The parties, both sophisticated commercial entities, entered into Minutes of Settlement requiring the appellant to pay 1 million EUR over two years.
The agreement stipulated that upon default, the appellant would consent to judgment for 1 million EUR without credit for prior payments.
After paying 380,000 EUR, the appellant defaulted.
The motion judge granted summary judgment for 1 million EUR and dismissed the appellant's claim for relief from forfeiture.
The Court of Appeal dismissed the appeal, finding the forfeited amount was neither disproportionate in law nor unconscionable in equity, as the provision was designed to incentivize compliance.
