Action by a group of persons who entered into development agreements, against the Developer.
A case for the payment of contractual penalties due to delays in concluding agreements for the transfer of ownership of real estate units in a multifamily building. Contractual penalties were stipulated in development agreements in the amount of 0.01% of the purchase price of the property per one day of delay if the deadline for transferring ownership of the property was not met. The Developer then inserted a provision in the template agreement transferring ownership of the units that “the agreement exhausts all claims of the parties under the development agreement,” which was intended to eliminate the obligation to pay contractual penalties. According to the Claimant, this provision constitutes a prohibited clause, which is not binding on group members.
12 group members
The case have been legally concluded.