ADA RURAL BANK PLC VS ELECTROCHEM GHANA LTD.
May 27, 2024
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE SHEILA MINTA
Areas of Law
- Civil Procedure
- Contract Law
May 27, 2024
HIGH COURT
GHANA
CORAM
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Let the Terms of Settlement executed and signed by the parties herein dated 17th April, 2024 and filed at the Registry of this Court on 27th May, 2024 be and is hereby adopted and entered as the Consent Judgment of the Court as follows:
1. The Defendant has agreed to pay the sum of GH¢900, 000. 00 to the Plaintiff in satisfaction of the claims of the Plaintiff arising out of this matter.
2. The Defendant has agreed to pay the sum of GH¢100, 000. 00 to the Plaintiff as legal costs.
3. The total sum of One Million Ghana Cedis shall be paid in the following manners: a. GH¢200, 000. 00 on or before 30th April, 2024. b. GH¢134, 000. 00 on or before 31st May, 2024. c. GH¢134, 000. 00 on or before 30th June, 2024. d. GH¢134, 000. 00 on or before 31st July, 2024. e. GH¢134, 000. 00 on or before 31st August, 2024. f. GH¢134, 000. 00 on or before 30th September, 2024. g. GH¢130, 000. 00 on or before 31st October, 2024.
4. That these terms of settlement embody the entire understanding of the parties herein in respect of the matters contained or referred to in connection with this claim and there are no promises, terms conditions or obligations, oral or written, express or implied other than those contained herein.
5. That the usual default clause shall apply.
(SGD. )SHEILA MINTA, J. JUSTICE OF THE HIGH COURT.
AI Generated Summary
The High Court of Ghana, presided over by Justice Sheila Minta, entered a consent judgment adopting Terms of Settlement executed on April 17, 2024 and filed on May 27, 2024. The agreement resolves the civil claim without trial, committing the defendant to pay GH a2900,000 in satisfaction of the claims and GH a2100,000 as legal costs, totaling GH a21,000,000. Payment is structured through seven installments scheduled from April through October 2024, with specific amounts and due dates, reflecting the parties negotiated performance plan. The judgment also records that the written settlement embodies the parties entire understanding of the claim, limiting obligations to the documented terms. Finally, the Court stated that the usual default clause applies, clarifying enforcement consequences if the payment schedule is not obeyed. This consent judgment formalizes and enforces the parties negotiated resolution.