“…EWCA Civ 200, [2003] BLR 265. After referring to Socimer and several other cases (Abu Dhabi National Tanker Co v Product Star Shipping Ltd (The “Product Star”) [1993] 1 Lloyd’s Rep. 397, Horkulak v Cantor Fitzgerald International [2004] EWCA Civ 1287, [2005] ICR 402 and JML Direct Ltd v Freestat UK Ltd [2010] EWCA Civ 34) in which there were h…”
“…, a contractual discretion must be exercised in good faith and not arbitrarily or capriciously: Abu Dhabi National Tanker Co v Product Star Shipping Ltd (No 2) [1993] 1 Lloyd’s Rep 397, 404, per Leggatt LJ; Gan Insurance Co Ltd v Tai Ping Insurance Co Ltd (No 2) [2001] 2 All ER (Comm) 299, para 67, per Mance LJ and Paragon Finance plc v Nash …”