AYOBODE OLUJIMI LOKULO-SODIPE, J.C.A. (Delivering the Leading Judgment): This appeal is against the judgment delivered on 22/6/2004, by the High Court of Justice of Imo State presided over by Hon. Justice A.U. Amaeshi (hereafter to be simply referred to as “the lower Court” and “learned trial Judge” respectively). The instant case was initiated by the Respondent as Plaintiff by a writ of summons which issued on 14/3/1994. The claims of the Respondent against the Defendants (now Appellants) as contained in the statement of claim dated 14/3/1994 and filed before the lower Court on the same date, are:-
“Liquidated damages arising by virtue of or breaches of clauses 2.1.1., 2.1.2 and 2.1.3 of the Financial Provisions of the contract, and the interest thereon under Clause 63(1) of the conditions of contract as at 20/10/93.
(1) On Foreign Exchange Component … USD 11,832,912.00 OR, in the alternative the naira equivalent of this sum calculated at the rate of exchange current on the date of th…