Archives: Guarantees

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Performance guarantees, vessel arrests, and implied terms

In CVLC Three Carrier Corp and Anor v Arab Maritime Petroleum Transport Company ([2021] EWHC 551 (Comm)), Reed Smith (Nick Austin, Charles Weller, Alfred Perkins, Vassilis Mavrakis) represented two shipowning companies in successfully overturning an arbitration award which held that there was an implied term in a performance guarantee that the beneficiary would not seek … Continue Reading

Guarantees

This blog post explores the different ways of drafting guarantees and how this interacts with the obligations of parties within the shipping industry. What is a guarantee? A contract of guarantee is an undertaking given by one party (the guarantor) to another party (the beneficiary) to pay the principal obligor’s debts or to perform their … Continue Reading
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