UC Rusal has resolved the conflict with the Danish carrier Norden A/S, which required UC Rusal, a manufacturer of aluminum to pay $90 million for breach of contract. UC Rusal will pay Norden shipping company $23 million and turn over to Norden contracts to transport 2 million tons of bauxite, RBC Daily reports. The money will be transferred by March 22. Norden agreed to withdraw the lawsuits.
In 2007, UC Rusal and Norden signed a contract for bauxite transportation. The contract included traffic volumes and conditions of payment. Later, the parties signed several agreements that increased the volume of traffic, and agreed on terms of cooperation for 2009. In August 2008, UC Rusal first breached the contract by failing to provide goods.
In early 2009, the Danish shipping company filed a claim in the Federal Court in New York, and initiated arbitration proceedings in London. The Norden company was suing Rusal for the breach of seven contracts. At that time UC Rusal refused saying the shipping company’s claims are unfounded, and planned to appeal the decision.
In 2007, UC Rusal and Norden signed a contract for bauxite transportation. The contract included traffic volumes and conditions of payment. Later, the parties signed several agreements that increased the volume of traffic, and agreed on terms of cooperation for 2009. In August 2008, UC Rusal first breached the contract by failing to provide goods.
In early 2009, the Danish shipping company filed a claim in the Federal Court in New York, and initiated arbitration proceedings in London. The Norden company was suing Rusal for the breach of seven contracts. At that time UC Rusal refused saying the shipping company’s claims are unfounded, and planned to appeal the decision.