What's Happening?
Aceris Law has successfully represented a Croatian company in an ICC arbitration against an Italian counterparty. The dispute arose from a major industrial construction project in the energy and petrochemical sector in Croatia. The arbitration, conducted
under Swiss law, resulted in a final award that fully upheld the Croatian company's claims, dismissing all counterclaims from the Italian contractor. The tribunal awarded the Croatian company the amounts due following the termination of the contract, along with interest and a favorable allocation of costs. This outcome reinforces Aceris Law's reputation as a leading boutique arbitration firm, known for its expertise in complex international arbitration disputes.
Why It's Important?
This victory highlights the effectiveness of international arbitration as a means of resolving complex cross-border disputes. It underscores the importance of having skilled legal representation in arbitration proceedings, particularly in the construction and energy sectors. The decision also emphasizes the enforceability of termination and accounting clauses in construction contracts, which can have significant financial implications for the parties involved. For businesses engaged in international projects, this case serves as a reminder of the potential legal challenges and the need for strategic legal planning.
