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Court considers common sense rule in interpretation of contracts involving refund guarantees

  • Morton Fraser
  • -
  • United Kingdom
  • -
  • November 30 2011

In the case of Rainy Sky SA v Kookmin Bank, the UK Supreme Court considered the correct interpretation of refund guarantees which were issued by Kookmin Bank to the Purchaser in respect of advance payments made by the latter under a shipbuilding contract

Refund guarantee doesn’t extend to the insolvency of the builder

  • Morton Fraser
  • -
  • United Kingdom
  • -
  • February 16 2011

In our Spring 2010 e-news we reported on the case of Kookmin Bank which dealt with the interpretation of a refund guarantee between Kookmin Bank (the "Bank") and the customer of an insolvent shipyard

Two different views of how changes in the contractual relationship may affect the related security

  • Morton Fraser
  • -
  • United Kingdom
  • -
  • December 9 2009

Two cases show how in certain circumstances the security given by a person or a third party may cover changes in a contract

Liability of banks for refusing payment under letters of credit

  • Morton Fraser
  • -
  • United Kingdom
  • -
  • September 20 2011

In Fortis Bank SANV v Indian Overseas Bank, the court considered the liability of a bank for failing to honour five letters of credit issued by it

Is a higher APR an unfair relationship?

  • Morton Fraser
  • -
  • United Kingdom
  • -
  • December 9 2009

The existence of a higher APR is not of itself indicative of an unfair relationship for the purposes of the Consumer Credit Act