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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
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
