WUHAN OCEAN ECONOMIC & TECHNICAL COOPERATION CO LTD AND ANOTHER v SCHIFFAHRTS-GESELLSCHAFT "HANSA MURCIA" MBH & CO KG

[2013] Lloyd's Rep Plus 2

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Cooke

Contract - Shipbuilding contract - Sellers procuring refund guarantee in respect of repayment of instalments of purchase price - Guarantee expiring on 30 June 2010 - Parties agreeing to delayed delivery date in October 2011 - Sellers undertaking to extend validity of guarantee - Whether implied term that sellers should procure extension within reasonable time - Whether implied term innominate term - Whether sellers in repudiatory breach in failing to procure extension within reasonable time - Whether buyers validly terminated contract for accepted repudiation.