INTEGRITES won a 8-million-dollar LCIA arbitration
INTEGRITES arbitration team has successfully represented a UK Claimant in an arbitration against a Ukrainian Respondent under the Arbitration Rules of the London Court of International Arbitration. The dispute arose out of a sale contract between the parties concluded following a “reverse auction” procurement procedure administered by the Respondent.
The Respondent received the gas drilling equipment but failed to pay the second half of the purchase price. In the end of 2015, the Claimant filed the Request for Arbitration. INTEGRITES stepped into the arbitral proceedings in early 2016, having replaced a UK law firm.
In arbitration Respondent raised a defence and cross-claim aimed at invalidation and revision of the price clause in the contract and at alleged lost profit compensation.
In its Final Award the arbitral tribunal has agreed with the overwhelming majority of the arguments of INTEGRITES arbitration team regarding substantive issues in dispute, and found that the contract and its price clause are valid and enforceable and determined that the Respondent breached the contract when it refused the Claimant’s payment requests for the balance due under the contract.
As a result, the client of INTEGRITES prevailed in both its claim and its defence against the respondent’s principal counter-claims.
The INTEGRITES team which won the award for the UK Claimant consisted of partner Olena Perepelynska and junior associate Anastasiia Iliashenko.