Case update — performance bonds
The Court of Appeal has reinforced the position that the primary liability to pay under a performance bond is entirely separate from the relationship between the parties to the underlying contract. The case in question was the Court of Appeal hearing of the Wuhan Guoyu Logistics Group v Emporiki Bank of Greece  EWCA Civ 1679.
The earlier decision (concluding that the document in question was a performance bond and not a guarantee) was the subject of an AAA last year…
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This was the finding of the High Court following an appeal by the losing party from a master’s decision that relief should be granted.