Sea Emerald SA v Prominvest-Joint Stockpoint Commercial Industrial and Investment Bank – QBD (Com Ct) (Andrew Smith J) – 11 August 2008
Agency – Authority – Shipbuilding contract – Refund guarantee signed by employee of defendant bank – Whether signatory had authority to sign guarantee on behalf of bank – Whether bank ratified guarantee
On 9 December 1993 Sea Emerald, as buyer, concluded a shipbuilding contract with a Ukrainian shipyard for the construction and purchase of a refrigerated cargo vessel. A Refund Guarantee (“the guarantee”) was provided to the buyer in respect of the yard’s obligations under the contract. The guarantee was signed by the late Mr N T Skock, the head of the Nikolaev Regional Department of the defendant bank. The contract was one of a series of shipbuilding contracts concluded between the buyer’s group and the yard.
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Michael Daiches, Barrister
Aug 20 2008
