Reply To: Contracts and guarantees

#62093

Anonymous
Participant

Katy, the banks do not want to pay out on these BG, so we’re told.Therefore they will use literally any excuse not to pay up. In our case it is one clause that says “Oct 06”.Our BG was drawn up AFTER the developers knew they could not build not when the contracts were signed as our then lawyer told us it would be !! đŸ‘¿ My guess is, had the BG been issued when it should have been we would have had a date of 2005.The developers have held onto our money for 3 years. As our current lawyer says, they know they are going to have to pay us and it is going to cost them more in interest at the end of the day.
I think, even though it is in the hands of the Court, the bank may still be difficult. It stinks! đŸ˜ˆ