KIAP lawyers assisted the Client to release the demand guarantees in the total amount of more than 100 mln rubles

KIAP lawyers assisted the Client to release the demand guarantees in the total amount of more than 100 mln rubles
Photo: ©

KIAP lawyers represented the Client in a court dispute against a Bank arising out of first demand guarantees. The demand guarantees had been issued by the Bank to the benefit of the Client under the subcontract agreement. The counterparty of the Client did not perform its obligations under the subcontract agreement and refused to return an advance payment, to reimburse damages and to pay penalties. The Client presented the demands which the Bank refused to perform.

Bank and the client’s counterparty undertook dozens of possible measures aimed to withhold the payment: commencement of concurrent court proceedings, attempts to suspend the proceedings, pressure from police, counterclaims, commissioning of the expert investigations.

However, following the counter-measures of the KIAP lawyers and the Client, the Bank admitted its obligation to pay under guarantees and voluntary performed payment under the demand guarantees in the total amount of more than 100 mln rubles without waiting for the rendering of the court decision.  

The interests of the Client in this dispute were represented by Partner Anna Grishchenkova, Head of Bankruptcy practice Ilya Dedkovskiy and Senior Associate Stepan Sultanov.

Twitter Facebook Яндекс Livejournal

International Commercial Arbitration

KIAP's International Commercial Arbitration practice represents clients’ interests in international commercial arbitration in Russia and abroad, as well as before Russian courts in matters involving recognition and enforcement of international commercial arbitration awards, provides consultations on arbitration agreements, its validity and enforceability, on facilitation of out-of-court settlements and on strategies for international commercial arbitration. The practice is recommended by the international rating Legal 500 EMEA, Russian rankings, Kommersant and Pravo-300 "Sympathy rating". The practice is led by Anna Grishchenkova, partner, LL.M., MCIArb. In 2020 Anna was appointed as Regional Representative of the Russian Federation in the IBA Litigation Committee for the second time, and during 2018-2020 she was a Co-Chair of the Young Litigation Lawyers Forum of IBA. In 2019 Anna was appointed Deputy Chairman of the ICC Russia Commission on Arbitration. Anna is also a Regional Ambassador at HK45 - Hong Kong International Arbitration Centre’s committee (HKIAC). Included into panel of arbitrators in Hong Kong (HKIAC) and into list of arbitrators in Austria (VIAC), Kuala Lumpur (AIAC), Korea (KCAB INTERNATIONAL) and Russia (the Board Member of the Russian Arbitration Center). Author of the book “Psychology and persuasion skills in dispute resolution”. Co-author and co-editor of the book "Arbitration in Asia"

Back to the list