29 May 2008 10:36 AM:
Hi Phase 3 clients
The problem is currently with the courts not issuing confirmation of its ruling in favour of the developer.Work can not legally commence until this is issued and the courts are on a go slow (union action).
Some PPC contracts are completion Nov 2008 , later ones Feb 2009, I do not see how the developer can comply with these to finish on time but he does have a 3 month grace period over the completion dates. Yes it could take a while to implement the bank guarantees, if you wish to collect on the guarantees I suggest you notify your intention to your lawyers now so they are prepared and can then comply with the terms of the guarantee. The €6000 reservation fee is included in your 30% deposit, developers recieve this not the agents.
Community thread:
Don Juan III
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