Pact Properties Pty Limited v APF Commercial Pty Limited [2008] NSWSC 889

Pact Properties Pty Limited v APF Commercial Pty Limited [2008] NSWSC 889

The retention amount is to be calculated as 25 percent of the purchase price determined in accordance with clause 3.1(a) of the sale agreement as at the completion date (30 November 2005). Only the income from Property Management Agreements that have been novated to the first defendant as at that date are to be included in the calculation. The agreed interest rates are 6 percent per annum, simple, from 30 November 2005 to 30 November 2006; thereafter, the Westpac Indicator Lending Rate plus two percent applies.

Jurisdiction
Australia
Judgment Date
22 July 2008
Procedural Posture
Contract Dispute / Final Judgment on Preliminary Questions
Outcome
Judgment providing answers to preliminary questions as outlined in paragraph 60.
Legal Topics
['construction and Interpretation of Contracts' 'calculation of Retention Amount' 'calculation of Purchase Price' 'interest Rate Payable' 'variation Agreement']
['contract Law' 'commercial Law'] ['construction and Interpretation of Contracts' 'calculation of Retention Amount' 'calculation of Purchase Price' 'interest Rate Payable' 'variation Agreement']

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Procedural Posture

Contract Dispute / Final Judgment on Preliminary Questions

Legal Issues

  1. 1 ['Proper construction of retention amount under sale agreement and variation agreement' 'Determination of income to be used in calculation of purchase price' 'Interest rate applicable to retention amount']

Ratio Decidendi

The retention amount is to be calculated as 25 percent of the purchase price determined in accordance with clause 3.1(a) of the sale agreement as at the completion date (30 November 2005). Only the income from Property Management Agreements that have been novated to the first defendant as at that date are to be included in the calculation. The agreed interest rates are 6 percent per annum, simple, from 30 November 2005 to 30 November 2006; thereafter, the Westpac Indicator Lending Rate plus two percent applies.

Court Disposition

Judgment providing answers to preliminary questions as outlined in paragraph 60.

Orders

  • ['The answers to the separate questions are to be recorded as per para 60.']