Tam v Z5 Venture Capital Pty Limited [2017] NSWSC 1750

Tam v Z5 Venture Capital Pty Limited [2017] NSWSC 1750

The Proposal Letter constituted a separate agreement entitling the second plaintiff to an additional 5% interest if the first plaintiff's visa application was unsuccessful, which was not superseded by later documents; thus the plaintiffs' entitlement to 15% interest per annum is established.

Jurisdiction
Australia
Judgment Date
14 December 2017
Procedural Posture
Contract Dispute / Judgment After Notice of Motion for Summary Judgment and Admissions
Outcome
Judgment for the second plaintiff; orders for costs and liberties to apply.
Legal Topics
['construction and Interpretation of Contracts' 'interest Entitlement' 'costs' 'judgment on Admissions']
['contract Law' 'civil Procedure'] ['construction and Interpretation of Contracts' 'interest Entitlement' 'costs' 'judgment on Admissions']

Case Brief

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Procedural Posture

Contract Dispute / Judgment After Notice of Motion for Summary Judgment and Admissions

Legal Issues

  1. 1 ['Whether the later agreement superseded earlier agreements.' "Whether the second plaintiff is entitled to additional interest if the first plaintiff's visa application was declined." 'Entitlement to costs for proceedings commenced prematurely.']

Ratio Decidendi

The Proposal Letter constituted a separate agreement entitling the second plaintiff to an additional 5% interest if the first plaintiff's visa application was unsuccessful, which was not superseded by later documents; thus the plaintiffs' entitlement to 15% interest per annum is established.

Court Disposition

Judgment for the second plaintiff; orders for costs and liberties to apply.

Orders

  • ['Judgment for the second plaintiff in the sum of $1,454,411.' "Order the defendant to pay the plaintiffs' costs of the proceedings, excluding directions hearings or appearances prior to 23 October 2017, subject to written application by 29 January 2018." 'Liberty to apply for a gross sum costs order pursuant to s...