QUEENS BENCH DIVISION
COMMERCIAL COURT
7 Rolls Buildings Fetter Lane London EC4A 1NL |
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B e f o r e :
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WEALCAN ENTERPRISES INC | Claimant/Respondent | |
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BANQUE ALGERIENNE DU COMMERCE EXTERIEUR SA | Defendant/Appellant |
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8th Floor, 165 Fleet Street, London, EC4A 2DY
Tel No: 020 7421 4036 Fax No: 020 7404 1424
Web: www.merrillcorp.com/mls Email: courtcontracts@merrillcorp.com
(Official Shorthand Writers to the Court)
MR P FERRER appeared on behalf of the Defendant
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Crown Copyright ©
"In consideration of your accepting this guarantee as sufficient compliance with the Orders of the Tribunal dated 17 June 2008 in relation to security for costs of your defending Charterers' claims in the proceedings before the Tribunal, we [BACE] hereby agree to pay to you or to your solicitors on your behalf, within 14 days of Owners' first written demand such sums as may be:
(1) Agreed in writing between Charterers and Owners to be due to Owners from Charterers in respect of their recoverable legal costs of defending the claims before the Tribunal, or
(2) Awarded in favour of Owners against Charterers by Final Award of the Tribunal in respect of their recoverable legal costs ..."
"Pursuant to the Tribunal's Order of 23 December 2009 that the Charterers do provide further security for your costs of defending Charterer's claims, we hereby undertake to pay you or your solicitors upon our receipt of your written demand within 30 days, such sums as represent your costs of defending Charterers' claim as may be finally ordered, agreed, or taxed as being due to you from Charterers ..."
It went on to provide that the maximum amount of €25,000 was only to be called upon once BACE guarantees had been exhausted.
"In the light of paragraph (E) of the First Schedule it will not be appropriate for security for [a party's] costs to include any provision for the fees of a tribunal."