All Topics / Legal & Accounting / Off the Plan Contract DEFAULT Bank Guarantee

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  • Profile photo of vucko84vucko84
    Member
    @vucko84
    Join Date: 2008
    Post Count: 42
    November 10, 2008 - 9:25 am

    Hi All,

    We signed a contract and sent it to Vendor in anticipation that we will secure a bang guarantee.

    We changed our minds on the development and were unable to secure a bank guarantee.

    We were given 14 days. Today was the 14th day.

    What are our options? It is a standard off the plan contract.

    We paid a $2000 deposit.

    Is there anything binding us to the contract other then losing the $2000?

    Cheers,

    R.D.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    November 10, 2008 - 1:07 pm

    Without knowing what state you are in, the type of contract that you have signed or the penalty clauses it is difficult to comment.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 11, 2008 - 7:30 am

    You had better tell them you are not proceeding or you may be locked into a binding contract. hurry and seek legal advice or you could lose a lot more.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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