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SUICC orders Suzhou-based company to carry out a foreign arbitral award

Date:2021-01-06 13:16:06|Source:|Font Size: AAA

Suzhou International Commercial Court (SUICC) in SIP decided on Jan 4 that a Suzhou-based materials company should carry out the arbitral award made by the International Commercial Arbitration Court (ICACU) at the Ukrainian Chamber of Commerce and Industry for its default on a business contract that it signed with two Ukrainian companies in 2017. It is the first decision that SUICC made since its opening last year to admit and enforce a foreign arbitral award.

Based on the decision by SUICC and the arbitral award by ICACU, the defendant should return the advance payments of US$ 79,235 and US$ 171,250 and pay corresponding arbitration fees to the plaintiffs for its failure to deliver the steel tapes to the latter as agreed.

“We made the decision based on the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the “New York Convention”, to which China and Ukraine are contracting states, and also relevant arbitration laws and regulations applied in Ukraine,” said the judge Yang En’qian. According to Yang, the written verdict was sent to the parties concerned the same day after the hearing.

January 4, 2021

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