This dispute is a further addition to a series of recent cases in which lenders have attempted to resist making payment, or sought recovery of payments made, under letters of credit, on the purported basis that the underlying contracts are fraudulent in nature.
This article examines the recent judgment of the Singapore Court of Appeal on the Nullity Exception that might also avail the banks. We consider whether it deserves another look or if it is time to close it down completely.
This article discusses the Singapore Court of Appeal’s recent decision to dismiss a claim against two banks for non-payment under letters of credit. This judgment provides commercial parties with further clarity on the fraud exception, in particular what will constitute a false representation under presenting documents.
In this article, Archit Dhir and Alex McCue discuss the recent UK Supreme Court decision in Sharp Corp Ltd v Viterra BV on the measure of damages under the GAFTA default clause.
The structured trading arrangement replaces Yü Energy’s previous facility.
In this article, the Singapore Dispute Resolution team discusses recent case law developments in banks’ obligation to make payment under letters of credit, where such obligation is tainted by false and/or fraudulent representations made by the beneficiary.
A quartet of interpretation cases this week: Commercial Disputes Weekly covers decisions by the Court of Appeal on rent cesser clauses during the pandemic and the requirements for rent repayment orders, and the Commercial Court looks at a commodities sale and purchase agreement and decisions of an arbitral tribunal and judge.
Commodities disputes have kept the courts busy this week and allowed the first reported decision on the implied term that insurers will pay claims within a reasonable period. Commercial Disputes Weekly also looks at a Supreme Court decision on the Housing Act 1985 and a case of enforcement of personal guarantees.
In Commercial Dispute Weekly Issue 107, the cases address some contractual basics; offer and acceptance, jurisdiction clauses and quantification of damages for breach. We also look at a decision highlighting the often difficult issue of when litigation privilege begins.
The cases in this week’s Commercial Disputes Weekly look at the Court’s approach to all types of behaviour including serious error, dishonesty and fraud.
Pyx has been listed on the National Stock Exchange of Australia, which will remain its primary listing, since February 2020.
Sumeet has nearly 20 years’ experience as a lawyer, with particular expertise in advising industrial and agricultural commodity traders on trade disputes, structured trade finance, trade credit insurance and shipping/charterparty matters.