Bank Guarantee | Court of Appeal Allows Injunction

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The NSW Court of Appeal on 1 November 2010 in Lucas Stuart Pty Ltd v Hemmes Hermitage Pty Ltd [2010] NSWCA allowed an injunction preventing a call upon the performance bond because of the possible likely damage to the contractors’ reputation and financial standing. There will be significant implications for businesses seeking to terminate contracts for a ‘material breach’.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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