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October 2022

12 October, 2022

Arbitration is No Bar for Bank Guarantees

In Daewoo Shipbuilding & Marine Engineering Co Ltd v INPEX Operations Australia LtdĀ  NSWSC 1125, Daewoo sought to prevent INPEX from calling on a bank guarantee. The Supreme Court ruled against Daewoo. Under a construction contract, the Principal may be entitled to call on a bank guarantee, even while the…