2 Oct 2009
THE DOCKS LIMITED V ANDREW JOHN NICHOLAS AND URSULA ELLA NICHOLAS HC AK CIV 2008-404-003767
- Citation
- openlaw-ccb7217d_be98_47c8_a2e9_494d47422fe9.pdf
- Court
- High Court
The default interest rate set at four times the ninety day bank bill buy rate was a penal provision and unenforceable; the contractual rate equivalent to double the ninety day bill rate in the general terms was a genuine pre-estimate and recoverable. Interest is recoverable on the unpaid portion of the purchase price (not on resale costs) at 18.12% p.a. (double the maximum bill rate) for the relevant period; claimed resale commission and marketing expenses were not proven and a reasonable combined commission and costs award is 5% of resale price. After credits for deposit and resale proceeds…