The company that owns the Vancouver Canucks has been ordered to pay more than USD $600,000 for a breach of contract.
Investment
Aquilini Investment Group ordered to pay US$600,000 for contract breach – Vancouver Sun
The company that owns the Vancouver Canucks has been ordered to pay more than US$600,000 in damages after breaching a contract to purchase Google G-Suite licences for Rogers Arena.
In June 2017, Aquilini Investment Group entered into an agreement with Six Factor Professional Services to purchase 1,000 of the online business office tools for a total license fee of US$484,000.
The deal also called for additional licences to be purchased and full deployment and support services.
Six Factor, an authorized reseller of Google’s G-Suite toolset, delivered and installed the G-Suites at Rogers Arena, home of the Canucks, in July 2017.
In December 2017, the Aquilini Group asked for a further 20 suites, which Six Factor delivered and installed at a cost of US$11,760.
After the Canucks owners terminated the agreement in July 2018, Six Factor sued the company for damages.
The Aquilini Group admitted that it was liable for the breach of contract, and the only issue at trial was the amount of damages to be awarded.
Six Factor, which bills itself as Western Canada’s leading Google partner, sought the price the Aquilini Group agreed to pay for the licences and services and argued that it was a simple and straightforward breach of contract.
The Aquilini Group argued that it was an action for damages and not debt under the contract and that Six Factor was entitled only to the profit it expected to make on the contract, about US$55,000.
In a ruling posted on the court’s website Wednesday, B.C. Supreme Court Justice Catherine Murray sided with Six Factor.
“What is material is that Six Factor is not seeking recovery of its costs, it is seeking only the payment due by Aquilini under the contract,” said the judge.
“I do not accept Aquilini’s argument that the contract price Six Factor expected to receive under the contract could amount to overcompensation.”
The judge awarded US$607,000, representing the contract amount plus PST and GST and court-ordered interest, in addition to the cost of the additional licences and the costs of technical and training deployment.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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