Lloyds Bank plc v McBains Cooper  EWHC 2045 (TCC) does not create any new law but it confirms that:
Project Monitors are a funder’s “eyes and ears” in relation to a project, in this case a development of a church in London. Also, their role is not limited to simply providing information in its monthly progress reports. This is because when they produce these reports, they are “effectively advising the Bank to pay the sum stated in the report”. In the case in question, the Project Monitor had not carried out its obligations properly as it should have reported certain issues to the funder; which would have led to the funder withdrawing the facility and ultimately enforcing it security at a much earlier stage;
where a court is not satisfied by the evidence being submitted by expert witnesses, it in-fact commented that the evidence was “pretty unsatisfactory on both sides” as neither expert’s evidence was susceptible to detailed analysis, the court is therefore able to adopt a “broad brush” approach in reaching a conclusion.
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