In the English case Lehman Brothers International (Europe) v Exxonmobil Financial Services BV [2016] EWHC 2699 (Comm), the High Court considered the meaning of “close of business” for a commercial bank in London.  In a decision which demonstrates that where certainty is desired in commercial contracts, parties should specify a definite deadline and avoid ambiguous phrases such as ‘close of business’, the Court held that 7pm could be “close of business”.  Continue reading