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Tribunal fixes liquidation date of contract and sets off damages awarded to the parties
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Liability cap does not apply since there was culpa grave and gross negligence in the breaches of the agreement
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Tribunal grants costs for uncompleted works to Reficar, while rejecting claims outside the scope of the arbitration
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Tribunal finds improper delay in the completion of the project
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Tribunal accepts counterclaims for unpaid invoices but significantly reduces amounts awarded to CB&I
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Exclusions reduce excess costs by over 1 billion USD
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Tribunal finds that Modified Total Cost approach would be the appropriate standard to assess reasonableness of costs
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Contractual breach of commitment to control costs leads to finding of liability
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Decision to switch cost methodology was not induced by dolo incidental
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Tribunal fails to find any bad faith in pre-contractual negotiations
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Tribunal makes detailed assessment of pre-contractual negotiations and finds that Reficar implicitly accepted the change in payment terms
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Applicable law requires joint consideration of Colombian and New York Law
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Absence of witnesses would result in additional scrutiny; access to evidence does not result in shifting of burden of proof
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Tribunal allows use of evidence obtained in parallel court proceedings, but restricts use of documents protected by attorney-client privilege
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Background: Dispute over delayed refinery project leads to claims of over 1.7 billion USD
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Tribunal’s majority found that project authority was distinct from Libyan state
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