Twed Consulting Company Ltd v Springwood Capital Partners Ltd
Twed Consulting Company Ltd v Springwood Capital Partners Ltd (Civil Suit No. 550 of 2014) [2017] UGCommC 1 (10 February 2017)
The court found that the agreement dated 12th March 2012 expressly required the Defendant to refund 67.5% of the US$75,000 loaned by the Plaintiff to the consortium, amounting to US$50,625. The subsequent consortium agreement dated 15th December 2012, to which the Plaintiff was not a party, could not vary or affect the Defendant's obligation under the original agreement. The contract was silent on the specific time for repayment, but given the urgent nature of the loan and the fact that the Plaintiff was excluded from the consortium, the court held that the Defendant was required to refund th…
Source excerpt
- Contract Interpretation
- Loan Repayment
- Consortium Agreements
- Summary Suit Procedure