P.C.

By this Summons for Judgment, the Plaintiff seeks judgment be entered for the Plaintiff in this suit against the Defendant for a sum of US $ 58,677.91. The suit is based on the written contract dated 30th December, 2002 and various invoices issued by the Plaintiff.

2. On 1st November, 2002, the Plaintiff entered into a Lease Agreement (Equipment Agreement) with the Defendant and leased various containers for its business operation on the terms and conditions setout in the said Agreement. The lease period was from 1st November, 2002 to 31st October, 2003. The agreed rental payable by the Defendant was setout therein. Clause 10(a) and (b) of the Agreement reads as follows:-

“(a) If a unit of Leased Equipment is lost or destroyed, Lessee shall send a written declaration of loss to Lessor as soon as the loss is known and Lessee shall pay the Replacement Value (“RV”) or Depreciated Replacement Value (“DRV”) for the unit as stated in the applicable Lease. If a unit is returned to Lessor’s designated depot and the repair costs for Lessee’s account are higher than the applicable RV Or DRV, Lessee shall pay the applicable RV or DRV for the unit.

(b) A unit which is lost or de