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…
Both in Formula 1 and in international arbitration, small yet innocent mistakes can trigger significant risks. Lack of proper cybersecurity measures can lead to irreversible results with negative impact on all stakeholders involved. In Formula 1 racing, the risk of danger is at every corner and one simple wrong move can change the outcome of…
Released in 2017 in their 4th edition 2016, the UNIDROIT Principles of International Commercial Contracts (“UNIDROIT Principles”) provide an ingenious tool for cross-border contract drafting and dispute resolution on neutral ground. This is particularly so if the choice is combined with an arbitration clause, because, pursuant to many arbitration laws, “[t]he arbitral tribunal shall decide…
