VT59.4 million for Pekoa Airport extension land acquisition
October 29, 2024 9:58 pm | Posted in Business News | Share now TwitterFacebook
By Terence Malapa.
Minister of Lands and Natural Resources, Rick Tchamako Mahe, who was acting as Prime Minister last week during the PM’s absence, signed the deed of release for land acquisition for Pekoa Airport on Santo. The signing took place with the Releasor, Peter Colmar, at the Northern Island Stevedoring Company Limited (NISCOL) building.
The deed of release was signed on Friday, 25 October 2024, between the Government of the Republic of Vanuatu, represented by the Ministry of Lands and Natural Resources (the Releasee), and the Société Civile Immobilière, represented by Peter Colmar (the Releasor), for a total amount of VT59,412,000.
The Council of Ministers, in its decision No. 263 of 2024, endorsed the mentioned amount to be paid to Société Civile Immobilière du Canal, the lessee, as compensation for the lessee’s interest in part of the lease acquired.
This agreement indicates a comprehensive approach to the obligations and benefits under the deed. It ensures that if multiple parties are involved, they are collectively responsible for the commitments outlined, while also allowing for individual responsibility. This means that if one party fails to fulfil their obligations, the others can still be held accountable, providing a layer of protection for both sides.
Furthermore, any mention of legislation within the deed encompasses updates or changes to that legislation, ensuring that the agreement remains relevant and applicable even as laws evolve. Such provisions are important for maintaining legal clarity and ensuring alignment with current legal standards. The settlement sum will be paid in a lump sum to the Releasor on or before 31 December 2024.
The deed of agreement also states that the Releasor hereby releases and forever discharges the Releasee, its servants, and agents from all actions, suits, claims, demands, costs, and other liabilities of any nature which the Releasor now or at any time may have, or could have had, against the Releasee under or in respect of parts of lease title 04/3021/0608 acquired for the extension of Pekoa Airport.
The deed constitutes the entire agreement of the parties relating to the deed of release and supersedes all prior understandings, negotiations, and agreements, whether written or oral, express or implied. This “entire agreement” or “merger” clause confirms that the deed of release represents the complete and final agreement between the parties regarding its subject matter. This ensures that any previous discussions, negotiations, or agreements are no longer valid or binding.
Such clauses are important as they help prevent misunderstandings or disputes that might arise from prior communications, ensuring that the terms of the deed are the only ones that matter moving forward.
“It’s common practice in legal agreements to ensure clarity and enforceability. This is not the final payment; there will be more deeds of release to be signed in the upcoming months for the extension of our Pekoa Airport,” Minister Mahe stated during the signing.
He added that once every deed of release is issued, work on the Pekoa Airport extension will commence, benefiting SANMA Province and the northern provinces as a whole.
