Breach Of Arbitration Agreement Damages

In this case, an arbitral tribunal found that a party who had improperly commenced legal proceedings in Greece was in breach of an arbitration agreement and awarded the innocent party the legal costs for the court proceedings and the amount of any payments that the Greek court might possibly order to the innocent party. This had the effect of null and nedging any economic benefit that the party that was violated by illegally pursuing a dispute as a result of an arbitration agreement in force. The opposing party tried unsuccessfully to oppose the enforcement of the award in Switzerland. After the collision, Erg Petroli opened arbitration proceedings against the complainant in London. During the London arbitration proceedings, the charterers` abbreviated insurers, Allianz and Generali (the defendants) brought proceedings before the Italian court for unlawful act against the plaintiff. Damages may be awarded to compensate the parties for a number of breaches of an arbitration agreement. In this scenario, the main contribution is to demonstrate that the innocent party should be able to make a claim for financial legal protection to the arbitral tribunal, either in the form of damages or compensation against any judgment that may have been rendered in the parallel dispute. In addition, the claim for damages falls within the jurisdiction of the arbitral tribunal, since it is covered by the arbitration agreement. .