RICHARD AKWEI vs. IMPERIAL HOMES LIMITED

JUDGMENT The Parties herein undersigned an agreement on May 4th 2012, the terms under which the defendant was to construct 12 luxury apartments within 20 months from the date of execution thereof. Paragraph 11 of the said agreement stipulated sanctions against the defendant in the event of failure to complete the construction within the stipulated 20 months period. The defendant completed the work in December 2014 instead of January 2014, consequently on the 23rd of October 2014 when work was about 95% completed, the plaintiff herein filed this action against the defendant Company claiming the sum of GHC533,550.73 as money lost to the plaintiff consequent to the delay of the construction of the apartments. CASE OF THE PLAINTIFF It is the case of the plaintiff that by a joint venture agreement dated 4th May 2012, he agreed to transfer all his interest in the property situate at no. 5 Mankata Avenue to the defendant who was to construct 12 (two-bedroom) luxury apartments. The agreed...