Property developer Port Bouvard has announced an unusual set of agreements with its former chief executive Ross Neumann, who has defaulted on the purchase of one of the company's Oceanique apartments.
The company said that Mr Nemann had an interest in an off-the-plan contract to purchase an Oceanique apartment, but was unable to complete his contractual obligations.
The company and Mr Neumann have agreed to terminate the contract; in return, the deposit of $256,000 has been forfeited.
In addition, Mr Neumann has agreed to "acknowledgement of further damages, guarantees in favour of the company, an undertaking to advise the company in the future should his financial circumstances change and an agreement to enter into good faith negotiations if that is the case".
The company has also entered into a consultancy agreement with Mr Neumann, which will include "the promotion of Oceanique apartments", which are located south of Mandurah near the Dawewsville cut.
"The company has engaged Mr Neumann in recognition (of) his depth and experience in sales, as well as his knowledge of the company and the Oceanique apartment development," it said in a statement.
"Mr Neumann will be paid normal third party commercial rates for these services."
Oceanique is one of several apartment projects around Mandurah that has suffered from sharp falls in property prices.
