Rubicon Vantage International Pte Ltd v Krisenergy Ltd (Rev 1)

Rubicon Vantage International Pte Ltd v Krisenergy Ltd (Rev 1)

The guarantee is an on-demand guarantee up to $3 million for any disputed claims, regardless of whether liability has been admitted by Kegot. A compliant demand requires actual provision of calculations and supporting documentation reasonably required to assess the demand. The demands made by Rubicon complied with these requirements, and Krisenergy was obliged to pay the sums demanded.

Parties
Claimant: Rubicon Vantage International Pte Ltd; Defendant: Krisenergy Ltd
Jurisdiction
England and Wales
Judgment Date
25 July 2019
Procedural Posture
Commercial Claim (guarantee Enforcement) / Judgment After Trial
Outcome
Judgment for the Claimant
Legal Topics
Parent Company Guarantee, On Demand Guarantee, Construction of Guarantee Instruments, Bareboat Charter, Obligations Under Guarantee, Demand Compliance
Commercial Law Contract Law Parent Company Guarantee On Demand Guarantee Construction of Guarantee Instruments Bareboat Charter Obligations Under Guarantee Demand Compliance

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Parties

Rubicon Vantage International Pte Ltd

Claimant

Krisenergy Ltd

Defendant

Procedural Posture

Commercial Claim (guarantee Enforcement) / Judgment After Trial

Legal Issues

  1. 1 Whether the guarantee is an on-demand guarantee only in relation to claims where liability has been admitted by Kegot or for all disputed claims up to $3 million
  2. 2 What constitutes a compliant demand under the guarantee
  3. 3 Whether the demands made complied with the guarantee's requirements

Ratio Decidendi

The guarantee is an on-demand guarantee up to $3 million for any disputed claims, regardless of whether liability has been admitted by Kegot. A compliant demand requires actual provision of calculations and supporting documentation reasonably required to assess the demand. The demands made by Rubicon complied with these requirements, and Krisenergy was obliged to pay the sums demanded.

Court Disposition

Judgment for the Claimant

Orders

  • Krisenergy is obliged to pay the sums demanded under the guarantee as per the valid demands made by Rubicon.