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Entire agreement, non-reliance clauses & contractual estoppel – what do they prevent and how?

In a series of decisions over recent years the English courts have adopted an uncompromising position in favour of the enforcement of entire agreement and non-reliance clauses. In so doing they have re-forged the so called doctrine of “contractual estoppel” so as to permit fiction to trump reality in the contents and interpretation of contracts to an unprecedented extent and with particular effects on banking and swaps and derivatives contracts  which widely deploy such clauses. In this extract from the notes of a recent lecture, Shantanu Majumdar – who appeared in one of the leading cases Peekay Intermark v ANZ Banking Group [2006] 2 Lloyd’s Rep 511 – considers the current position and its weaknesses. Click here to download a copy.