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Commercial Court rules on construction of a payment guarantee provided by a bank in connection with a shipbuilding contract

26/06/12

[2012] EWHC 1715 (Comm)

The issue in this case was whether a payment guarantee issued by Emporiki Bank of Greece SA in favour of the shipbuilders was to be treated as a guarantee properly so called, or a demand bond. Christopher Clarke J. held that, despite the strength of the points made by the builders, the guarantee was not to be regarded as a demand bond (i.e. payable without the need to prove liability on the part of the buyer)

The judgment is here.

Jonathan Hirst QC appeared for the shipbuilders instructed by Reed Smith LLP.