Reply To: Bank Guarantee

#60641
Anonymous
Participant

Hello Maureen,

I may have missed your post relating to your original circumstances. Could you please tell me/us your position?

If you have a bank guarantee nearing an expiry date then I would assume you do not have a building which should have been completed some time in the last year. If this is the case, then why are you not exercising the BG that you have now? Why would you wait for another one? Surely your builders are already in breach of contract?

Sorry to ask so many questions. We have a BG which expires in Sept 2006. We should have had an appt. completed in July 2005. The building License was revoked 4 weeks and 3 days after the lawyers signed our contract in Oct 2003! No building work has ever taken place. Our purchase contract expired in Oct 2005. We will exercise the BG in Sept this year.

I do not understand why you would wait for another BG if the builders are in breach of contract.