30 Sept 2015
LEIGHTON LLC v. MONGOLIA ENERGY CORPORATION LTD
- Citation
- LEIGHTON LLC v. MONGOLIA ENERGY CORPORATION LTD
- Court
- Court of First Instance
- Case number
- HCCL15/2013
The court held the Company Guarantee is a traditional guarantee (guarantor's liability dependent on the principal) because the non‑banking context presumption against on‑demand instruments was not rebutted: the guarantee lacks a conclusive evidence/certificate clause, contains wording tying guarantor liability to obligations of the principal (including maximum aggregate liability and discharge when principal's obligations are discharged), and other clauses are neutral or inconsistent with an independent on‑demand bond; therefore Leighton was not entitled to Order 14 judgment on the guarantee…