| Award 1159

Award N°1159 – Sale contract for yachts – Partial non-performance – Cancellation clause. A contract of sale provides for the newbuilding of two yachts and that two similar second hand yachts would be made available during the shipbuilding period, along with a payment schedule. Several buyer’s obligations having not been met – especially non-payment of due instalments – arbitrators, based on the cancellation clause, decided the rescission of the contract in favor of the seller. The parties must be restored in the respective position as they were prior to the conclusion of the contract.