Theguarantee related to a 57,000-dwt bulk carrier ordered in late 2006 that is thesubject of a wider dispute over the alleged repudiatory breach of the $41.25mnewbuilding contract.
Butthe issue that was before London high court judge Justice Christopher Clarkewas whether a $10.3m refund guarantee relating to payment of an instalment onthe ship was what it purported to be.
EmporikiBank, part of the Credit Agricole group insisted it was a guarantee but theyard claimed it was a performance bond.
Thekey
