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Banking Law Keyed to Malloy, 4th Ed.
American Bell International, Inc. v. Islamic Republic of Iran
Citation:
474 F. Supp. 420 (1979)Facts
On July 23, 1978, Bell entered into a $280 million contract with the Imperial Government of Iran to provide consulting services and equipment for Iran’s communications system. The contract included a $38.8 million down payment that could be recalled by Iran at any time, though this amount would be reduced as Bell performed services. To secure the potential return of this down payment, Bell obtained a Letter of Guaranty from Bank Iranshahr, which was in turn backed by a standby Letter of Credit issued by Manufacturers Hanover Trust Company. Following the Iranian Revolution in early 1979, Bell ceased performance, claiming breach of contract by the Iranian government. When Bank Iranshahr demanded payment of $30.2 million (the remaining balance of the down payment) under the Letter of Credit, Bell sought an injunction to prevent Manufacturers from making the payment, arguing nonconformity with the letter’s terms and fraud in the transaction.
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