Lukoil Mid-East Ltd v Barclays Bank plc

Guarantee – Bank guarantee. The Technology and Construction Court considered the claimant oil company's application for summary judgment against the defendant bank (Barclays) on a claim for payment under the guarantee. The guarantee had been issued as security for a company's performance of its obligations to the claimant under a contract for work on an oil field. The court ruled that it was not a pre-requisite to the validity of the claimant's demand that the claimant had to make a statement that no amendment had been made to the contract impacting the timely performance of the works under the contract. Such a declaration was irrelevant to Barclays' obligation under the guarantee.

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