The Court of Appeal has held that a party who prevents a condition precedent to their obligation to pay from being met cannot rely on the unfulfilled condition to escape their liability in debt. The dispute was about the sale of four second-hand oil tankers. As part of the terms of sale, Ridgebury had to provide documentation to an escrow agent. The agent would then open a bank account so that Ridgebury could pay a deposit. In fact, Ridgebury failed to provide the necessary documentation … (more)
[Bruno Rucinski, A&O Shearman, 5 July 2024]
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