Sperry Int'l Trade, Inc. v. Israel
United States Court of Appeals for the Second Circuit
670 F.2d 8 (1982)
- Written by Whitney Waldenberg, JD
Facts
In 1978 the government of Israel (Israel) (defendant) and the predecessor of Sperry International Trade, Inc. (Sperry) entered into a contract requiring Sperry to design and construct a modern communication system for Israel. The contract permitted Israel to draw on the letter of credit in its favor in the event the contract was breached. By 1981 it was clear the project was not proceeding as planned, and a dispute arose between the parties. Sperry initiated arbitration proceedings, and a few months later, Sperry notified Israel that it would cease all work. Sperry then filed suit in federal district court, seeking to enjoin Israel from drawing on the letter of credit while the arbitration proceedings were pending. The district court granted the injunction, and Israel appealed.
Rule of Law
Issue
Holding and Reasoning (Kearse, J.)
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