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United Kingdom › Contract Terms › Banking Sector

Hogan Lovells

English High Court decides that a letter of comfort creates legal relations

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A version of this article first appeared in Butterworths Journal of International Banking and Financial Law in June 2025. In the case of IDBI Bank Limited v Axcel Sunshine Limited & Ors the English High Court held that,...more

A&O Shearman

Where there's no waiver, there's no way

A&O Shearman on

The English High Court has provided further guidance on the interpretation of “no waiver” clauses in a recent decision. The backdrop to this decision was a sanctions related dispute about the termination of a currency swap...more

Goodwin

Libera nos a LIBOR - Standard Chartered Plc v Guaranty Nominees Limited and Others [2024] EWHC 2605

Goodwin on

In a decision with general importance to financial markets, Standard Chartered Plc v Guaranty Nominees Limited and others [2024] EWHC 2605 represents the first time that the English court has ruled on the issue of which...more

Steptoe & Johnson PLLC

LIBOR To Be Discontinued! What Will Your Bank Do?

Steptoe & Johnson PLLC on

In case you haven’t heard, the London Interbank Offered Rate (“LIBOR”) may be phased out by the end of 2021. Why? Because the Financial Conduct Authority (“FCA”) in the U.K. announced in July 2017 that it will stop requiring...more

Latham & Watkins LLP

The UK Financial Conduct Authority Bans Use of Certain Restrictive Contractual Clauses

Latham & Watkins LLP on

The ban extends to foreign branches of UK firms; also where services are provided from a firm’s UK establishment. Key Points: ..Effective 3 January 2018 firms subject to the ban cannot enter into agreements that contain...more

Vedder Price

Global Transportation Finance Newsletter - June 2017

Vedder Price on

So, what is LIBOR? LIBOR—the London Interbank Offered Rate—is one of the most ubiquitous benchmarks for determining short-term interest rates in bank (and other) lending. LIBOR rates are short-term fixed rates quoted for...more

A&O Shearman

Substantive inconsistency between express and implied terms

A&O Shearman on

The Court of Appeal has considered the question of when a proposed implied term should be considered “inconsistent” with an express term of a contract, contrasting direct linguistic inconsistency and substantive...more

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