Careless drafting is “such” a waste of money: Rainy Sky v Kookmin Bank

This golden oldie is “such” a good one that IP Draughts had to repeat it.

IP Draughts

A recent case in the UK Supreme Court, Rainy Sky S. A. and others v Kookmin Bank [2011] UKSC 50,  boils down to a simple question of contract interpretation: to what does the word “such” refer, in clause 3 below?  Only the relevant parts of the following clauses have been quoted here.  Key words are highlighted in bold text:

[2] … you are entitled, upon your rejection of the Vessel in accordance with the terms of the Contract, your termination, cancellation or rescission of the Contract or upon a Total Loss of the Vessel, to repayment of the pre-delivery instalments of the Contract Pricepaid to you prior to such termination or a Total Loss of the Vessel (as the case may be)and the value of the Buyer’s Supplies delivered to the Shipyard (if any)…

[3] In consideration of your agreement to make the pre-delivery instalmentsunder the Contract

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