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THE Board further agrees to supply to the
Council all electric energy required by the Council for street lamps, pumping water, sewage or other material, Town Hall and Borough Offices, Town Clock, all municipal buildings, including Fire Brigade Station, Electric-power Station, Public Library and other
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Faced with an annual loss of $ 188,000 in supplying the council's electricity under the contract, in 1995 Power Co gave the council 15 months' notice of termination of the contract, citing that the ability to terminate the contract was implied, and failing that, that the contract was frustrated due
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buildings under the control and management of the
Council and all electric energy required by the Council for its own use in any municipal undertaking at the price of one penny per unit payable quarterly on the last days of March, June, September and December in each year,...
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With no mechanism for increasing the price to allow for inflation, etc., this contract subsequently became somewhat onerous for Power Co, as by 1994 the unit price of electricity had increased by 770%. On top of that, the council's power usage had also increased by 840%.
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The court ruled that a contract for an indefinite term whilst may be rare, is not forbidden under contract law. The court also denied the contract was frustrated as contracts are not frustrated just because they turn out to be bad bargains.
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transferred its local power supply assets to the
Southland Electric Power Board (later to become Power Co), in return for Power Co supplying all the council's electricity for 1 penny a unit "for all time hereafter."
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1 NZLR 537 is a cited case in New
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THE provisions of this Deed shall be binding upon the Board and
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