Shipbuilding dispute

A Member has a claim against a shipyard for the return of advance instalments paid under a shipbuilding contract. The Member cancels the contract following long delays in construction however the yard argues that in agreeing an extension of time for the delivery of the ship the Member has effectively waived its rights of cancellation.

The Club supported the Member's costs in obtaining a London arbitration award against the yard and the Member made a successful demand for repayment under the refund guarantees.