1. The dispute between the Parties arises out of their relationship with respect to a sale and purchase agreement for coking coal. The coking coal was not supplied within a stipulated period under that sale and purchase agreement and the Parties entered into a Settlement Agreement dated 22 April 2021 (the "Settlement Agreement").
2. Under the terms of the Settlement Agreement the Respondent was to pay to the Claimant the sum of USD 1,500,000 (the "Settlement Amount") in three separate instalments of USD 500,000 over the course of 2021. None of those payments were made.
3. The Claimant has therefore sought an award ordering payment of the Settlement Amount, plus interest and costs.
4. The Respondent initially participated in this arbitration and responded to the Claimant's case in the briefest of terms saying in its Response to Request for Arbitration that it "disputes the claimed damages". The Respondent did not elaborate further and failed to participate in the arbitration subsequent to filing its Response.
5. For the reasons set out in this Final Award, the Sole Arbitrator finds that the Respondent is liable to pay the Claimant the Settlement Amount claimed in this arbitration, plus interest and costs.
Genevieve Poirier (Sole Arbitrator)
OCR errors may be present