Buyer Entitled to Refund of Advance Payments under Shipbuilding Contract: Seller’s Claim Time-Barred In this shipbuilding contract dispute, the Commercial Court judge, Mr. Justice Steel, reinforced that "it is vital from the buyer's viewpoint to ensure that the contract incorporates a mechanism by which his advances can be recovered simply and quickly should the builder
Co-Insurance and Waiver of Liability Where a Claimant (A) sues Defendant (B) the latter may deny liability on the grounds of lack of any wrongdoing. Alternatively, B may accept liability for breach of duty but he may contend that the loss was, at least in part, also the result of wrongdoing on the part of
“Genuine Commercial Justification” as a basis for a liquidated damages clause in Shipbuilding Facts: XYZ Company signed a contract with the claimant shipbuilder for the construction of a luxury yacht. The contract price of €38 million was payable by installments over the course of three years, the first of which was due on 17 October
The High Court has recently looked at issues arising where one party seeks to enforce a liquidated damages clause incorporated into a shipbuilding contract, and the defaulting party contends that liquidated damages are not payable because they constitute a "penalty". Facts The claimant was a luxury yacht builder which agreed to construct and sell a
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