Shipyard fails to pay sale and purchase commission
- Date: 01/01/1997
A sale and purchase broker acted for a shipyard in connection with the construction and purchase of three multi-purpose ships. Under the terms of a separate commission agreement, the shipyard was to pay 2% of the purchase price to the broker in four instalments at different stages of the construction of each ship. The instalments were not all made even though the construction and sale was accomplished; the brokers were owed considerable amounts of commission. Solicitors successfully attached property belonging to the shipyard, and eventually an amount of US$515,0000 was recovered for the Member. Although the recovery took the best part of five years, and the legal costs were substantial, an outstanding result was achieved for the Member.