Wealcan Enterprises Inc v Banque Algerienne Du Commerce Exterieur Sa [2012] EWHC 4151 (Comm) (14 December 2012)

Wealcan Enterprises Inc v Banque Algerienne Du Commerce Exterieur Sa [2012] EWHC 4151 (Comm) (14 December 2012)

The guarantees and letter of undertaking, on their proper construction, cover arbitrators' fees as part of the claimant's recoverable legal costs or costs of defending the claim, and the defendants are liable to pay those sums under the guarantees and undertaking.

Citation
[2012] EWHC 4151 (Comm)
Parties
Claimant/respondent: Wealcan Enterprises Inc; Defendant/appellant: Banque Algerienne du Commerce Exterieur SA
Jurisdiction
England and Wales
Judgment Date
14 December 2012
Procedural Posture
Commercial Claim (trial) / Judgment After Trial
Outcome
Claim allowed
Legal Topics
Guarantees, Security for Costs, Interpretation of Legal Costs, Arbitrators' Fees
Arbitration Commercial Law Guarantees Security for Costs Interpretation of Legal Costs Arbitrators' Fees

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Parties

Wealcan Enterprises Inc

Claimant/respondent

Banque Algerienne du Commerce Exterieur SA

Defendant/appellant

Procedural Posture

Commercial Claim (trial) / Judgment After Trial

Legal Issues

  1. 1 Whether arbitrators' fees are covered by guarantees and letter of undertaking as 'recoverable legal costs' or 'costs of defending the claim'

Ratio Decidendi

The guarantees and letter of undertaking, on their proper construction, cover arbitrators' fees as part of the claimant's recoverable legal costs or costs of defending the claim, and the defendants are liable to pay those sums under the guarantees and undertaking.

Court Disposition

Claim allowed

Orders

  • Defendants to pay arbitrators' fees to claimant under the guarantees and letter of undertaking