USC UK [2012] 1 All ER 1137
Rainy Sky SA and others v Kookmin Bank
Type
Case
Court
UK Supreme Court - UK Supreme Court
Jurisdiction
Dubai International Financial Centre, England
Taxonomy
General Contract Law, Types of Contract, General Construction Law, Payment & Payment Systems
Copyright
LexisNexis
Decision date
2 Nov 2011
Hearing/Judgment date
27 JULY, 2 NOVEMBER 2011
Panel
LORD PHILLIPS P, LORD MANCE, LORD KERR, LORD CLARKE AND LORD WILSON SCJJ
Catchwords
Contract – Bond – Performance bond – Construction – Advance payment bonds entered into in respect of ship-building contracts – Builder experiencing financial difficulties and being subjected to debt work-out procedure – Buyers demanding repayment of instalments already paid from builder under terms of shipbuilding contracts – Builder refusing to repay instalments – Buyers demanding payment under bonds – Whether bonds covering sums to which claimants claiming entitlement to repayment.