Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
The recent case of Illinois DNR v. Regions Bank illustrates the importance of clear wording of automatic extension clauses and issuing banks including a final expiration date in their standbys.
Contractor Shinetec (Australia) and parent company Shanxi Construction Investment Group (standby applicant) appealed dismissal of claims against beneficiary The Gosford.
The Canadian Supreme Court affirmed Quebec appellate and trial courts, upholding permanent injunction restraining Counter-Guarantor against payment of demand by Counter-Guarantee Beneficiary.
Developer Greth Development secured a letter of credit from Tompkins Financial to ensure completion of a townhouse project for Windsor Township. After project delays and a breach, Windsor sued the developer and demanded payment from Tompkins, who refused.
![Eurobank Ergasias S.A. v. Bombardier Inc. [2024]](/content/images/size/w30/2024/08/eurobank-v-bombadier-court-case-dcw.jpeg)
