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Geo Testing asks court to enforce settlement agreement with IPI

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GEO Testing Inc. has asked the Superior Court to enforce the settlement agreement it made with Imperial Pacific International LLC.

Geo Testing, through attorney Timothy H. Bellas, asked the court to calendar anew its motion to enforce settlement.

Bellas said this is the second attempt of the plaintiff to enforce the settlement agreement between Geo Testing and IPI that was executed on June 28, 2019.

Bellas said the settlement agreement was intended as a full settlement of the lawsuit.

Geo Testing sued IPI and other unnamed individuals for non-payment of services rendered, and demanded $454,934.33 in damages and interest.

Bellas said the parties agreed to a settlement that involved payment of a lesser amount than that which the plaintiff claimed.

He said the plaintiff’s motion was taken off calendar based on a stipulated request to vacate the hearing filed on March 14, 2020.

“Part of the consideration for the stipulation by the parties was that if IPI failed to make any future monthly installment payment, [the] plaintiff would simply file a request to re-calendar the matter for a hearing,” Bellas said.

The stipulation further provides that the plaintiff would update the amounts due to it based on the additional accumulated interest and fees from the date of the missed payment, the lawyer added.

“Other than the one payment that IPI made to induce [the] plaintiff to take the motion off calendar, IPI has made no further monthly payments on the amount due under the settlement,” Bellas said.

He said IPI made one partial payment of $50,000 in March and the next payment was due the last day of April 2020.

He said the unpaid balance due to Geo Testing under the settlement agreement was $129,034.73.

The unpaid balance began to accrue interest of 9% which is a daily amount of $31.81, beginning on May 5, 2020, he added.

“Thus, …the additional interest of $1,876.79 is added to the balance (based on $31.81 X 59 days, which is up to the date of filing this request),” Bellas said.

He  said he has attempted to contact the reported latest IPI counsel,  Michael Dotts, who did not claim to represent IPI in this matter, but agreed to forward a proposal to IPI to resolve this matter without the need for court intervention.

There has been no response to date from IPI,  Bellas said as he asked the court to enforce the settlement agreement with interest at the annual percentage rate of 9%.

He said the amount due to Geo Testing is now $130,911.52 plus accruing interest of $31.81 per day until the amount outstanding is paid in full.

Bellas also asked the court to determine and award reasonable attorney’s fees and costs to the plaintiff, to be determined by the filing of a bill of fees and costs within 15 days after the court enters an enforcement order in this matter.

The lawyer likewise requested the court to convert the remaining unpaid amount to a civil judgment.

 

 

 

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