In the latest rollout of its Technical Advisory Briefings (TABs), the ICC Banking Commission has issued TAB No. 13, “Confirmation
Six Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on
Shockwaves went through the reinsurance industry when reports surfaced in July 2023 that employees of the Israeli insurtech Vesttoo Ltd.
On appeal, Court considered whether trial court: erred in holding that Subcontractor/Applicant was contractually precluded from relying on the unconscionability exception; correctly held that Contractor/Beneficiary’s demand was not fraudulent; and erred in declining to discharge the injunction.
As the main contractor for HSBC Institutional Trust Services (S) Ltd. (Principal), Samsung C&T Corp. (Contractor) engaged Bintai Kindenko Pte. Ltd. (Subcontractor) to perform mechanical and engineering work for the main Suntec City Convention Centre works (the Project). Following negotiation of terms regarding a first letter of acceptance, Contractor sent a Second Letter of Acceptance (LOA), which Subcontractor accepted in full. Clause 3 of the LOA provided that it would be “executed on a ‘back-to-back’ basis in accordance with the relevant clauses of the Main Contract” and “including all Particular Conditions as set out in the Main Contract.” Clause 6 of the LOA required Subcontractor to provide Contractor with a “performance bond” for 5% of the subcontract value.
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