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UK ruling overturns understanding on shipyard guarantees

Shanghai Shipyard Co Ltd v Reignwood International Investment (Group) Company Limited rips up so-called ‘Paget’s presumption’ that payment of guarantees issued by non-bank entities can be deferred pending arbitration

‘Whether a guarantee is a see-to-it guarantee or a demand guarantee can be crucial to get right in the drafting, from the perspective of each side … The recipient of a guarantee will generally prefer to have a demand guarantee,’ says law firm partner

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