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Contract – Commercial contract. The Commercial Court upheld two out of three claims brought by the claimant company for breach of a share and business sale agreement concerning sugar, ruling that, on the true construction of the agreement, the claimant was entitled to be indemnified in respect of any losses incurred in taking action to avoid an excluded liability, namely the liability to pay duty, and that there had been a breach of a term of the agreement to issue a performance certificate for one of the businesses transferred under the agreement and to reduce the purchase price where the efficiency level of one business was less than 95%.
Contract – Commercial contract. The Commercial Court upheld two out of three claims brought by the claimant company for breach of a share and business sale agreement concerning sugar, ruling that, on the true construction of the agreement, the claimant was entitled to be indemnified in respect of any losses incurred in taking action to avoid an excluded liability, namely the liability to pay duty, and that there had been a breach of a term of the agreement to issue a performance certificate for one of the businesses transferred under the agreement and to reduce the purchase price where the efficiency level of one business was less than 95%.
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