SLB & Ors v PAK & Ors [2026] EWHC 449 (Comm) (12.03.26)

Buyers terminated ten shipbuilding contracts after the yard failed to procure refund guarantees within the contractual 120 day period. They also claimed loss of bargain damages. The arbitral tribunal held that the obligation was an innominate term, such that Owners were not entitled to loss of bargain damages in addition to cancellation. The Court dismissed Buyers’ section 69 appeal, ruling that the obligation was not a condition but an innominate term, the specific contractual right of cancellation being the remedy for such default.

Read the full judgment here.