Lloyd's Maritime Law Newsletter

Intraco Ltd. v. Notis Shipping Corporation of Liberia (The Bhoja Trader) - Court of Appeal (Donaldson and Ackner L.JJ.) - 19 June 1981

Injunction - Whether obtainable to restrain beneficiary of bank guarantee from obtaining payment - Whether Mareva injunction should be granted

By a contract on the Norwegian Sale Form, Intraco agreed to buy the vessel “Bhoja Trader” from Notis. The price was U.S.$810,000. U.S.$41,000 had been paid as a deposit, U.S.$369,000 was payable in cash on delivery and the balance of U.S.$400,000 was payable within 90 days of delivery by means of a bank guarantee to be given by the London branch of the Banque de l’Indochine et de Suez. This guarantee called for payment to be made in Greece. Shortly after delivery the vessel was arrested in Calcutta and the buyers suffered large losses due to cancellation of cargo bookings.

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