment under the terms of six on demand advance payment bonds which had been made following the entry into various shipbuilding contracts. The Court favoured the bank's contention of the proper construction of the operative words in the bonds.
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