Arab Banking Corporation v Saad Trading & Financial Services Company & Anor

Arab Banking Corporation v Saad Trading & Financial Services Company & Anor

The advances were made under the facility agreement as amended; any technical breaches (such as exceeding the 180-day period or use of a different fax number) were waived or immaterial and did not affect enforceability; the guarantee remains binding; the defendants have no real prospect of defending the claim.

Parties
Claimant: Arab Banking Corporation; First Defendant: Saad Trading & Financial Services Company; Second Defendant: Maan A Al-Saneia
Jurisdiction
England and Wales
Judgment Date
01 March 2010
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment granted for the claimant
Legal Topics
Summary Judgment, Facility Agreements, Guarantee Enforcement, Jurisdiction Clauses, Waiver of Contractual Terms
Banking Law Contract Law Guarantee Law Summary Judgment Facility Agreements Guarantee Enforcement Jurisdiction Clauses Waiver of Contractual Terms

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Parties

Arab Banking Corporation

Claimant

Saad Trading & Financial Services Company

First Defendant

Maan A Al-Saneia

Second Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the loans advanced by the claimant were made under the facility agreement or a separate agreement
  2. 2 Whether the defendants have a real prospect of defending the claim
  3. 3 Effect of a loan period exceeding the contractual 180 days

Ratio Decidendi

The advances were made under the facility agreement as amended; any technical breaches (such as exceeding the 180-day period or use of a different fax number) were waived or immaterial and did not affect enforceability; the guarantee remains binding; the defendants have no real prospect of defending the claim.

Court Disposition

Summary judgment granted for the claimant

Orders

  • Defendants to pay the sums due under the facility agreement and guarantee
  • Leave to amend to rely on the second demand if necessary