n Without Prejudice - Guarantees - when words really matter : contract law
|Article Title||Guarantees - when words really matter : contract law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Affiliations||1 Bell Dewar|
|Publication Date||Mar 2012|
|Pages||54 - 55|
Contractors and employers alike tend to assume that banks and insurers who issue guarantees are experts in the consequences of the terminology that they employ in drafting guarantees. Very often these consequences can have unintended results for one of the parties. In the recent unreported decision of Minister of Transport & Public Works, Provincial Government of the Western Cape & Another v Zanbuild Construction (Pty) Ltd & Another 2011 JOL 26880 (SCA), the Supreme Court of Appeal was called upon to interpret the nature of a performance guarantee and to determine the liability in terms of the guarantee.
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