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JUDGMENT
WHEREAS:
The Plaintiff herein commenced an action per a Writ of Summons dated 30th January 2018,
against the Defendants for the following reliefs:
a. An Order of the Honourable Court compelling the Defendant to pay to the
Plaintiff, cash the sum of Seventeen Million Ghana Cedis
(GH¢17,000,000.00); being the contract sum entered into between the Plaintiff
and the Micro – Finance and Small Loans Centre (MASLOC) and which said
agreement was entered into on 11th November, 2016.
b. Interest on the contractual sum from the date when payment was due till time of
final payment at the current bank rate
c. Legal fees.
d. Further orders as the Honourable Court deems fit to make by exercising her
inherent jurisdiction.
AND WHEREAS the parties have agreed to settle the matter out of Court on the terms stated
hereunder.
THE PARTIES HEREBY AGREE AS FOLLOWS:
1. The unit price of each tricycle shall be reduced from Eight Thousand Five Hundred
Ghana (GH¢8,500.00) to Seven Thousand Ghana Cedis (GH¢7,000.00).
2. The One Hundred and Forty-Five (145) tricycles supplied by the Plaintiff to MASLOC
shall amount to One Million, Fifteen Thousand Ghana Cedis (GH¢1,015,000.00).
3. MASLOC has agreed to reduce the penal interest accrued on the loans granted to the
Plaintiff by 50%.
4. The loans (i.e. principal, interest and penal interest) granted to the Plaintiff by
MASLOC shall amount to One Million, Two Hundred and Fifty–Five Thousand,
One Hundred and Eighty Ghana Cedis (GH1,255,180.00).
5. After a set off between the cost of the tricycles supplied and the amount owed to
MASLOC by the Plaintiff, the outstanding amount of Two Hundred and Forty
Thousand, One Hundred and Eighty Ghana Cedis (GH¢240,180.00) is owed and
payable to MASLOC by the Plaintiff.
6. The Plaintiff shall supply to MASLOC One Thousand, Six Hundred and Thirty (1,630)
additional tricycles at a unit price of Seven Thousand Ghana Cedis (GH¢7,000.00)
amounting to Eleven Million, Four Hundred and Ten Thousand Ghana Cedis
(GH¢11,410,000.00).
7. A further set off between the sum of Eleven Million, Four Hundred and Ten
Thousand Ghana Cedis (GH¢11,410,000.00) and the amount of Two Hundred and
Forty Thousand, One Hundred and Eighty Ghana Cedis (GH¢240,180.00) owed
by the Plaintiff to MASLOC referred to in paragraph 4 above amounts to Eleven
Million, One Hundred and Sixty-Nine Thousand, Eight Hundred and Twenty
Ghana Cedis (GH¢11,169,820.00).
8. The parties agree that the new contra