The International Commercial Arbitration Court at Trading-Industrial Chamber of the Russian Federation (ICAC) has completed trial number73/2016 on the recovery of funds (for the advance payment of an equipment supply contract) against a Russian company from Vladivostok in favor of our client from South Africa, who was the vendor who initiated the court proceedings.

Parties managed to conclude an amicable agreement with the help of Aspectum, according to which the Russian company has fully repaid the amount of debt to our client, as well as interest due to violation of the date of the advance payment under the contract, and fully compensated the costs associated with the proceedings in the ICAC, including reimbursement of legal expenses.

The laws of South Africa were applied in this trial.

The ICAC rendered a decision on agreed terms on the basis of article 30 of the Law “On international commercial arbitration” and §41 of the Rules.

CategoryCommercial Law, News