Wuhan Guoyu Logistics Group Co Ltd v Emporiki Bank of Greece

摘要

The claimants (the sellers) jointly operated a shipyard in Yangzhou, People's Republic of China. On 29 November 2006 they entered into a shipbuilding contract for the construction of a 57,000dwt bulk carrier ataprice of US$41,250,000, payable in five instalments. The contract provided that the buyer's bank was to provide an irrevocable letter of guarantee in respect of the payment by the buyer of the second instalment of the price. On 14 December 2007 the defendant (the bank) issued what was described as a guarantee (the payment guarantee) in respect of the second instalment of the price. That instalment had not been paid. There was a dispute as to whether the buyer was liable to pay the second instalment.