ADA RURAL BANK PLC VS ELECTROCHEM GHANA LTD.
2024
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE SHEILA MINTA
Areas of Law
- Civil Procedure
- Contract Law
2024
HIGH COURT
GHANA
CORAM
AI Generated Summary
This case involves a consent judgment based on a settlement agreement between the Plaintiff and Defendant. The agreement, dated 17th April, 2024 and filed on 27th May, 2024, has been adopted by the court. The Defendant has agreed to pay a total of GH¢1,000,000 to the Plaintiff, comprising GH¢900,000 for the Plaintiff's claims and GH¢100,000 for legal costs. The payment is structured in installments from April to October 2024. The agreement includes an integration clause stating that it embodies the entire understanding between the parties, and a default clause applies. The judgment was signed by Justice Sheila Minta of the High Court.
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.