Contract Negotiation Handbook: Getting the Most Out of Commercial Deals by Damian Ward

Author:Damian Ward [Ward, Damian]
Language: eng
Format: mobi, epub
Publisher: Wiley
Published: 2012-01-26T14:00:00+00:00

A court may find it did not reasonably rely on the initial oral quote given that it was countermanded by a later written quote. It did not rely on the representation. Reliance is key. It is not merely a formal requirement.

Example

A large property trust represents to a property management company that, ‘The Board has decided that all of our commercial property management will be placed with you guys from the start of the new financial year. We have seven buildings in the city with 250 000 square metres of lettable commercial space, 98 per cent of which is currently tenanted. You can expect management fees in excess of $1 million a year on the rates we are currently being charged by our property managers at the moment.’ Apart from feeling a warm glow of prosperity, the principals of the property management company do not employ any further staff, acquire any further plant or equipment or take any deliberate step to address this influx of new work. They have sufficient capacity in their business to absorb this new work without the need for further acquisition of plant, equipment or staff.

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