New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Interpretation of bond

Legal area

Court

9 Oct 2013

UGL (NZ) LIMITED v TRADE INDEMNITY+ SURETY LIMITED [2013] NZHC 2623

Citation

[2013] NZHC 2623
Court

High Court

The bond, lacking an on‑demand payment provision and expressly requiring satisfaction and discharge of damages sustained up to termination, is a guarantee that requires the obligee to prove breach and quantify loss before recovery; accordingly summary judgment cannot be granted.
17 May 2010

SHIRLEEN SHIA LING SIM V NEW ZEALAND HOME BONDS LTD CA697/2009

Citation

openlaw-2d278000_19c6_4d8a_8c26_6a9f259fab7a.pdf
Court

Court of Appeal

The bond issuer (NZHB) was obliged to pay upon receipt of an expired settlement notice with proof of valid service unless the purchaser credibly puts the validity of that settlement notice (i.e. that the settlement date had not occurred because of lack of practical completion or title) in issue; mere protest or unrelated disputes do not relieve NZHB of payment obligations.