Contracts — default, language in document

Posted July 30, 2015 3:25 PM

Where a party has failed to pay an “overadvance” required by the terms of the contract, barring contractual language linking the terms, that failure is not a breach of a financial covenant requiring the party to go into default.The Illinois Appellate Court, 1st District, affirmed the decision of Cook County Circuit Judge Mary Lane Mikva.GDI LLC provided electronic perimeter fencing for correctional facilities. The company had a “longstanding commercial banking relationship” with Cole Taylor Bank.On …

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