South Africa Case Law

Radell v Multilateral Motor Vehicle Accident Fund (563/93)

Radell v Multilateral Motor Vehicle Accident Fund (563/93) [1995] ZASCA 35; 1995 (4) SA 24 (AD); [1995] 2 All SA 392 (A) (29 March 1995)

Court

Supreme Court of Appeal

Case number

563/93

Judges

Joubert, Nestadt, Steyn, F H Grosskopf, Nienaber

The Supreme Court of Appeal held that the trial court erred in using the exchange rate at the date of the tender to compare the value of the tender and the award. The correct approach, consistent with the principle of currency nominalism and established case law, is to use the exchange rate at the date of judgment, as that is when the award becomes payable. The court found that, when converted at the judgment date exchange rate, the award exceeded the tender. Consequently, the costs order made by the trial court was incorrect and had to be set aside. However, due to the limited record, the ap…

Source excerpt

• Costs Awards
• Currency Nominalism
• Conversion Of Foreign Awards
• Rule 34 Tender
• Exchange Rate Fluctuation