Earl's Terrace Properties Ltd v Nilsson Design Ltd

Mr Vivian Ramsey QC and Mr Alexander Nissen appeared for the claimant instructed by Simmons & Simmons, CityPoint, One Ropemaker Street, London, EC2Y 9SS, DX: Box No 12 Chancery Lane, London, (Ref: ). Mr Roger Stewart QC and Mr Graeme McPherson appeared for the defendant instructed by Kennedys, 10 Lloyds Avenue, London, EC3N 3AX DX: 574 London/City (Ref: 6/SJG/L97-90871(sjg)) Mr John Marrin QC appeared for the Part 20 defendant instructed by Masons, 30 Aylesbury Street, London, EC1R OER, DX: 53313 London/Clerkenwell (Ref: NM/HS1/Ol/757937.l) Date of hearing: 7 November 2003 ____________________

This statement does not clearly identify the nature of the delay that occurred, what is meant by "ETPL's project" and what part of that project was delayed, why ETPL's funds were held in the project for a longer period as a result, what that holding period was and what it was that ultimately triggered the release of the funds from the project.

"1. The discovery of the defects, the investigation and subsequent remedial work caused delay to ETPL's project (or the greater part of it) for 15 months from 30 June 1998 to 30 September 1999. This was because the process of investigating and remedying the waterproofing direct was extensive and involved noisy and unsightly work that would clearly have deterred potential purchasers from buying the properties. The costs relating to the properties of numbers 1, 3, 5 and 25 and to the car parking spaces were not affected by the delay.

"The following sets out in writing the terms of agreement by which Vastint has lent funds to Properties for the development of Earl's Terrace:

Vastint has agreed to provide an initial funding facility of up to �20,000,000 to ETPL to be called upon in tranches as required and requested by ETPL. Subject to the following outstanding sums shall be repayable on such terms and in such amounts as is mutually agreed by the parties.