PAK LAW GPT — Pakistan Case Law AI justice scale emblemPAK LAW GPTCase law · Urdu & English

PARAGON TECHNOLOGIES vs SUI NORTHERN GAS PIPELINES LIMITED Ss — 2024 CLD 153 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2024 CLD 153 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2024
Reporter
CLD
Parties
PARAGON TECHNOLOGIES vs SUI NORTHERN GAS PIPELINES LIMITED Ss
Subject matter
Criminal

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

PARAGON TECHNOLOGIES VS SUI NORTHERN GAS PIPELINES LIMITED Ss. 13 & 5---Unconditional bank guarantee or a letter of credit---Autonomy principle---Scope---Fate of an unconditional bank guarantee or a letter of credit being independent contracts is not dependent upon any dispute between the contracting parties and payment thereunder has to be made if an unconditional undertaking has been made by the issuer---Payment obligation under both the instruments is dependent on documentary demands and the issuer is barred from making any determination of objective facts---This is called the autonomy principle--- Premise on which this principle rests is that as between parties to documentary credit transactions a dispute related to the underlying transaction has to be pursued through a separate action for breach of the underlying contract and not by withholding payment under the letter of credit---"Pay first, sue later" is the core objective underlying the autonomy principle.

Other judgments reported in 2024 CLD

Back to the case-law library · Search Pakistani case law in Urdu or English