PRESS RELEASE OF 3 APRIL 2017
Delos is pleased to announce that it has issued today the first award in an arbitration conducted under its Rules of Arbitration.
The dispute arose from a services agreement between two European companies of different nationality in the ‘smart wearables’ industry. The amount in dispute was below EUR 200,000 and the dispute was resolved in just over three months from the commencement of the arbitration, including extensions of time of three weeks induced by the parties.
The contract containing the arbitration agreement had been registered with Delos and the Parties accordingly benefitted from a reduction of the arbitration costs as provided for by the Delos procedures for early registration of contracts.
The sole arbitrator, appointed by Delos, is an associate at an international law firm.
UPDATE OF 13 APRIL 2017
The above news was covered by the Global Arbitration Review (GAR), in its article of 13 April 2017 entitled New Paris institution issues first award. It was GAR's second most popular story on arbitral institutions of 2017 (see GAR vol. 13:1, p. 23).