Hi,
My company is in contracting firm, and taken contract to construct bunglow og stilt + upper three storied. Company entered into agreement . There is one clause mentioned that payment is essence of contrct. Company started work, completed up to 2nd floor slab but due to non timely payment company stopped the work. Now the owner of bunglow approched State consumer redressal forum and asking for 25 lakh compenstion showing difficiency in service. Rather the total contract amount is about 32 lakh excluding taxes. And paid amount was 14lakh. So advise me what to do. On good faith company completed work of Rs.18lakh.
