1,567 results found
LutherSA | Luxembourg | 2 May 2023
Court of Appeal clarifies scope of promisor's obligations in surety bond
The Court of Appeal's recent decision clarified the scope of the promisor's obligations in a "promises to stand surety for another" surety bond. The decision confirms that a promisor may incur contractual civil liability in the case of a third party's failure to execute a contract. Nevertheless, the promise must be properly specified so that the promisor understands what they are committing......
Odi-se Avocats | France | 31 Jan 2023
Secured lenders should not delay enforcement of their security package, says French Court of Cassation
Under the French Civil Code, where a guarantor under a suretyship pays the debt of the obligor, the guarantor is subrogated in all of the creditor's rights against the debtor. However, where the guarantor may no longer be subrogated in the creditor's rights against the debtor as a result of the creditor's fault, the guarantor is released up to the amount of its prejudice. The French Court of......
Tuli & Co | India | 12 Apr 2022
New surety insurance contracts guidelines come into force
Recently, the Insurance Regulatory and Development Authority (IRDAI) (Surety Insurance Contracts) Guidelines 2022 came into force. The 2022 Guidelines follow the issuance of the Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021, which aimed to promote and regulate surety insurance businesses in India and invited comments from stakeholders. The inclusion of surety contracts......
Tuli & Co | India | 5 Oct 2021
IRDAI drafts surety insurance guidelines
The Insurance Regulatory and Development Authority recently issued draft guidelines to promote and regulate surety insurance business in India. The proposed framework appears to provide various market players with a much sought-after insurance product, particularly in the construction sector, which, until now, had to resort to either bank guarantees or surety insurance offered by overseas......
Robbins DiMonte Ltd | USA | 23 Sep 2020
Obtaining surety bonding in a post-pandemic world
A construction surety bond is underwritten on the basis of an individual contractor’s ability To perform the contract to be secured by the bond…
Youssry Saleh & Partners | Egypt | 11 Feb 2020
Suretyship as per Egyptian Laws and Regulations
Can one Company Act as a Guarantor for the Other ?. According to the Egyptian law Companies cannot guarantee another Company unless it is stipulated…
McCarthy Tétrault LLP | Canada | 12 Dec 2019
Quebec Court orders “modest” $1 million suretyship for short-term stay of Canadian enforcement pending U.S. annulment
In Lakah v. UBS, 2019 QCCA 1869, the Court of Appeal of Québec denied leave to appeal a Superior Court decision that ordered than an ar…
Travers Smith LLP | United Kingdom | 1 Feb 2019
Safeguarding guarantees and security as the deal evolves
Using a traffic light approach, we consider the sorts of amendments which might impact on "day one" security.
Fenech & Fenech Advocates | Malta | 21 Nov 2018
Mortgage amendments – when are they required?
A mortgage over a Malta-flagged vessel may be drawn up to secure the payment of a principal sum and interest, an account current or the performance of any other obligation – including a future obligation – due to a creditor by the debtor. The parties to an underlying security document may enter into negotiations resulting in changes to the terms set out in the security document. The question......
Ogier | Jersey | 31 Oct 2018
Company demergers: a guide to the new regime
The recently enacted Companies (Demerger) (Jersey) Regulations introduce a new demerger regime for Jersey companies. The new regime will be of particular interest to those who use, or are considering using, Jersey companies in their structures. It makes the use of a Jersey company more flexible and has a range of potential uses, including implementing a pre-sale reorganisation.
