This month, we explore how digitalisation is reshaping commercial law across key jurisdictions. Marek Dubovec compares UCC Article 12 and
In a recent discussion, bankers were asked how they calculate confirmation fees as a standard practice: 1) from the advising
In reversing a 2024 trial court ruling, Singapore’s Appellate Division of the High Court found that a former director
On appeal, Court considered whether trial court: erred in holding that Subcontractor/Applicant was contractually precluded from relying on the unconscionability exception; correctly held that Contractor/Beneficiary’s demand was not fraudulent; and erred in declining to discharge the injunction.
As the main contractor for HSBC Institutional Trust Services (S) Ltd. (Principal), Samsung C&T Corp. (Contractor) engaged Bintai Kindenko Pte. Ltd. (Subcontractor) to perform mechanical and engineering work for the main Suntec City Convention Centre works (the Project). Following negotiation of terms regarding a first letter of acceptance, Contractor sent a Second Letter of Acceptance (LOA), which Subcontractor accepted in full. Clause 3 of the LOA provided that it would be “executed on a ‘back-to-back’ basis in accordance with the relevant clauses of the Main Contract” and “including all Particular Conditions as set out in the Main Contract.” Clause 6 of the LOA required Subcontractor to provide Contractor with a “performance bond” for 5% of the subcontract value.
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