[1] The plaintiff is claiming for a sum of USD5,975,377.02 which represent 95% of the total outstanding amount due and owing by one Bitumen Bales (Laem Chabang) Co Ltd (the Borrower) to the plaintiff, in respect of a term loan facility which the plaintiff had granted to the Borrower and guaranteed by the defendant.

Defendant's Defence

[2] Although the defendant does not dispute the Guarantee, the defendant relies on s 92 of the Contracts Act 1950 and contends that its liability to pay the sum claimed is discharged as the plaintiff has breached the terms of the Guarantee when it failed, among others, to:

(a) Obtain certain security to the facility; and

(b) safeguard the Borrower's Machinery intended as security to the facilities, from being dissipated.

Witnesses

[3] 8 witnesses were produced by the respective parties to give evidence at the trial, 5 for the pla