- Arbitral Award
- International Arbitration Court of the Chamber of Commerce and Industry of the Russian Federation
SALES CONTRACT - BETWEEN A RUSSIAN TRADE ORGANIZATION AND A HONG KONG COMPANY - SILENT AS TO APPLICABLE LAW - EXPRESS AUTHORIZATION OF ARBITRAL TRIBUNAL TO APPLY THE UNIDROIT PRINCIPLES
TERMINATION - RIGHT TO TERMINATION OF CONTRACT (ART. 7.3.1 UNIDROIT PRINCIPLES) - RESTITUTION OF GOODS DELIVERED (ART. 7.3.6 UNIDROIT PRINCIPLES)
DAMAGES - RIGHT TO RECOVERY OF DIFFERENCE BETWEEN CONTRACT PRICE AND REPLACEMENT TRANSACTION (ART. 7.4.5 UNIDROIT PRINCIPLES)
A Russian trade organization and a Hong Kong company entered into a sales contract. The contract did not contain a choice of law clause, but when the dispute arose the parties agreed that the Arbitral Tribunal should apply the UNIDROIT Principles to resolve any question not expressly regulated in the contract.
In its decision, the Arbitral Tribunal applied a number of individual articles of the UNIDROIT Principles. In particular, the Arbitral Tribunal referred to Art. 7.3.1 in order to affirm the right of the Russian buyer to terminate the contract; Art. 7.3.6 with respect to the restitution of the goods already delivered; and Art. 7.4.5 with regard to the buyer's right to recover the difference between the contract price and the price of the replacement transaction.
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