Cai & Lenard Law Firm represented its client Nuseed, a global agricultural seed company, at the Supreme Court. The Supreme Court ruling upheld the award of the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry for collecting EUR 2.4 million of debt.
This is the first time the Supreme Court expressly stressed the mandatory application of article 4 of the Law of Ukraine On International Commercial Arbitration. It is also confirmed that the right for setting aside an arbitral award is waived unless the respective objections were arisen in the course of arbitral proceedings.
“The Law states that a party waives its right to challenge the arbitral award when it fails to express its objections of the tribunal within the arbitral proceedings. The Supreme Court’s position of the case shows the priority of implementation of this practice into the Ukrainian legal system” – Cai & Lenard’s Counsel Dmytro Symanov commented on the decision of the Supreme Court.
Nuseed is a global agricultural seed company founded in 2006 working across 11 global locations and selling and delivering its products in approximately 30 countries.