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A valid demand under a performance bond remains valid even if the seller is not actually entitled to the money (Court of Appeal)
Practical Law UK Legal Update Case Report 6-555-6406 (Approx. 3 pages)
A valid demand under a performance bond remains valid even if the seller is not actually entitled to the money (Court of Appeal)
by Practical Law Finance
In Wuhan Guoyu Logistics Group Co Ltd and another v Emporiki Bank of Greece Sa [2013] EWCA Civ 1679 (19 December 2013) the Court of Appeal held that a valid demand made under a performance bond remains valid even if it subsequently becomes clear that the seller was not actually entitled to the money guaranteed by the performance bond.
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Resource ID 6-555-6406© 2024 Thomson Reuters. All rights reserved.
Published on 30-Jan-2014
Resource Type Legal update: case report
Jurisdictions
Related Content- England
- Wales