A client of Dacheng won the bid of building power distribution network for a North African country. After signing contracts with the client, the project owner ignored the client’s request of adjusting rate of exchange between euro and renminbi, and asked for tender guarantee and counter guarantee from the issuing bank in spite of the client’s refusal to issue a performance guarantee.
A Dacheng team composed of Beijing-based senior partner Jiang Rongqing, Nanchang-based senior partner Xiong Jianxin and attorney Gao Lili and Qingdao-based attorney Zhang Yanna, entrusted by the client, managed to obtain an injunction from the competent court preventing the counter guarantee issuing bank from making payments, so that the client’s major assets were protected. The injunction against payment also laid a solid foundation for adjustment of rate of exchange between the two parties.
The Dacheng team spent only three days in getting the injunction from the competent court. It is also an unprecedented case in the judicial history of the province to which the competent court belongs. The success is largely due to the rich experience attorneys boast in handling foreign-related guarantee matters and the widespread global network of Dacheng.
Beijing Dacheng Law Offices, LLP ("大成") is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People’s Republic of China, and is Dentons' Preferred Law Firm in China, with offices in more than 50 locations throughout China. Dentons Group (a Swiss Verein) ("Dentons") is a separate international law firm with members and affiliates in more than 160 locations around the world, including Hong Kong SAR, China. For more information, please see dacheng.com/legal-notices or dentons.com/legal-notices.
