In an alert last year, we looked at payment obligations under English law and how payment instruments commonly referred to as 'guarantees' may be misleading. This is despite their being crucial components to security in a commercial context.
The recent decision of the English Commercial court, Shanghai Shipyard Co Ltd. v. Reignwood International Investment (Group) Company [2020] EWHC 803 (Comm), is the latest example of the type of dispute that can arise when the terms of the guarantee are not clearly drafted.
Read the rest of the alert here.
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