Port of Tauranga has made a payment to transport and logistics operator NZL Group to settle a long-running legal dispute.
A deed of settlement was drawn up earlier this month and a notice to discontinue the proceedings has been sent to the High Court at Auckland.
The agreement extinguishes any contractual rights by NZL to establish its own terminal operation at the Sulphur Point container wharf in Tauranga.
Port of Tauranga chief executive Mark Cairns said the deed had "tough confidential obligations" but he confirmed the out-of-court agreement involved a cash settlement.
"The litigation was a no-brainer and the commercial settlement avoided wasting time and money in court. It all happened fairly quickly," he said.