The question of
whether a financial agreement, a termination agreement or a former financial
agreement is valid, enforceable or effective is to be determined by a court
according to the principles of law and equity that are applicable in
determining the validity, enforceability and effect of contracts and purported
contracts, and, in proceedings relating to such an agreement, a court —
(a)
subject to paragraph (b), has the same powers, may grant the same remedies and
must have the same regard to the rights of third parties as the Supreme Court
has, may grant and is required to have in proceedings in connection with
contracts or purported contracts, being proceedings in which the Supreme Court
has original jurisdiction; and
(b) has
power to make an order for the payment, by a party to the agreement to another
party to the agreement, of interest on an amount payable under the agreement,
from the time when the amount became or becomes due and payable, at a rate not
exceeding the rate prescribed by the rules; and
(c) in
addition to, or instead of, making an order or orders under paragraph (a) or
(b), may order that the agreement, or a specified part of the agreement, be
enforced as if it were an order of the court.
[Section 205ZW inserted: No. 25 of 2002 s. 47.]