Background: ID Inc. sued the Toronto Wholesale Produce Association (TWPA) and StrategyCorp. for breach of a Sale and Maintenance Agreement (SMA) from March 28, 2013.
Facts:
ID Inc. was awarded damages for lost profits on construction and maintenance under the SMA, totaling $949,899.
The court also considered ID Inc.'s claim for pre- and post-judgment interest at a contractual rate of 26.8% per annum from September 2016 to August 25, 2023, amounting to $1,803,244.94.
Issues/Main Discussion: The appropriateness of applying the contractual interest rate for damages and the legality of amending the claim to include this rate.
Ruling: ID Inc. was entitled to pre- and post-judgment interest at the contractual interest rate of 26.8%, totaling $1,803,244.94.
Amount Awarded: Total damages of $949,899, with additional interest amounting to $1,803,244.94.
