ASAHIN INDUSTRIES LTD. v. KOFIFOH BOATBUILDING CO. LTD.

JUDGMENT OF FRANCOIS J.S.C.

Francois J.S.C. delivered the ruling of the court. The defendant-applicants move for a stay of execution "of the order made by the High Court that a 50-footer fishing vessel be delivered to the plaintiff-respondents on or before 31 December 1985." The facts averred in support of the application disclose an original agreement between the parties whereby the applicants would build a 50-footer fishing vessel for the respondents at the price of ¢458,150. It appears that by 31 August 1979, the respondents had made deposits totalling ¢358,150 for the said boat. Apparently the difference of ¢100,000 unpaid, represented fishing tackle that could either be supplied and paid for later or dispensed with altogether. By 28 August 1984, a period of about five years, the applicants had not discharged their part of the obligation to supply the fishing vessel, so the respondent sued for recovery of their deposit of ¢358,150, with interest on the said sum, and ¢10 million damages.

Moves to settle the dispute were initiated, the applicants engaging counsel to promote their interest. The net result was an agreement embodied in a settlement dated 14 December 1984, and entered as a judgment of the court below which is recapitulated hereunder as follows:

"TERMS OF SETTLEMENT

The parties have agreed to settle the above-named suit as follows:

1. The defendants should complete and deliver to the plaintiffs a 50-footer fishing vessel within six (6) months from 1 January 1985.

2. The said 50-footer fishing vessel should be delivered to the plaintiffs by the defendants at Tema Harbour on or before 30 June 1985.

3. The plaintiffs shall be at liberty either by themselves or their agents to visit the workshop of the defendants to view the condition or progress of the work on the 50-footer fishing vessel.

4. The defendants shall pay to the plaintiffs or their counsel ¢50,000 as costs on or before the execution of these presents.

5. These terms of settlement shall be recorded as judgment of the court.

Dated at Accra, 14 December 1984."

When the last day of June 1985 slipped by without a 50-footer fishing vessel being supplied, the respondents brought contempt proceedings against the applicants herein. We do not wish to pronounce [p.456] on the merits of the recourse adopted; this would be purely academic as the application in any case failed. It is significant, however, to observe that the applicants contended there and have repeated those argu