ALEX BARROS CONDEMNED TO PAY ALTADIS USD 2,9 MILLION
AWARD - Alex Barros condemned to pay Altadis USD 2,9 million.
Award from the Paris Court of Arbitration dated July 18, 2005
At the end of the 2002 MotoGP season Altadis and Alex Barros
signed a two year contract for the duration of the 2003 and
2004 MotoGP seasons. At the end of the 2003 MotoGP season
Alex Barros decided to abandon the project and unilaterally
breach this contract. This breach of contract caused Altadis
to take legal action and sue Alex Barros before the Paris
Court of Arbitration, not only to protect its own interests
but also for the good of the sport itself. The decision issued
by the Arbitral Court on this procedure is definitive and
without any possibility of appeal.
The Arbitral Court made the following Award:
1. Mr Barros to pay to Altadis the amount of USD 2,900,000,
plus
interest at the rate of 3.85% on the amount so awarded from
November 2003
until payment.
2. Orders that Mr Barros bear 70% of the costs of this arbitration
fixed at USD 150,000.
3. Orders that Mr Barros pay to Altadis the amount of USD
180,000 as
contribution to Claimant's costs and expenses incurred for
this arbitration.
4. Declares the present Award immediately enforceable.
Altadis wants to express its full satisfaction with the contents
of the
award, which considers as a recognition by one of the most
respected Courts
of Arbitration on the necesity for the parties to respect
the contractual
terms.
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