2,065
edits
Changes
no edit summary
'''English Court of Appeal: Thorpe and Patten LJJ and Sir Simon Tuckey: [2010] EWCA Civ 582, [2010] 1 CLC 829: 27 May 2010'''
Guy Philipps QC and James Cutress, instructed by Linklaters LLP, for the Defendant / Appellant Bank
Andrew Baker QC and Socrates Papadopoulos, instructed by Ince & Co, for the Claimants/Respondents Ship Buyers
'''SHIPBUILDING: LETTER OF GUARANTEE: CONTRACTUAL INTERPRETATION: EXTREME CONSEQUENCES REQUIRED TO DEPART FROM MEANING OF WORDS AS CONVEYED TO REASONABLE PERSON: NO DEPARTURE SIMPLY BECAUSE COURT WOULD REACH DIFFERENT BALANCE OF PARTIES’ INTERESTS AND OBLIGATIONS UNDER CONTRACT'''
'''Note: Leave to appeal to the the Supreme Court has been given in this case. The appeal is listed for hearing on 27 July 2011'''
'''Summary'''
(2) Pursuant to the terms of the [Shipbuilding] Contract, you are entitled, upon your rejection of the Vessel in accordance with the terms of the Contract, your termination, cancellation or rescission of the Contract… to repayment of the pre-delivery instalments of the Contract Price paid by you prior to such termination… and the value of the Buyer’s Supplies delivered to the Shipyard (if any), together with interest…
(3) In consideration of your agreement to make the pre-delivery instalments under the Contract…, we hereby, as primary obligor, irrevocably and unconditionally undertake to pay to you, your successors and assigns, on your first written demand, all such sums due to you under the Contract… PROVIDED THAT the total amount recoverable by you under this Bond shall not exceed US$[26,640,000]…”