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In the June 2017 edition of Butterworths Journal of International Banking and Financial Law, Tom Whitehead a barrister from St Philips Stone Chambers looks at when is a guarantee a performance bond?
It is common for parent companies to issue guarantees on behalf of subsidiaries. Often the subsidiary has no or few assets, and a transaction between a third party and the subsidiary is only possible because a parent company with assets is willing to act as guarantor. Lawyers who advise on such transactions, or are required to act for one of the parties should the subsidiary fail to perform, may find the recent decision of Sir Jeremy Cooke in Bitumen Invest AS v Richmond Mercantile Limited FZC  EWHC 2957 (Comm) of interest. Click here to read the full article.
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