Daewoo Shipbuilding and Marine Engineering Co Ltd v INPEX Operations Australia Pty Ltd 2022 NSWSC 1125 - 29 August 2022
Country
Year
2022
Summary
Shipbuilder builds floating production and storage offloading facility in Timor Sea for defendant - shipbuilder obliged to arrange bank guarantee for US$328.5 million - defendant claims liquidated damages and defects exceeding guarantee - nature of bank guarantee at [5]-[10] - nature of risk allocation device. Defendant issues request for arbitration - shipbuilder obtains ex parte injunction restraining defendant from calling on bank guarantee. International Commercial Arbitration; International Arbitration Act; UNCITRAL Model Law