“Sea Emerald SA V Prominvestbank - Joint Stockpoint Commercial Industrial And Investment Bank” [2008] EWHC 1979 (Comm): Dispute Relating To Refund Guarantee In Shipbuilding Contracts

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“Sea Emerald SA V Prominvestbank - Joint Stockpoint Commercial Industrial And Investment Bank” [2008] EWHC 1979 (Comm): Dispute Relating To Refund Guarantee In Shipbuilding Contracts

In the shipbuilding industry, the refund guarantee is often

an essential document because it allows the buyer and its

financiers to hold security from the shipyard which will

respond in the event that the ship is not delivered. The exact

wording of the refund guarantee is normally a matter of

negotiation between the buyer and the shipyard.

In this case, the buyer was a Panamanian company that was

part of a group of companies (the "Group") wit...

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