An American company,Domtec International LLC, is to pay BUA International Limited, a subsidiary of BUA Groups a sum of £343,750.91 in arbitral award, according to a ruling by a US Court.
This was sequel to a petition filed by BUA International and NOM (UK) Limited in April 2023, requesting the verification of a foreign arbitral award rendered in the British Virgin Islands in November 2022.
According to court documents, the supply agreement required Domtec to design and build sugar domes on BUA’s properties in Lagos and Port Harcourt, Nigeria. Disputes arose between the parties, and arbitration proceedings were initiated by Domtec against BUA International and NOM in 2022.
“In the event that the parties do not agree to mediation or the dispute has not been settled within six (6) weeks (or such other period as may be agreed in writing between the parties) after the appointment of the mediator, the dispute may be referred by either party to arbitration in accordance with the provisions of the Laws of England and Wales, with the seat of the arbitration to be based in the British Virgin Islands,” the court paper stated, quoting the supply agreement.
Additionally, from the date of the arbitral ruling until payment is completed, the arbitrator ordered the corporation to pay interest compounded monthly at a rate of two percent over the Bank of England bank rate.
Domtec shall reimburse the petitioners for tribunal expenses and costs in the amount of $42,560. Additionally, from the date of the arbitral ruling until payment, interest shall be compounded monthly at a rate of two percent over the US Federal Reserve interest range.
“Domtec must pay petitioners by the arbitral award and as outlined in the judgment in this case,” the court said.
The court has given Domtec 21 days from April 1, 2024, to comply with the order, which the court will issue writs of execution and/or garnishment on the company’s assets if not honored.
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