Bidvest Bank Ltd v Wellsted (2023/109082)
Bidvest Bank Ltd v Wellsted (2023/109082) [2025] ZAGPJHC 618 (25 February 2025)
The court found that both guarantees executed by the respondent contain express terms stating that each is in addition to, and not in substitution for, any other security. The amendment letter increasing the facility and requiring a new guarantee did not expressly state that the R7 million guarantee replaced the R4 million guarantee. Clause 18.2 of both guarantees requires any variation or cancellation to be in writing and signed by both parties, which did not occur. The respondent's reliance on alleged oral representations and his subjective understanding is insufficient to override the clea…
Source excerpt
- Guarantee Liability
- Contract Interpretation
- Variation Of Contract
- Business Rescue