Swallowfalls Ltd v Monaco Yachting & Technologies SAM and Another - Court of Appeal (Longmore and McFarlane LJJ and Proudman J) [2014] EWCA Civ 186 - 27 February 2014

Contract - Shipbuilding contract - Loan agreement - Buyer of luxury yacht making loan tocontractor to enable construction to be completed - Buyer demanding repaymentof loan - Whether loan repayable on demand - Whether loan agreement containedimplied terms as to buyer's obligation to cooperate - Whether buyer entitled tosummary judgment

The claimant (Swallowfalls) commissioned a luxury motor yacht from the first defendant (MYT) as General Contractor although it was always understood that the actual construction work would be carried out at La Spezia, Italy by Cantiere San Marco Srl (the Yard).