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By Giorgos Kazoleas, LL.M., Lawyer, Managing Partner at Legal Experts Cyprus The purchase or construction of a new residence is one of the most significant financial and personal decisions a consumer can make. Residential construction contracts or agreements for the sale of property under construction are a crucial and defining element of the entire process, as certain terms they may contain can be detrimental to the buyer. One of the most critical aspects is the contractual delivery time of the project and the provision for delay, through the so-called delivery delay clause. The Delivery Delay Clause: Its Role and Legal Nature The delivery delay clause (also known as a penalty clause in the event of default) is a term usually included in the contract that specifies a predetermined compensation amount that the contractor or seller must pay to the buyer for every day, week, or month of delay beyond the agreed delivery date. The purpose of the clause is twofold: -Compensatory: ...

Judgment of the Court of Justice in Case C-368/24 /Commission v Greece (Enforcement of the judgment on the Zakynthos landfill). Failure of a Member State to fulfil its obligations: Greece is ordered to pay financial penalties for failing to comply with a 2014 judgment of the Court of Justice. Greece is ordered to pay the European Commission a periodic penalty payment of €12 500 for each day of delay until the 2014 judgment has been complied with and a lump sum of €5 500 000 In the 2014 Commission v Greece judgment, [1] the Court held that Greece had failed to fulfil its obligations under two directives on waste. [2] [3]  Greece had not put an end to the use of a landfill in the Zakynthos National Maritime Park, the habitat of the ‘Caretta caretta’ sea turtle, even though the landfill was overfull and its malfunction represented a danger to health and the environment. With regard to the present case, an exchange of correspondence took place between the European Commission and Greece...

The UK Supreme Court delivered a major judgment that clarified the law on undisclosed commissions in motor finance, which has significant implications for the finance industry and millions of consumers. Issue: Does a car dealer who receives a commission from a lender for arranging finance in a tripartite transaction between customer, dealer, and lender in which a car is bought on credit owe a duty to the buyer of the car such as to enable that buyer (absent the requisite level of disclosure) to bring a claim against the lender for bribery or dishonest assistance, or under the Consumer Credit Act 1974 (the “CCA”)? Fiduciary Duty: The court ruled that, in a typical three-cornered motor finance transaction (dealer, lender, and customer), car dealers do not owe a fiduciary duty of loyalty to their customers. This overturned the Court of Appeal's finding that the commission payments constituted a form of "half-secret commission" and were a breach of fiduciary duty or a b...