Contract – retention – conditions precedent for release

Relicpride Building Co Ltd v Cordara & another [2013] EWCA Civ 158

The background

In the late 1990s a developer (Faddian) acquired a site off Pond Street in Hampstead, London NW3 for residential development. It obtained planning permissions and engaged the claimant (Relicpride) to carry out the building work. In 2001 the first defendant and his wife, the second defendant (C) were introduced to the development and on 12 June 2001 they entered into a contract with Faddian for the sale of the site to them for the price of just over £2.2m.