- March 7, 2007 at 9:23 am #52699
I wonder if anybody can offer any advice / comments.
A property development is delayed by 6 months, the developer informs the investors by post of the delay and says this is the result of a quarry strike.
The investor questions this but is told at the time he has no option but to tolerate the delay. Months latter when discussing the situation with a solicitor the investor is told that the private purchase contract stipulates that the investor can terminate the contract if the develoment is delayed by 30 days. The downside is the investor is given 15 days from notification of completion delays to exercise this clause.
The investor is then advised by the solicitor that he can inforce the termination of contract & return the investors funds retrospectivley (something that would count as a result for the investor).
To do this however will cost.
500 Euro to have a prelim report compiled,
3400 Euro + IVA should the matter go to court.
Not sure if this action is worth further consideration (the costs above do not include my liablity should any action fail).
Any coments / advice welcome
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