Tag Archives: shipbuilding

Court of Appeal finds that money paid by a bank under an on demand performance guarantee was not held on trust for the bank by the recipient

Reed Smith  (Charles Weller) recently acted for the successful Respondents in Wuhan Guoyu Logistics Group Co Ltd v Emporiki Bank of Greece SA [2013] EWCA Civ 1679. The Respondents were sellers under a shipbuilding contract. The Applicant was the buyers’ bank. When the buyers refused to pay an instalment due under the contract, the sellers … Continue Reading

Court of Appeal holds that a payment guarantee issued in respect of an instalment due under a shipbuilding contract was an “on-demand” bond

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 nature of an … Continue Reading
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