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Liability of banks for refusing payment under letters of credit

Morton Fraser
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United Kingdom
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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

Rainy Sky SA v Kookmin Bank

Morton Fraser
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United Kingdom
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February 15 2010

Rainy Sky (the Buyer) contracted to buy a vessel from a shipbuilding company (the Builder) and agreed to pay for the vessel in instalments before delivery

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

Morton Fraser
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United Kingdom
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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

Wreck Removal Convention Act 2011

Morton Fraser
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United Kingdom
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September 20 2011

The Wreck Removal Convention Act 2011 received Royal Assent on 12 July 2011 and includes provisions on the reporting, locating, marking and removal of wrecks and provisions regulating liability for costs involved in dealing with wrecks

ENE Kos v. Petroleo Brasileiro SA Petrobras (The Kos) 2010

Morton Fraser
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United Kingdom
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July 30 2010

By a charterparty on Shelltime 3 form dated 2 June 2006, the owners (the "Owners") chartered the MT Kos to the charterers (the "Charterers") for 36 months (plus or minus 15 days at the Charterer's option

Dolphin Tankers v China Shipbuilding Trading Co

Morton Fraser
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United Kingdom
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February 15 2010

Dolphin Tankers, (the Buyer) applied to court to oblige China Shipbuilding Trading Co (the Builder) to allow it to carry out testing of welds on a ship under construction

Climate Change (International Aviation and Shipping) (Scotland) Order 2010

Morton Fraser
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United Kingdom
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July 30 2010

In exercise of the powers conferred by Section 16 (1) to (3) of the Climate Change (Scotland) Act 2009, the Scottish Ministers passed the Climate Change (International Aviation and Shipping) (Scotland) Order 2010 (the "Instrument"

Wreck Removal Convention Bill 2010

Morton Fraser
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United Kingdom
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July 30 2010

The Wreck Removal Convention Bill 2010, a Bill to implement the Nairobi International Convention on the Removal of Wrecks 2007, had its 1st Reading in the House of Commons on 30th June 2010

Scottish ferries review

Morton Fraser
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United Kingdom
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February 16 2011

A series of public meetings was carried out in November and December 2010 in the Scottish Hebrides to discuss the Scottish Government's review of the current provision of ferry services

What constitutes a performance bond?

Morton Fraser
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United Kingdom
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February 16 2011

Mertiz (the "Guarantor"), an insurance company, had issued advance payment guarantees to Jan de Nul (the "Buyer") guaranteeing the repayment of payments made by the Buyer under 3 shipbuilding contracts with a Korean shipbuilding company (the "Builder"