Riad & Riad settles a EUR40ml Construction DIAC Arbitration Case
Riad & Riad (“R&R”) has successfully closed a settlement agreement between one of the leading energy companies in the Middle East and a leading state-owned Chinese EPC contractor.
The parties had a Euro 40 million construction arbitration dispute under the rules of Dubai International Arbitration Center (“DIAC”). The dispute was relating to delay in implementing and commissioning of a 54 MW solar power plant, construction defects, completion of remedial works, penalties for breaches, performance and delay liquidated damages.
The arbitration case raised interesting legal questions about the joinder of disputes arising under multiple contracts and consolidation of proceedings.
R&R team lead by Fatma Salah (pictured left) and Mohamed Riad (pictured right) acted as the claimant’s legal counsel in the arbitration case before DIAC and had played a pivotal role in the negotiation and drafting the settlement agreement and get case settled amicably.