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Just what the High Court prescribed – A party may call up a Guarantee in instances where more than three years had passed since the date of the underlying contractual breach

Just what the High Court prescribed – A party may call up a Guarantee in instances where more than three years had passed since the date of the underlying contractual breach

by Joe Whittle

On 26 June 2019, the Pretoria High Court handed down a judgment in a matter in which the Court had to determine whether a party may call up a demand guarantee in instances where the underlying contractual basis for the guarantee may have prescribed. Investec Bank Ltd (Investec) had entered into an agreement in terms of which it sold immovable property to Esor Uitvlugt (Pty)...

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