7 Oct 2020
BERGE BULK SHIPPING PTE LTD v TPT SHIPPING LTD [2020] NZHC 2627
- Citation
- [2020] NZHC 2627
- Court
- High Court
The New Zealand High Court had jurisdiction to grant the interim relief because the LOI's submission to the English High Court 'at your request' is properly construed as non‑exclusive allowing the beneficiary to choose forum; letters of indemnity obligating provision of bail/security and defence funds are enforceable by mandatory interim injunctions because damages are inadequate and the LOI's commercial purpose would be frustrated otherwise; mitigation by the beneficiary providing security does not extinguish the indemnifier's obligation to reimburse or provide substitute security and defenc…