NORTHBUILD CONSTRUCTIONS PTY LTD v CAPITAL FINANCE AUSTRALIA LTD

摘要

The builder, Northbuild Construction Pty Ltd claimed against a developer, Discovery Beach Project Pty Ltd and its financier, Capital Finance Australia Ltd, regarding the release of bank guarantees provided by Northbuild. Under the building contract, for the Surfair Resort at Marcoola, the builder provided extra security, which was held by Capital. A dispute arose under the building contract and the three parties negotiated, and entered into, an agreement pending the outcome of the dispute. The builder was to provide additional security and the developer would "be entitled to retain security which would otherwise be released on Practical Completion until sufficient disputes have been resolved".