27 Oct 2011
BRIDGEWAY PROJECTS LIMITED V WAIKORO LIMITED HC AK CIV 2011-404-004196
- Citation
- openlaw-ae8dd6db_d79d_44d4_b6a8_25678a45c273.pdf
- Court
- High Court
The Court (by consent) declared the proper construction of the 13 May 2008 undertaking: Bridgeway must provide a reconciliation of OPEX collected and OPEX expended for the period 1 April 2007 to 16 March 2008; if reconciliation shows all collected OPEX was expended Bridgeway is entitled to the $250,000 retention; if not, Bridgeway must account and any unexpended sum is payable to Waikoro from the retention; Waikoro is only entitled to a portion of the retention if collected OPEX exceeds expended OPEX; an implied term requires that consent to release not be arbitrarily withheld; interest follo…