Sajjabi v Heng Rong International Limited (Civil Suit 991 of 2020)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The court held that where parties agree to a surcharge of 50% interest in case of breach, such contractual interest is enforceable. The defendant having paid the principal sum of USD 175,000 in April/May 2022 when payment was due by October 2017, the court awarded interest at 50% on that sum. Costs were awarded to the plaintiff as the parties had agreed that costs follow the cause.
Outcome
Plaintiff awarded contractual interest and costs
Facts
The parties entered into an agreement dated 4 September 2017 for the sale of property. Clause 6 of the agreement provided that in case of breach, the seller would indemnify the buyer with a surcharge of 50% interest on monies paid. Clause 3 required all payments to be made by 4 October 2017. The defendant paid the principal sum of USD 175,000 in April or May 2022, several years after the contractual deadline. The parties entered a partial consent judgment acknowledging the principal sum and agreeing that costs would follow the cause. The remaining issue before the court was whether the plaintiff was entitled to interest and costs.
Issues
- Whether the Plaintiff is entitled to interest on the principal amount agreed in the partial consent judgment.
- Whether the Plaintiff is entitled to costs as prayed.
Orders
- Interest of 50% awarded on the sum of USD 175,000 paid by the Defendant to the Plaintiff during April/May 2022.
- Costs of the suit awarded to the Plaintiff.
Rules and key headnotes
Cases cited (1)
- 891[9 it Construction v AG. Civil Suit 577/2005
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.