Construction analysis: The Commercial Court granted summary judgment against a bank which had resisted making payment under standby letters of credit (which are similar to on demand bonds) issued pursuant to a contract based on the FIDIC Yellow Book). The express requirement for the employer to state that it considered the sums to be ‘due and owing’ when making the demand merely required an honest belief on its part. The court also declined to develop the law to create an exception for unconscionable conduct where the letters of credit related to performance (rather than payment) obligations.
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