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Tribunal awards over 10 million USD in damages, to be paid by Power Board
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Claimant is awarded damages for lost profits, development fees, and costs after tribunal finds causal link between failed Thermo Ecotek financing arrangement and respondents’ breaches
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No causal link between National Power’s withdrawal from the project and respondents’ breaches
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Tribunal considers claimant’s alternative bases for its claim of damages, unassisted by respondent’s non-appearance in the proceedings
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Tribunal finds it has power to make partial award of costs, apportions responsibility to pay for claimant’s recoverable costs between the respondents
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Background: Termination of power plant project triggers ICC arbitration; tribunal finds breaches by respondents for causing delays and failing to recognize automatic extension of milestones
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