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Posted by / 15-Mar-2020 04:32

Backdating contract

(“the Buyer”) pursuant to the terms of a shipbuilding contract. E (“the Lender”) and the Bank of Communications Company Limited Qingdao Branch (“the Bank”) provided refund guarantees to the Buyer as security for instalments paid under the shipbuilding contract.

The construction was delayed and the Buyer claimed that it was entitled to cancel the shipbuilding contract and claim repayment of the instalments. The Builder disputed the Buyer’s right to cancel the shipbuilding contract and did not repay the instalments.

It also highlights the risks of backdating shipbuilding contracts.In the two actions before the Court, the Buyer and the Lender sought to obtain anti-suit injunctions restraining the Chinese proceedings.Not surprisingly, the Court granted the anti-suit injunction sought by the Buyer.A Chinese shipyard, Nantong Mingde Heavy Industry Stock Co.Ltd (“the Builder”), agreed to construct and sell a vessel to Crescendo Maritime Co.

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The true date of execution, as stated in the second addendum, was 15 August 2007.

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