OAK FINANCIAL SERVICES LTD. vs DR. EMMANUEL LAUD QUARTEY
October 24, 2022
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE AFI AGBANU KUDOMOR (MRS.)
Areas of Law
- Contract Law
- Civil Procedure
October 24, 2022
HIGH COURT
GHANA
CORAM
AI Generated Summary
This matter culminates in a consent judgment in the High Court, Commercial Division, Accra, presided over by Her Ladyship Justice AFI AGBANU KUDOMOR (Mrs.). The plaintiffs suit, filed on 1 June 2022, sought recovery of GH206,174.95 outstanding as of 14 April 2022, together with contractual interest at 3.5% per month, damages for breach, legal fees of 10%, and costs. On 13 September 2022, the parties executed Terms of Settlement acknowledging the outstanding amount and agreeing that the plaintiff would accept GH200,000.00 in full and final settlement if paid by 31 December 2022. The agreement defined default, made the outstanding balance immediately payable with interest at 5.5% per month from 14 April 2022 in the event of default, dispensed with any obligation to notify default, and authorized execution without leave. On 17 October 2022, the terms were filed, and the court adopted them as its consent judgment, which constitutes a final judgment extinguishing the parties rights and claims in the suit.
A. Whereas the Plaintiff commenced an action in this Honourable Court against the Defendant herein claiming the following reliefs endorsed on its Writ of Summons filed on the 1st day of June, 2022:
i. The recovery of the sum of Three Hundred and Six Thousand, One Hundred and Seventy-Four Ghana Cedis, Ninety-Five Pesewas (GH¢306,174.95) being the outstanding amount as at 14th April, 2022.
ii. Interest on the said sum of Three Hundred and Six Thousand, One Hundred and Seventy-Four Ghana Cedis, Ninety-Five Pesewas (GH¢306,174.95) at contractual rate of 3.5% per months from 14th April 2022 to date of final payment.
iii. Damages for breach of contract
iv. Legal fees being 10% of the sum due the Plaintiff at the date of final payment.
v. Costs, including legal fees.
B. The parties have now agreed to amicably resolve the matter in terms of this agreement as follows:
1. The total amount owed by the Defendant to the Plaintiff at 14th April 2022, was Three Hundred and Six Thousand, One Hundred and Seventy-Four Ghana Cedis, Ninety-Five Pesewas (GH¢306,174.95) (hereinafter referred to as the Outstanding Amount)
2. The Plaintiff agrees to accept the Defendant agrees to pay the sum of Two Hundred Thousand Ghana Cedis (GH¢200,000.00) (hereinafter to the Plaintiff as the Agreed Amount) in full and final settlement of the Defendant’s indebtedness to the Plaintiff.
3. The Agreed Amount shall be paid by the Defendant to the Plaintiff by 31st December 2022.
4. The Defendant shall be deemed to be in default under this Agreement if he fails to pay the Agreed Amount by 31st December 2022, or fail to comply with any and/ or all of his obligations under this Agreement.
5. If the Defendant is in default under this Agreement, the Outstanding Amount less any payments made under this Agreement shall become immediately payable; together with any and all interests due and payable under the Facility Agreement being 5.5% per month from 14th April 2022 to date of final payment.
6. If the Defendant defaults, the Plaintiff shall not be under obligation to notify the Defendant that a default has occurred; but a notice by the Plaintiff to the Defendant that a default has occurred shall be sufficient proof that an event of the default has occurred.
7. In any event of default, the Plaintiff shall be entitled without leave of the Court, to levy execution against the Default and/or his assets.
8. These terms of settlement constitute to the entire understanding of the Parties,