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  • Injunctions restraining the enforcement of letters of credit and performance guarantees: The Australian experience

    Author(s)
    Rodrigo, Thanuja
    Griffith University Author(s)
    Rodrigo, Thanuja K.
    Year published
    2016
    Metadata
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    Abstract
    This article examines the grounds upon which Australian courts intervene in the enforcement of letters of credit and performance guarantees by granting injunctions. A review of cases indicates that whilst an applicant may raise fraudulent conduct and unconscionable conduct as grounds for interlocutory relief restraining a beneficiary's call under a letter of credit or performance guarantee, an additional reason known as a negative stipulation in the contract may also be available for restraining a beneficiary calling under a performance guarantee. This article concludes with a policy perspective of fraud and unconscionability ...
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    This article examines the grounds upon which Australian courts intervene in the enforcement of letters of credit and performance guarantees by granting injunctions. A review of cases indicates that whilst an applicant may raise fraudulent conduct and unconscionable conduct as grounds for interlocutory relief restraining a beneficiary's call under a letter of credit or performance guarantee, an additional reason known as a negative stipulation in the contract may also be available for restraining a beneficiary calling under a performance guarantee. This article concludes with a policy perspective of fraud and unconscionability as established grounds upon which injunctions are granted.
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    Journal Title
    Australian Business Law Review
    Volume
    44
    Publisher URI
    http://sites.thomsonreuters.com.au/journals/category/australian-business-law-review/
    Subject
    Commercial law
    Publication URI
    http://hdl.handle.net/10072/100796
    Collection
    • Journal articles

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