WUHAN OCEAN ECONOMIC & TECHNICAL COOPERATION CO LTD AND ANOTHER v SCHIFFAHRTS-GESELLSCHAFT “HANSA MURCIA” MBH & CO KG

[2013] 1 Lloyd's Rep. 273

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice COOKE

Contract – Shipbuilding contract – Sellers procuring refund guarantee in respect of repayment of instalments of purchase price – Guarantee expiring on 30 June 2010 – Parties agreeing to delayed delivery date in October 2011 – Sellers undertaking to extend validity of guarantee – Whether implied term that sellers should procure extension within reasonable time – Whether implied term innominate term – Whether sellers in repudiatory breach in failing to procure extension within reasonable time – Whether buyers validly terminated contract for accepted repudiation.