DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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Canada's Court of King’s Bench of Alberta denied injunction application of LC Applicant who sought to enjoin Beneficiary demand on standby LC.
![Pacific Atlantic Pipeline Construction Inc. v. Coastal Gaslink Ltd. [2023]](/content/images/size/w30/2024/08/pacific-atlantic-pipeline-case-2023.jpeg)
To support its obligations for a gas pipeline project in British Columbia, Pacific Atlantic Pipeline Construction Inc. (Contractor/Applicant) applied for and caused HSBC Bank Canada (Issuer) to issue a CAD 117,162,384 standby letter of credit in favour of Coastal Gaslink Ltd. (Principal/Beneficiary).[[1]] Contractor/Applicant, a wholly owned subsidiary of Bonatti, S.p.A. (Contractor Owner), was engaged by Principal/Beneficiary in 2012 to build certain sections of the liquid natural gas pipeline (the Contract). Construction, however, “experienced significant challenges” due to the pandemic, which included a five-month suspension of work pursuant to a Public Health Order.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
In a development related to past reporting of standby and bond usage at the municipal level in Canada, the Canadian
Disputes over Independent Guarantee Fraud, Independent Guarantee Payment, and Improper Dishonor
Beneficiary Bayport Polymers appealed temporary injunction restraining presentation of LC documents.
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