ISLAMABAD: The Supreme Court on Friday settled a contractual dispute spanning more than two decades, holding that the Trading Corporation of Pakistan (TCP) was justified in forfeiting a performance guarantee after a trading company failed to deliver urea despite receiving multiple extensions.
Headed by Chief Justice of Pakistan (CJP) Yahya Afridi, a three-judge SC bench disposed of cross-appeals filed by TCP and M/s Abdullah Mezroei Metal Trading Company against a Nov 24, 2015 Sindh High Court (SHC) judgment arising from a 2005 contract for the import of 50000 metric tonnes of urea.
SC پریکړه وکړه چې د TCP د بشپړ فعالیت تضمین ضبط کول د قضیې په شرایطو کې توجیه او معقول و. دا دا هم ویل شوي چې سوداګریز شرکت د TCP څخه د 3.465 ملیون ډالرو، یا کوم بل پیسو د بیرته ترلاسه کولو حق نلري.
The court set aside the SHC judgments directing the refund of the performance guarantee, while upholding the rejection of the trading company’s claim for damages. As a result, the company’s appeal was dismissed.
شخړه وروسته له هغه رامنځ ته شوه کله چې TCP د اګست په 18، 2005 کې د 50000 میټریک ټنه یوریا رسولو لپاره داوطلبۍ ته بلنه ورکړه. د سوداګریز شرکت داوطلبۍ په هر متریک ټن کې 225 ډالر د 2005 کال د اګست په 31 ومنل شوه چې د قرارداد اجرا کیدو لامل شو.
Under the agreement, the company was required to furnish a performance guarantee equal to three per cent of the contract value within seven days of acceptance. TCP، په بدل کې، مکلف و چې د تضمین ترلاسه کولو په 10 ورځو کې دننه د بشپړ قرارداد ارزښت لپاره د کریډیټ لیک (LC) پرانیزي.
The contract required shipment in three consignments, within 15, 22 and 29 days of the opening of the LC and expressly stated that time was of the essence. It also provided that the performance guarantee could be forfeited if the supplier failed to deliver the goods within the stipulated period or breached any contractual term. The guarantee further stipulated that any extension of time granted by TCP would not absolve the supplier of liability.
Separately, even before its contract with TCP had been finalised, the trading company entered into a back-to-back arrangement with Gates Transfercenter International on Aug 27, 2005 to procure the urea.
په ډان کې خپور شوی، د جولای په څلورمه، 2026
