China National Chemical Construction Chongqing Co v The Brighton Industries Corporation; Beijing Brighton Electronic System Limited; Brighton Technologies Corporation; Mr. Kit Kung - Arbitration Award of China International Economic and Trade Arbitration Commission - CIETAC 2002 Trade Arbitration No 0042 - English and Chinese - 11 March 2002
(1) The Respondents should refund the balance principle of $2,420,532.14 and its interest of $646,824.66 (calculated as of August 31, 2001). The total amount including the principle and interest is $3,067,356.80.
(2) The Respondents should pay to the Petitioners the income tax of the technology transfer fee and design fee in the amount of $3,971,550 Chinese Yuan and the late fee of 7,943.10 Chinese Yuan incurred since August 29, 2001.
(3) The second, third, and forth Respondents should be held jointly and severally liable for all of the debt.
(4) The Petitioners should pay the arbitration fee of 43,631.40, ten percent of the total arbitration fee of 436,314.00 Chinese Yuan. The Respondents should pay 392,682.60, which is ninety percent of the total arbitration fee.
Since the total arbitration fee in the amount of 436,314.00 Chinese Yuan has been paid in advance by the Petitioners, therefore the Respondents should pay to the Petitioners 392,682.60 Chinese Yuan.
(5) The Respondents should pay all the above mentioned amounts within forty-five days after the award is received to the Petitioners, and annual interest of six percent will be calculated for any amounts not paid on time.
(6) All the other claims raised by the Petitioners are denied. This award is final.
Chief Arbitrator: Meng Chen
Arbitrator: Cheng Guang Wang
Arbitrator: Jiang Rui Cao
March 11, 2002, Beijing
OCR errors may be present