20 Nov 2017
CLARK ROAD DEVELOPMENTS LTD v ROHITS CIVIL & INFRASTRUCTURE LTD [2017] NZHC 2844
- Citation
- [2017] NZHC 2844
- Court
- High Court
The Bond was an on‑demand guarantee independent of the underlying contract; the Contract Price for Bond purposes was the forecast contract sum (original sum plus variations) and had not been paid when RCIL demanded payment; therefore CCB had no real defence and summary judgment for the bond's face value was entered, and the injunction sought by CRDL was refused.
- Performance bond
- On-demand guarantee
- Contract price (measurement and valuation)
- Summary judgment
- Interim injunction
- Suretyship vs demand guarantee