||All England Reporter
|| All ER (D) 145 (Jan)
|| EWHC 50 (Comm)
||Queen's Bench Division, Commercial Court
||Paul Stanley (instructed by Allen & Overy LLP) for the claimant.
||Simon Colton (instructed by Izod Evans) for the defendant.
||21 January 2010
Contract - Construction - Conduct of parties - Claimant bank retained by client with payment subject to formula - Dispute arising regarding numerator and denominator of formula - Bank invoicing client for amount based on one ratio - Client refusing to pay - Bank seeking declaration - Whether words 'implicit in the transaction' referring only to numerator, whilst denominator calculated by reference to 2006.
Contract Construction. The Commercial Court held, in giving effect to a formula to calculate the banks fee, that a reasonable person would have understood the parties to have meant that the numerator and the denominator of the formula were to relate to the same period in time and that the denominator was not to be linked to a particular year.
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