Headline: ICC Arbitration Shipping Dispute
Our company was supposed to deliver a shipment of a cereal from Canada to the Iraq, which was being purchased by an Iraqi ministry. The contract calls for arbitration under an Iraqi law. After posting the performance bond, the Iraq ministry opened the letter of credit late, and the letter of credit was missing nearly USD 1 million. When we complained, the Iraqi Government took the performance bond. We went to the lower courts of Iraq, where we won, and the Government appealed. We also won at the level of the Court of Appeal, and the Government appealed to the Court of Cassation. The Court of Cassation found for the Government in a decision that may have been influenced by corruption, and we were ordered to pay USD 13 million for failing to deliver the shipment of the cereal, although the Letter of Credit was never opened properly . We decided to ask for arbitration, which was called for under the contract, but the court held that we had waived our right to arbitration, since we did not seek arbitration at the beginning of the case. Now we would like to bring an ICC arbitration against the Iraq Ministry, on different grounds, seeking the refund of our performance bond. We do not want to return to the courts of Iraq, since they are very bad.
| Funding Applicant’s Username |
|
AB |
| Title Of Legal Dispute |
|
ICC Arbitration Shipping Dispute |
|
| LEGAL DISPUTE TO BE FUNDED |
| Country Of Dispute |
|
Iraq |
| Legal Funding Campaign End Date |
|
2016-09-04 |
| Type Of Case |
|
- International Arbitration
|
| Indicate Your Lawyer |
|
WilliamKirtley |
| Legal Funding Needed |
|
$250,000.00 |
| Would You Like Peer-To-Peer Funding, Group-Funding Or Crowd-Funding? |
|
Large Crowd-funding (10000 stakes) |
| REWARD OFFERED LEGAL FUNDERS |
|
| Estimated Damages Should Your Legal Case Succeed |
|
$1,500,000.00 |
| Percent Of Damages Offered As Reward |
|
50% Of Amount Recovered |
|
| Calculation: Estimated Returns Per USD Of Funding |
|
3 |
| Calculation: Estimated Compensation Kept By Claimant |
|
$750,000.00 |
| Estimated Reward For Funders |
|
$750,000.00 |
|
| Do You Agree To The Terms And Conditions? |
|
I have reviewed the Terms of Use of Invest4Justice and agree to be bound by them. My offer, based on the terms specified above, is a public promise under Articles 8 and 9 of the Swiss Civil code (Preisausschreiben und Auslobung/promesse publique – Public promise/Reward), and I understand that my offer will become legal and binding once 100% of the funding required for my case has been raised and been received by me. Any dispute, controversy, or claim arising out of, or in relation to the contract that will be formed upon receipt of contributions, including the validity, invalidity, breach, or termination thereof, shall be resolved by arbitration in accordance with the Expedited Procedure of the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institution. Swiss law will be applicable to any contract that is formed based on this public promise.
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Returns of $3 for $1: ICC Arbitration Against Iraq Agency
