A refund guarantee is an essential component of almost every
shipbuilding project, without which the buyer will be unwilling or
unable to proceed. There is no standard form of refund guarantee in
universal usage, and both the form and substance of refund
guarantee instruments vary widely from case to case. The ambiguity
or uncertainty of the meaning of refund guarantee instruments,
against a backdrop of a sharp downturn in the shipping markets, has
led to numerous disputes in recent years concerning refund
guarantees, which have been the subject of a number of important
decisions of the English Courts. This is the first English law text
book dedicated to the subject of refund guarantees. It provides
essential guidance as to the issues arising and the pitfalls to be
avoided. It analyses the specimen form of guarantee annexed to
Bimco's NEWBUILDCON form, and covers topics such as the
circumstances in which the liability of the guarantor may be
discharged, and when a builder may be entitled to obtain an
injunction to restrain payment under a refund guarantee. It will be
an essential and practical guide for those engaged in the
shipbuilding industry, including shipbuilders, shipowners, banks
and insurance companies, P&I clubs, and those advising them.
|Country of origin:
||Lloyd's Shipping Law Library
||Electronic book text
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