Wuhan Guoyu Logistics Group Co Ltd and Another v Emporiki Bank of Greece SA – Court of Appeal (Longmore, Rimer and Tomlinson LJJ) [2012] EWCA Civ 1629 – 7 December 2012

Guarantee – Payment guarantee provided by bank in favour of shipbuilder in respect of instalment of purchase price – Whether payment guarantee to be construed as guarantee or a demand bond

The claimants (the seller) entered into a Shipbuilding Contract for the construction of a bulk carrier (the vessel). The contract price of US$41,250,000 was payable in five instalments.