Songa Product and Chemical Tankers IV AS v Gardsea Shipping Inc [2026] EWHC 1559 (Comm)

The definition of "banking days"

The meaning of "banking days" as a deadline for contractual performance was considered in Songa Product and Chemical Tankers IV AS v Gardsea Shipping Inc , an appeal from arbitration. By clause 3 of the ship sale contract (MOA), payment was to be made by midnight on the third banking day after notice of readiness. A "Banking Day" was defined to include banking days in several jurisdictions ranging geographically from UAE to the USA. By what time did the buyer have to make payment to comply with the MOA - midnight at the place of payment or the last possible midnight?