Application for the continuation of an emergency injunction restraining calls on on-demand bonds worth US$40 million. The Court decided that the beneficiary of an on-demand bond can properly be prevented from calling that bond if it only remained valid because of his or her own breach of contract. Injunction successfully maintained.
Steven Walker QC and Serena Cheng (instructed by Pinsent Masons LLP) for the Claimant.
Stephen Dennison QC and Rupert Choat (instructed by CMS Cameron McKenna LLP) for the Defendant.
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