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Owner's Financing Statements Not Fraudulent Project Financing; Bids

Sunday, February 02, 2003 12:36 pm

 
Owner's Financing Statements Not Fraudulent Project Financing; Bids

A federal court has ruled that a project owner's alleged statements regarding available financing, purportedly intended to induce the contractor to lower its bid, would not constitute fraud under New York law.

American Rock Salt Company negotiated a contract with the joint venture of Frontier-Kemper Constructors, Inc. and Flatiron Constructors, LLC ("Frontier") for construction of a mine in Mt. Morris, New York. After extensive discussions regarding the scope of work, production guarantees, liquidated damages for late completion, and various contingencies, the contractor quoted a price of $75.5 mi [...]

 
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