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Business interruption recent projects

Loss of profits claim

We were instructed by lawyers, acting for a US company, to review a claim of £3m for loss of profits and punitive damages in respect of a Korean company’s failure to order the minimum quantity of bulldozer axle units agreed.

The arbitration case was heard in the UK under International Chamber of Commerce (ICC) rules. We examined the basis of the claim in detail, explaining why the costs were the best approximations of what would have been incurred by the claimant. We set out to persuade the Koreans’ appointed expert of the soundness of our calculation. The arbitrator preferred our arguments to that of our opposition and awarded the US company around 95% of its claim.

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