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Bank Draft

Posted in Construction

Consider the following: an owner calls for tenders, a general contractor submits a bid and encloses a bank draft for bid security, the general’s bid is low, and the owner awards the contract to the general. That is the way it is supposed to work. However, what happens when the general supplies a bank draft that does not seem to be perfect on its face? This is the scenario in Good Mechanical v. Canadian Imperial Bank of Commerce, a 2005 decision of the Ontario Superior Court of Justice.

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