(The two Parties agreed that any discrepancy by any Party hereto is to be settled according to Arbitration as applicable in the U.S.A., or before the International Arbitration Center in Cairo.). (The International Arbitration Center referred to hereinafter as the "Center").
1) Choosing the International Arbitration Center in Cairo and to apply its regulations and choosing the Egyptian Arbitration Law for the settlement of this dispute.
2) The award will be given within two months, from the date of this agreement.
3) The Arbitration Sessions will be held at the premises of the International Arbitration Center, in Cairo.
4) The Arbitral Tribunal consists of three Arbitrators:
The Claimant named his Arbitrator in his application to the International Arbitration Center. He is Mr. Mohammed Abdulhamid Ahmed Ibrahim, Arbitrator for the Claimant. The Respondent named Mr. Aymen Ghreeb Farag, and the two Arbitrators chose Mr. Hassan Ali Hassan Hamad as a Chief Arbitrator.
5) The Award is to be made according to the majority of opinions within the Tribunal, and they should do their best, to reach this award within a period of two months from the date of signing this Agreement.
6) The Award of the Tribunal is final and binding to the Parties of this Agreement.
- Claimant based his aforementioned Request upon what was provided in the final memorandum, that on 20/03/2009 the Contract of Warranty to pay debts was executed between Claimant and Respondent. According to such Contract, the Claimant lent the Respondent the sum of S.R. 739,000.00 (Seven Hundred Thirty Nine Thousand Saudi Riyals) to be invested by Respondent in Real Estate, in the U.S.A., and Respondent undertakes to re-pay this amount on a five-year basis plus an interest of 5.5% per annum calculated upon the remainder at the end of each year. But Respondent did not pay as agreed with Claimant breaching the conditions of this Contract.
Whereas the basic amount of the debt is S.R. 739,000.00, and Respondent agreed to pay the basic amount of the debt plus an interest of 5.5% per annum for five years;
Whereas the Respondent did not pay anything according to the conditions of the Contract;
- The amount due to the Claimant is as follows:
The basic debt = S.R. 739,000.00 + Annual interest of 5.5% = S.R. 40,645.00
- Daily interest on debt amount = S.R. 40645/ 365 days = S.R. 111.35
- Amount of interest due to Claimant for the period 20/3/2009 up to 20/3/2010 =S.R. 40,645.00
- For the period 20/3/2010 up to 30/9/2010 = 190 days x S.R.111.35 (the value of the due interest upon the basic debt daily) = S.R.21,156.5
The total amount up to 30/9/2010 =739,000.00 + 40645 + 21,156.5 = S.R. 800,801.5
(The two Parties agreed that any discrepancy by any Party to this Contract is to be settled according to Arbitration as applicable in the U.S.A., or before the International Arbitration Center in Cairo).
The basic debt amount = S.R. 739,000.00
Annual interest @ 5.5% = S.R. 40,645.00
- Value of daily interest accrued on loan amount = S.R. 40,645/365 days = S.R. 111.35
- Amount due to Claimant for the period 03/20/2009 up to 03/20/2010 = S.R. 40,645.00
- For the period 03/20/2010 up to 09/30/2010 = 190 days x S.R. 111.35 (daily interest accrued to the balance amount) = S.R. 21,156.50.
- The total will be, up to 09/30/2010 = S.R. 739,000.00 + S.R. 40645.00 + S.R. 21,156.50 = S.R. 800,801.5.
Already registered ?