Q8 OIL (GH) COMPANY LTD vs. AFRICAN LINK CONSUL, EQUITY ASSURANCE LIMITED

JUDGMENT The plaintiff entered into a contract of sale agreement with the 1st defendant for the supply of petroleum products. Under the terms the plaintiff was given a GHC300, 000.0 credit facility. The credit facility was secured by an Insurance Performance Bond signed between the 2nd defendant and the 1st defendant. The performance bond covered supply of petroleum products to the same amount as the credit facility. The insurer was therefore bound to pay default in payment of credit threshold of GHC300, 000.0. On the 25th of April 2013, the plaintiff filed an action against both the purchaser and the guarantor (insurance Company) jointly and severally claiming the following reliefs; a) An order compelling the defendants to pay forthwith to the plaintiff the sum of GHC106, 899.60, the total amount due the plaintiff as at January 18, 2013. b) Interest on the said sum of GHC106, 899.60 at the prevailing commercial rate from 18th January, to date of final payment. c) Damages for br...