9 Sept 2003
COSMIC INSURANCE CORPORATION LTD v. PROSPERITY CONSTRUCTION AND DECORATION LTD AND OTHERS
- Citation
- COSMIC INSURANCE CORPORATION LTD v. PROSPERITY CONSTRUCTION AND DECORATION LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCCT39/2003
The indemnities (clauses 1 and 4) were construed according to their plain and commercial meaning to permit immediate payment or deposit on demand; clause 4's subparagraphs operate as alternative bases for requiring a deposit (not conjunctive); accordingly plaintiff entitled to summary judgment for the bonded sum and costs subject to the undertaking to hold and account for monies.