An Edwardsville corporation says a development company owes it thousands of dollars for equipment it leased.
Valley Contractors filed a suit April 13 in Madison County Circuit Court against Peabody-Waterside Development.
Valley Contractors says it entered into a written lease agreement with Peabody on Aug. 3, 2007, in which Peabody agreed to pay $9,885.70 per month for 24 months for an 815 F compactor.
On Aug. 8, 2007, Valley Contractors and Peabody entered into another agreement in which Peabody agreed to $2,500 per month for 24 months for a GPS for Peabody D-10 Dozer.
Valley Contractors claims that in July 2007, it entered into an oral commercial lease agreement with Peabody where Peabody agreed to pay $4,000 per month for 24 months for a GPS base with rover stick.
On June 12, 2007, Valley Contractors and Peabody entered into a written commercial lease agreement in which Peabody agreed to pay $1,000 per month for 24 months for a GPS rover stick.
Again on June 28, 2007, Peabody leased a D6R Cat Dozer with GPS from Valley Contractors for $11,462.70 per month for 24 months.
On July 3, 2007, Peabody leased a 1997 Chevy Suburban for $440 per month for 24 months.
Finally, on Aug. 3, 2007, Peabody leased a hotsy pressure washer trailer mounted for $480 for 36 months.
However, in June, Valley Contractors says Peabody stopped making monthly payments on all the equipment and still owes $369,011.64.
Even though Valley Contractors has made a demand for the payments, Peabody has refused to pay.
In addition to the money it is owed, Valley Contractors is seeking costs and other relief the court deems just.
Clifford C. Emons of Emons Law Office in Alton will be representing the company.
Madison County Circuit Court case number: 09-L-378.
Valley Contractors sues over unpaid leased equipment
ORGANIZATIONS IN THIS STORY