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Contract – Construction. The claim concerned notice provisions of an International Swaps and Derivatives Master Agreement 1992 and whether a bank had validly exercised its contractual right to extend the term of a five-year interest rate collar transaction by giving notice to the defendant company. The Chancery Division held that the purported notice sent by the bank by email was not a valid and effective notice and did not operate to extend the term of the collar.
Contract – Construction. The claim concerned notice provisions of an International Swaps and Derivatives Master Agreement 1992 and whether a bank had validly exercised its contractual right to extend the term of a five-year interest rate collar transaction by giving notice to the defendant company. The Chancery Division held that the purported notice sent by the bank by email was not a valid and effective notice and did not operate to extend the term of the collar.
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