14 Jun 2018
HI-TECH LTD v WAIKATO MILKING SYSTEMS PARTNERSHIP LTD [2018] NZHC 1413 [14 June 2018]
- Citation
- [2018] NZHC 1413
- Court
- High Court
Clause 9.2(b) was to be given a broad commercial construction to protect the vendor's earn‑out entitlement; it encompasses the giving up/cessation of a part of the Business (here the direct servicing function contributing c.11.67% of revenue) even absent a transfer of legal title or grant of rights to a third party, and WMS's cessation/disposal of the servicing function triggered immediate liability for the contingent sums; summary judgment accordingly granted for Hi‑Tech.