by Alena Mae S. Flores – February 18, 2016 at 11:05 pm
from Manila Standard
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 has withdrawn its request for arbitration with the Construction Industry Arbitration Commission, after Bac-Man Geothermal Inc., a wholly owned subsidiary of Energy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“We now advise that Weir has withdrawn its request for arbitration with the CIAC and the CIAC has dismissed the proceedings before it on that basis,” EDC said in a disclosure Thursday.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.