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Can a collateral warranty be entered into with multiple beneficiaries?
Resource type: Ask
Published on 17-Mar-2017
I am dealing with a development project where a collateral warranty is needed from a consultant appointed by the main contractor in favour of multiple parties who have, or will have, an interest in the development, including the site owner, developer, buyer of the completed development and management company.
The Development Agreement for the project includes an approved form of warranty, but this envisages a single beneficiary and I am unsure if this could be adequately amended to refer to several beneficiaries, for example, by providing that the series of warranties are separate stand-alone warranties with each party, or whether it would be preferable for an individual warranty to be completed in favour of each of them.
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