AUGUSTINE AMOAKO vs INTERCONTINENTAL WAPIC INSURANCE

JUDGMENT BY COURT: In this civil action which sounds in the Law of Commerce, the central issue is whether it is lawful to pay over to the Plaintiff the value of the performance bond posted by DW1 (Caradoc Mills Lamptey) to the Plaintiff. The Plaintiff is Augustine Amoako, the proprietor of Amoanicom Ventures; the Defendant is Intercontinental WAPIC Insurance Co. Ltd which secured the performance of the contract entered into between the Plaintiff and DW1. Caradoc Mills Lamptey who testified as DW1 for the Defendant in this suit is a business consultant as far as the evidence on the Courts record goes. The Plaintiff caused the Writ of Summons in this action to issue on 19th November 2012 claiming against the Defendant the sum of US$110,000 as the sum payable by the Defendant to the Plaintiff in terms of the Performance Bond with Guarantee No. IW/0766/2011/PB/HO executed by the Defendant in favour of the Plaintiff. The Plaintiff claims on this sum of money interest at the prevai...