A Letter of Credit is an irrevocable written commitment by a Bank to make payment to a seller, in connection with the export of specific goods, against the presentation of specified documents identified in the Letter of Credit and relating to those goods. If you have a dispute about a documentary credit our expert UK lawyers can assist.
This is another decision from the Chancellor of the High Court, which demonstrates that Court’s are likely to prioritise arbitration when it comes to disputed debts.
In Les Ambassadeurs Club Ltd v Albluewi [2020] EWHC 1313 (QB), the High Court discharged a worldwide freezing order (WFO) obtained by a casino against its customer in finding that the claimant had failed to establish a real risk of dissipation of assets and that there had been material non-disclosures which were directly relevant to the risk.
In a multi million pound breach of contract case, where there was no substantive defence to the claim and the Defendant accepted summary judgment and liability for the Claimant’s costs, the High Court held that a Claimant’s Part 36 offer to accept only 0.3% less than the full sum being claimed was a “genuine offer to settle” under CPR 36.17(5)(e).
The Government is strongly encouraging all individuals, businesses (including funders) and public authorities to act
responsibly and fairly in the national interest in performing and enforcing their contracts, to support the response to Covid-19 and to protect jobs and the economy.
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