- Arbitral Award
- International Arbitration Court of the Chamber of Commerce and Industry of the Russian Federation
SALES CONTRACT - BETWEEN RUSSIAN COMPANY AND CHINESE COMPANY - UNIDROIT PRINCIPLES APPLIED BY ARBITRAL TRIBUNAL AS LAW APPLICABLE TO SUBSTANCE OF DISPUTE ON ITS OWN MOTION
FUNDS TRANSFER - TIME AT WHICH OBLIGOR'S OBLIGATION IS DISCHARGED - REFERENCE TO ART. 6.1.8 (2) UNIDROIT PRINCIPLES
Claimant, a Russian company, entered into a sales contract with Respondent, a Chinese company. The Arbitral Tribunal applied the UNIDROIT Principles of International Commercial Contracts as the law applicable to the substance of the dispute without being requested to do so by the parties. It referred in particular to Article 6.1.8 (2) of the UNIDROIT Principles, which states that in case of payment by transfer the obligation of the obligor is discharged when the transfer to the obligee`s financial institution becomes effective. The Arbitral Tribunal also applied the Civil Code of the Russian Federation.