Settlement via Arbitration International Sales Dispute between a BVI Company and an US Company
In November 2011, a BVI Company has signed a purchase contract with an US Company on selling a batch of chemical products at a price of $140,000. Both parties agreed in the contract: All disputes in connection with this contract shall be submitted for arbitration to China International Economic and Trade Arbitration Commission (CIETAC) Shanghai Sub-commission. After the delivery of said products, the US Company only made partial payments. With regard to the payment of the $80,000 balance of the sale price, BVI company sought help from Lawyer Xinli Li.
Lawyer Li then applied for arbitration against the US Company in February, 2013. After the hearing of the arbitration tribunal, the US Company was ruled to pay the balance in full, lawyer fees and arbitration fees.