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19 Restraining payment

Refund Guarantees

19 Restraining payment Introduction 19.1 Where there is an imminent danger that a buyer will cancel the shipbuilding contract in circumstances where the builder disputes the buyer’s entitlement to do so, the builder will naturally be concerned that the buyer’s threat carries with it an implicit threat to call on the refund guarantee, which is the likely, if not the inevitable, consequence of exercising a contractual right to cancel.

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