30 Nov 2023
SKYCITY ENTERTAINMENT GROUP LIMITED v MPF PARKING NZ LIMITED [2023] NZHC 3446
- Citation
- [2023] NZHC 3446
- Court
- High Court
The phrase "the relevant date" in the definition of "Market Value" must be read in the context of the Concession Agreement as a whole and means the date specified in the applicable definition of Compensation Sum; here that date is the date immediately prior to the destruction or damage (21 October 2019). Schedule 10 and the IVS do not compel discounting the forecast cash flows to the Proposed Termination Date and do not override the ordinary contractual instruction to calculate Market Value as at the specified valuation date; commercial or PPP arguments did not justify displacing the contract…