Hugo Black

“ Having thus bound the Government to the contract prices as the measure of 'just compensation', which prices, to say the least, generously meet the Fifth Amendment's 'just compensation' requirement, they now seek to escape the burdens of these identical contract provisions. They invoke the Fifth Amendment in pursuit of something more than the compensation for which their contracts provide-contracts which they are not willing to abandon. ”

“ For the reasoning on which interest is added to value as a part of 'just compensation' in court condemnation proceedings is not applicable to this situation. That reasoning is that when a court determines just ompensation, it first fixes bare value at the time of the taking and adds a sum to compensate for deferred payment of bare value so as to make the property owner whole as required by the Fifth Amendment. We do not think this formula fits contractual arrangements for compensation. Exactly what factor the parties consider, in addition to bare value, cannot easily be ascertained. ”

“ It is true that in cases submitted to them for determination of 'just compensation,' courts have evolved a rule whereby an element of compensation designated as interest is sometimes allowed. Under this rule, and in the absence of an agreement of the parties fixing compensation, courts first fix the fair market value of property as of the time it is taken. The property owner, against whom there is no counterclaim, is always entitled to payment of this much. ”