On June 7, 2023, an ICC tribunal issued an award that will redefine risk allocation in the construction industry. The arbitration was initiated by Refinería de Cartagena S.A.S. (“Reficar”), a wholly owned subsidiary of Ecopetrol S.A., which is in turn owned by the Republic of Colombia, against Chicago Bridge & Iron Company NV., CB&I UK…

On February 27, 2020, the Third Division of the Colombian Council of State (“Court”) issued a judgment resolving an annulment petition submitted by a state-owned company’s subsidiary against an international arbitral award. In its judgment, the Court decided to annul the award due to the Tribunal’s failure to comply with the agreed arbitral procedure. In…