Banking

Manx Electricity Authority v JP Morgan Chase Bank, Court of Appeal, Lord Justice Thorpe, Lord Justice Chadwick and Lord Justice Rix, 3 October 2003

Banking – Performance bond – Contractor repudiating obligations under construction contract – Claim made against bank under performance bond – Claim rejected – Employer agreeing to abandon claims against contractor – Further claim made against bank – Whether further claim precluded by agreement to abandon claims against contractor – Autonomy of performance bonds