UAE: ratification of domestic arbitral award
Al Tamimi was instructed by a client, the claimant, to initiate legal proceedings to ratify and enforce an arbitral award issued in the client’s favour ordering the other party, the respondent, to pay the amount of AED52m (£9m).
This amount represented an outstanding amount due to the client in addition to damages for breach of contract. This article is based on the judgment rendered by the Dubai Court of Cassation in relation to the ratification of the arbitral award.
The Claimant, a general contractor for engineering construction, entered into an agreement with the Respondent in which they agreed to settle their disputes in accordance with the International Federation of Consulting engineering Contracts (FIDIC) and in accordance with the procedures of arbitration in the UAE. As the Respondent failed to perform his contractual obligations the Claimant initiated arbitration proceedings before the Dubai International Arbitration Centre which awarded the Claimant the amount of AED 52 Million…
If you are registered and logged in to the site, click on the link below to read the rest of the Al Tamimi & Company briefing. If not, please register or sign in with your details below.
News from Al Tamimi & Company
Briefings from Al Tamimi & Company
Corruption has a detrimental effect on any economy. It creates unfair advantages, anti-competitive practices and a generally unfavorable business environment.
The Libya Herald reported on 16 April 2013 that ‘the IMF confirmed its forecasts on Libya of 20.2 per cent GDP growth in real terms for 2013’.