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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

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

French loan guarantee scheme introduced

  • Morton Fraser
  • -
  • France
  • -
  • February 15 2010

French ship-owners have begun to use a new fund offered by the government, designed to protect them from the introduction by banks of "loan to value" clauses for the finance of newbuildings