CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering the Leading Judgment): The Appellant and the 2nd Respondent entered into a contract of carriage sometime in 2001 whereby the 2nd Respondent's Cargo of Rice was laden on board the Appellant's vessel, M/V "Agios Nectarious", from the port of Bangkok Thailand for delivery at the Apapa Port, Lagos, Nigeria. Upon discharge of the goods at Apapa Port, the 2nd Respondent alleged massive damage and short delivery of the goods; and threatened to arrest the vessel if the claim was not settled or a Bank Guarantee issued to secure the claim before the Appellant's vessel sailed out of Nigeria. To avoid arrest of its vessel, the Appellant got Citibank Nigeria, the 1st Respondent to issue a Bank Guarantee on its behalf, in favour of the 2nd Respondent. Subsequently the 2nd Respondent took out a Writ of Summons against the Appellant at the Federal High Court Lagos in Suit No. FHC/L/CS/442/2002 dated 10th May, 2002 for the sum of $120,000.00 (One Hundred and …