Bernard – well said.
Your post not only echoes our sentiments exactly, but how sad that commonsense couldn’t prevail and that Bank Guarantees have been allowed to be ‘tinkered’ with (most probably on the diktat of the developer).
As we often repeat on this forum, for a purchaser who does not have the experience of what goes on, it’s absolutely essential to have that decent lawyer by your side (of which there are many, it’s just finding them!!). A good lawyer would simply not accept these clauses and demand they are amended appropriately.
If with a lawyer recommended by the developer, you can be tied up in knots legally without any protection for your monies paid if things go wrong. All you can do is pray.
If your company’s BG’s are all as you say, it shows they have nothing to hide, nothing to cover – and are open and honest.
But most importantly they are fully protective of your client – which is the reason they were originally introduced in the first place.