Italy’s Court of Cassation upholds demand guarantee enforcement for gaming concession
Italy’s Court of Cassation rejected co-obligors’ appeal over bank guarantees issued for a public betting concession, according to the report. It upheld the lower courts’ interpretation that the autonomous guarantees covered amounts due after default, including penalties and sanctions, and required payment on first written demand.
The ruling supports immediate payment under similar concession guarantees, including sums claimed for penalties and sanctions.