AVELLUM successfully represented a client in a dispute with a Swiss company in London arbitration. The dispute arose based on USD12 million contract for the supply of goods.
The case was quite complicated since the parties under the contract have failed to establish the final price for the goods. Nevertheless, our client has delivered the goods to the buyers based on the preliminary payment, whereas the balance should have been determined later. However, the parties further have failed to agree on the price and, therefore, the buyers did not make any additional payment.
After several months of proceedings, the arbitration tribunal fully satisfied our client’s claim based on the price discussed between the parties initially. The arbitrators awarded more than USD3 million.
Partner Ivan Kasynyuk commented on this situation: “This is the type of cases when the parties’ correspondence has the greater weight for arbitrators than the actual wording of the contract.
Our team of lawyers has managed to convince the arbitral tribunal that the contract between the parties should supplement the parties’ actual agreement rather than supplant it.”
The AVELLUM team was led by partners Ivan Kasynyuk, Iryna Moroz, senior associate Iurii Gulevatyi, and associate Dmytro Izotov.
Posted on March 23, 2020