ANDREA MARIA ORLANDI VS MAP CONSULT LIMITED
2016
HIGH COURT
GHANA
CORAM
- HIS LORDSHIP SAMUEL K. A. ASIEDU, J.
Areas of Law
- Contract Law
- Civil Procedure
2016
HIGH COURT
GHANA
CORAM
AI Generated Summary
The plaintiff sought to amend a court order to reflect the correct interest rate as per the contractual agreement following termination by the defendant. The court acknowledged its error and, despite the delayed application, amended the interest rate from 5% to libor plus 5% as originally agreed upon by the parties.
By a motion on notice filed on the 13th May 2016, the plaintiff/ applicant seeks the leave of the court to “amend the order for payment of interest dated 3rd February, 2014” on grounds stated in the supporting affidavit.
The said grounds are captured in paragraphs 5, 6, 7, 8 and 9 of the affidavit in support which states as follows: 5. That on 27th June, 2012, the Plaintiff and the Defendant entered into a contract for the sale of property no. 65, situate at Trassacco Valley, East Legon, Adjiringanor, Accra.
6. That by clause 13(2) of the agreement, in the event that the Vendor(the Defendant) terminates the agreement, the Vendor shall in addition to refund of all monies paid by the purchaser, pay interest on the principal amount at libor plus 5%. A copy of the agreement is attached to this affidavit and marked as exhibit “A”. 7. That the Defendant terminated the contract whereupon the Plaintiff brought the instant action claiming against the Defendant refund of deposits in the sum of US$400, 000. 00 together with interest. 8. That on 3rd February, 2014, this Honourable Court entered judgment against the Defendant on admission for the sum of US$400, 000. 00 together with interest at the rate of 5% from 27th June, 2012, to date of final payment.
A certified true copy of the judgment is attached to this affidavit and marked as exhibit “B’. 9. That I am advised by Counsel and I verily believe same to be true that since the parties agreed that in the event of termination of the agreement by either party, the party terminating the agreement shall in addition to refund of all deposits paid by the other party, pay interest on the principal sum at the rate of 5% plus libor until date of final payment.
Indeed the plaintiff had issued a writ and claimed against the defendant“(a) An order for payment of the sum of US$430, 000. 00 (Four Hundred and Thirty Thousand United Dollars) or its cedi equivalent at the prevailing forex bureau exchange rate at the date of final being part-payment for the purchase price for house no. 65, Phase 1, Trassacco Valley paid to Defendant by Plaintiff under failed Sale and Purchase Agreement dated 27th June, 2012, refund of which Defendant Company has failed to make good several demand notices notwithstanding.
b) Interest on the said sum of US$430, 000. 00 (Four Hundred and Thirty Thousand United Dollars) at the rate of libor plus 5% from 27th day of June, 2012, up to and inclusive of the date of final payment.
c) Costs, including