CL-2022-000456 - [2025] EWHC 1938 (Comm)

ING’s claim against Tecnimont arises under the Facility Agreement that they entered into on 5 August 2015, by which Tecnimont agreed to indemnify ING against any liability arising from ING’s issuance of any Guarantees (as defined).

ING issued the ING Bond pursuant to Tecnimont’s request of 2 November 2020, and increased its value pursuant to Tecnimont’s request of 4 February 2021. It is common ground that the ING Bond is a Guarantee within the terms of the Facility Agreement.

However, ING’s claim to be indemnified does not arise, in the light of my conclusion that the ING Bond cannot be enforced by the Claimants against ING.