Phoenix Salt Industries (Pty)Ltd v Lubavich Foundation of South Africa (2022/1298)
Phoenix Salt Industries (Pty)Ltd v Lubavich Foundation of South Africa (2022/1298) [2023] ZAGPJHC 27 (19 January 2023)
The court accepted the respondent's version that the applicant, through its directors, permanently waived its right to call up the loan and enforce repayment under the agreement. The evidence showed that the intention was for Golden Hands to settle the debt, and the applicant never sought repayment during the tenure of the original directors. The non-variation and non-waiver clauses in the contract do not preclude a permanent waiver, as clause 9.4 only relates to indulgences and temporary waivers, not the permanent abandonment of rights. The distinction between variation and waiver is materia…
Source excerpt
- Contract Non Variation Clause
- Waiver Of Rights
- Shifren Rule
- Pactum De Non Petendo
- Loan Agreement Enforcement