What is the legal status of amounts paid as cash cover for a bank guarantee in a joint venture project that was cancelled by the Project Owner before its completion?
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Radiif AI Legal Assistant
⚡ Quick Answer:
The amounts paid as cash cover must be reimbursed to the party that paid them, if the project was cancelled and the contract could not be completed, and there is no longer any legal justification for the other party to retain those amounts.
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