Refund Guarantees

* Introduction * Definitions and characteristics * Contractual and statutory requirements * Construction * Aids to construction of demand instruments and guarantees * Presumption against the imposition of primary liability * Authority of signatory * Local approvals * The BIMCO NEWBUILDCON - Standard Newbuilding Contract - Part II, Annex A (iii) Refund Guarantee * Introduction * Clause 1 Definitions * Clause 2 Guarantor's Obligation * Clause 3 Indulgence, delay, amendment or variation * Clause 4 Duration * Clause 5 Dispute * Clause 6 No counterclaim or set-off * Clause 7 Currency * Clause 8 Assignment * Clause 9 Governing law and jurisdiction * Clause 10 Notices * Clause 11 Immunity * Clause 12 - 14 Approvals and authorisations * Guarantees issued on behalf of the buyer * Guarantees issued on behalf of the builder * Parent guarantees and letters of comfort * Assignment and novation * Material variation of the underlying contract * Anti-discharge provisions * Discharge of the surety * Vitiating elements in the contract of suretyship * Making demand * Restraining payment * Enforceability of an English Court judgment / London arbitration award