In AXA v. Chiu Teng, Singapore’s top court confirms liability under a performance bond absent a prior ruling or admission of breach. The case highlights the importance of precise drafting and reinforces the binding nature of bond terms over labels like “guarantee” or “on-demand.”
Bank of China’s fraud lawsuit against BP Singapore over $125M in LC payments tied to non-existent oil survives dismissal. The court found sufficient grounds to proceed on claims of fraud, negligence, and conspiracy—raising the stakes for LC compliance in commodity trades.
