Fair Pavilions, Inc. v. First National City Bank

Clause XV of a contract between plaintiff and Exhibitions de France Inc. (hereafter called “Exhibitions ”), under which plaintiff engaged to construct a building at the New York City World’s Fair, provided for termination of plaintiff’s performance of the contract under certain circumstances. Under a rider forming part of the contract, Exhibitions was obligated to furnish to plaintiff an irrevocable letter of credit drawn on a New York bank guaranteeing certain of the installment payments to become due under the schedule set forth in clause III of the contract. Exhibitions arranged with…