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What contract?


TIM SLINGER

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SACKED NATIONAL HOUSING CORPORATION (NHC) chairman Marilyn Rice-Bowen has described a document which was highlighted in yesterday’s DAILY NATION as a finance contract between NHC and CLICO as a mere “term sheet for a loan”.“Anyone who knows anything about finance would know that when you arrange a loan with a financial institution, you sign a term sheet to secure the key aspects of how much you are borrowing,” Rice-Bowen told the DAILY NATION last night.“This has nothing at all to do with the obligations of CLICO Property Development Inc. as the contractor at Constant,” she added.Declaring once more that she was standing behind her previous statement that, as chairman, she never signed any contract for the housing project at Constant, St George, Rice-Bowen referred to the NHC minutes of June 30, 2010.“I find it abhorrent that anyone would seek to divert the public and produce a term sheet from CLICO International General Insurance and label it as a contract, knowing full well that we were always concerned at the NHC about having a contract in place with the contractor,” the former NHC chairman said.Not correct
Meanwhile, attorney-at-law Anthony Audain has also described the document indicating a contract between NHC and CLICO as a term sheet.Audain noted that a term sheet or offer letter was a precursor to the detailed loan financing agreement that would embody the terms of the offer but would additionally, “contain the very detailed provisions governing the loan and set out the respective obligations of the parties”.“It is thus incorrect to describe the offer letter or term sheet as a finance contract,” Audain said.

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