New deal announcement
January 5, 2017
LNT has represented Vietnam Express Way Corporation (VEC) in its first major arbitration in Vietnam International Arbitration Centre (VIAC) over construction contracts related to 7 disputes during construction of the North-South Expressway, including: warranty and underwriting costs; value engineering; cost adjustment for lump-sum items; exchange rate applicable to the cost adjustment; costs incurred due to extension of time; costs incurred due to suspension/postponement of construction; costs incurred due to change of the transport method.
LNT has supported the client to file a self-defense statement and the expert’s report on schedule as required. The self-defense statement has rejected all 7 disputes. As a consequence the Claimant, a leading Korean engineering and construction group has withdrawn the Statement of Claim and the case is closed. This case has been paid close attention by the Ministry of Transportation