MOUSAKA INC. AND ANOTHER v. GOLDEN SEAGULL MARITIME INC. AND ANOTHER

[2002] 1 Lloyd's Rep. 797

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before His Honour Judge Dean, Q.C.

Contract - Implied terms - Bank guarantees - Application to vary or set aside - Dispute under shipbuilding contract - Bank guarantees given to secure claim - Agreement to substitute bank guarantee for club letters - Whether implied term that bank guarantees would be returned - Whether implied term that security would be reduced - Whether agreement to procure guarantees lacked consideration.