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International Arbitration Team wins decisive victory for major client

International Arbitration Team wins decisive victory for major client
International Arbitration Team wins decisive victory for major client

 


On June 24, 2022, our International Arbitration team secured a significant victory for our client, an international joint venture, project owner, in an emergency arbitration against a European contractor.

Our client had entered into an EPC contract with the contractor for the construction of a gas processing and export facility in Africa. Following the contractor’s failure to deliver the project on time and multiple breaches of its contractual obligations, our client decided to invoke the Performance Guarantees provided by the contractor on June 7, 2022. Three days later, the contractor commenced emergency arbitration, seeking to restrain the client from calling the Performance Guarantees and to request that our client be ordered to withdraw its call on these guarantees pending the conclusion of a final arbitration on the merits.

The Emergency Arbitrator issued his Order on June 24, 2022, vindicating our client’s position in its entirety. It denied the contractor’s request that our client withdraw its call on the Performance Guarantees, upheld our client’s right to seek the guarantees, and ordered the contractor to pay 90% of the fees and costs incurred by our client in the proceeding.

This was a key win for our client, considering the significant financial value of the Performance Guarantees and the impact that a successful withdrawal could have on the negotiations between the Parties.

This is the second time our International Arbitration team has won on all points in an emergency arbitration arising from a call for Performance Guarantees. The team secured a victory in a similar case last year against another contractor on the same project.

Team

Sources

1/ https://Google.com/

2/ https://www.shearman.com/en/news-and-events/news/2022/06/international-arbitration-team-obtains-crucial-victory-for-major-client

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