Arbitration disputes

Panama Canal Wins $265m Arbitration for Expansion Delays

  • The Panama Canal Authority had won an arbitration ruling in Miami for $265m to be returned to it from the consortium.
  • The GUPC consortium, which includes Spain’s Sacyr and Italy’s Impregilo International Infrastructures, no longer exists making the arbitration hard to enforce.
  • The expansion of the Panama Canal was one of the largest engineering feats in Central America of the past decade, but the project was hit by cost overruns, delays, and leaks.
  • Two further arbitrations relating to the...

https://mfame.guru/panama-canal-wins-265m-arbitration-for-expansion-delays/

BIMCO Develops ‘Refund Guarantee’ To Tackle Legal Uncertainties

  • BIMCO is developing a standard refund guarantee for shipbuilding contracts, including the SAJ and Chinese forms.
  • The refund guarantee aims to provide an instrument which removes legal uncertainties.
  • Refund guarantees play a vital role in shipbuilding projects by securing the large advance payments made by the buyer during the construction of the ship.
  • The focus of our work is to draft a guarantee which will be accepted by the issuing banks, builders and buyers and thus be used as a standard...

https://mfame.guru/bimco-develops-refund-guarantee-to-tackle-legal-uncertainties/