Re: Bank Guarantees

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Anonymous
Participant

Charlie,

Great post and very useful. Do you have any reference for the Supreme Courts decision – parties names or case number?

I would remind all that they should pay specific attention to the BGs offered by the developer’s bank particularly if they are to pay or have paid further sums – in addition to their deposit – during the build out period of the property. With each additional payment made the BG should be revised – and updated – to reflect to total payment.

Please also ensure that either you or your lawyer has on file fully signed and dated BG’s reflecting your total payments made. In the event of a dispute with your developer you’ll have the devil’s own job getting original BG’s from the developer.

Good luck,

Mark