Reed Smith (Charlie Weller) has represented the successful Appellant in Wuhan Guoyu Logistics Group Co Ltd v Emporiki Bank of Greece SA [2012] EWCA Civ 1629. The Court of Appeal held that a payment guarantee issued by a bank in respect of an instalment due under a shipbuilding contract was in the
guarantees
BIMCO launches Charterparty Guarantee
By Alexandra Allan on
BIMCO has published a standard form Charterparty Guarantee, in respect of the guarantee of Charterers’ payment obligations and liabilities under a time charterparty. As well as payments due to Owners by Charterers, the document also incorporates a guarantee in respect of Charterers’ liabilities for other items including bunkers, port charges and stevedoring costs. Owners may…
Court of Appeal considers the requirements for a contract of guarantee under the Statute of Frauds
By Alexandra Allan on
Section 4 of the Statute of Frauds 1677 states that a guarantee must be in writing and signed by a person with the requisite authority in order to be enforceable. In Golden Ocean Group Ltd v Salgaocar Mining Industries Pvt Ltd [2012] EWCA Civ 265, the Court of Appeal considered the application of this…