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Tribunal awards post-award interest at 1-year US Treasury bills rate, plus 1% as a deterrent to default
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One-third of compensation claim is rejected for lack of evidence regarding specific link to projects in dispute
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Tribunal awards over 50 million USD in compensation for early termination; claimant bears risk of inflation and reconversion process of Venezuelan currency
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PdVSA’s role as de facto contracting party implies that it is jointly and severally liable for compensation due to former contractor
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Estoppel doctrine prevents PdVSA from relying on claimant’s alleged breaches to justify Contracts’ termination
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Tribunals recalls limited scope of its mandate, which does not encompass administrative review of challenged decisions
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Tribunal rejects late admissibility objection, holding that respondents should have raised the issue at preliminary objections stage
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Tribunals declines to hear belated counterclaims falling outside the scope of Terms of Reference
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Sanctions affect payment of ICC advances on costs and procedural calendar
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Background: Unilateral termination of gas compression contracts leads to ICC arbitration
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