In this article, Andrew Bowen examines the case of Rainy Sky S.A. v Kookmin Bank, an appeal to the UK Supreme Court on a short question of construction of shipbuilders refund guarantees. The Supreme Court re-examined the authorities on construction of commercial contracts and re-emphasised the importance of context. This article originally appeared in issue 116 of W. Greens Business Law Bulletin and is reproduced here with their kind permission.