posted February 18, 2016 at 11:05 pm by Alena Mae S. Flores
Contractor Weir Engineering Services
Ltd. has withdrawn its request for arbitration with the Construction Industry
Arbitration Commission, after Bac-Man Geothermal Inc., a wholly owned
subsidiary of Energy Development Corp., received a favorable ruling from the
International Chamber of Commerce.
“We now advise that Weir has
withdrawn its request for arbitration with the CIAC and the CIAC has dismissed
the proceedings before it on that basis,” EDC said in a disclosure Thursday.
EDC said that on Feb. 2, Bac-Man
Geothermal received the ICC tribunal’s phase 1 award where the ICC tribunal
declared that the company had exclusive jurisdiction to hear and finally
determine the parties’ disputes.
The tribunal also said “Weir is
permanently restrained from pursuing proceedings in any other dispute
resolution forum, including the CIAC, in connection with disputes arising under
the contract that have validly been referred by BGI to arbitration under the
ICC rules.”
Bac-Man received a favorable
regarding its arbitration case against Weir early this month wherein ICC
ordered Weir to pay $4.404 million within seven days of the date of the
partial award. The amount relates to the sums owned by Weir to Bac-Man Geothermal
under the contract, together with post-award simple interest calculated at the
rate of 5.33 percent per annum.
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