ART DE LEX defends the pacta sunt servanda principle

On December 21, the Moscow Arbitration Court considered the claim of the Far East Development Corporation (FEDC) to the counterparty, which, in violation of the contract, failed to provide proper execution of works (bank guarantee or security deposit).

The main obligations of the contractor, although with a delay, but fulfilled. This, among other things, he tried to justify the illegitimacy of liability for breach of security obligations. Despite the relatively small amount for the FEDC, in this dispute the inviolability of the principle of pacta sunt servanda (the treaties must be observed) was important, which was defended by the lawyers ART DE LEX. The contractual discipline of counterparties is extremely important for the achievement of the FEDC of the most important state tasks that the Government of the Russian Federation has set for the corporation.
As a result of the case processing No. A40-193323 / 2017, the plaintiff's arguments were accepted by the court, the claims were satisfied in the part on which the Far East Development Coporation thought.

REFERENCE

JSC "Far East Development Corporation" is a management company set up by the Government of the Russian Federation to manage the territories of outstanding social and economic development in the Far East. With the adoption of the Federal Law "On the Free Port of Vladivostok", Far Eastern Federal District (FEFD) became responsible for the implementation and development of a special regime for business activities on the territory of the free port of Vladivostok. In the regions of the FEFD, representatives of the FEDC have been formed, their goal is to create comfortable conditions for business, create new jobs and increase the population in the Russian Far East.