HIGH PERFORMANCE DISTRIBUTION (GH.) LTD vs IT MARKET LIMITED

WHEREAS:

A. By a Writ of Summons and a Statement of Claim filed on 12th January 2022 the Plaintiff commenced the instant action against the Defendant seeking the following reliefs:

a. An order directed at the Defendant to pay the Plaintiff the amount of Six Hundred and Seventy-Six Thousand, Five hundred and Sixty-One United States Dollar Seventy-Five Cents. (USD 676,561.75) owed to the Plaintiff from the purchase of various IT products purchased on credit.

b. An order directed at the Defendant to pay the prevailing ABSA Bank of Ghana interest rate for lending on the said amount Six Hundred and Seventy-Six Thousand, Five hundred and Sixty-One United States Dollar Seventy-Five Cents. (USD 676,561.75) from the 1st of January 2021 until the date of full and final payment.

c. General Damages.

d. Other just reliefs that this Court may deem fit to grant.

e. Costs not limited to Lawyer’s fees

2. The Defendant entered appearance to the suit, after which the Plaintiff and the Defendant engaged in talks with the view to amicably resolving the dispute. The Plaintiff and Defendant herein have settled the suit in respect of cause of action and claim against the Defendant, in terms of the following terms of settlement.

a. That the Defendant shall pay to the Plaintiff, a monthly sum of Twenty Thousand United States Dollars (USD 20,000.00), payable at the end of each month, until the total sum is fully paid up.

b. That the Defendant shall in addition pay to the Plaintiff’s Lawyer’s on or by the end of April 2023, a total sum of Thirty Thousand United States Dollars (USD 30,000.00) as the legal fees of the Plaintiff, and the Plaintiff’s Lawyers acknowledge receipt of an initial amount of Ten Thousand United States Dollars (US$10,000.00) on account of fees.

3. These Terms of Settlement record the full and final settlement of any past, present or future claims or rights of action that the parties have or may have against each other arising out of, in connection with, or in relation to, the Plaintiffs’ present claim against the Defendant, whether or not such claims are, or could have been, in their contemplation at the date of these Terms of Settlement, and the Parties (and their heirs, agents, assigns, servants and other persons claiming through them) hereby irrevocably relinquish all claims, demands or assertions of any rights against each other in connection with this suit.

4. Each Party acknowledges and confirms that the preparation of these Terms of Settleme