1) U.S. $2,835,687 for amounts allegedly due under the contract but unpaid for Phase II from 10 June to 9 December 1978;
2) U.S. $93,611 allegedly due under the contract for expenses resulting from termination, including $63,630 for property allegedly lost or expropriated;
3) Interest on the above amounts at the contractual rate of 6 percent per annum from the dates due; and
4) U.S. $120,000 as the costs of arbitration.
1) that no Phase II work was done by the Claimant and it is therefore entitled to no compensation under Phase II;
2) that the claimed termination costs are not due because the contract was not terminated, because the situation was one of force majeure and because no expropriation has been proved; and
3) that any award should calculate the conversion of rials to dollars only at the rate on the date of execution of the award, not the date of alleged breach.
1) 40 million Iranian rials for alleged defects in the Phase I work;
2) 10,480,500 Iranian rials allegedly due to the Social Security Organization by the Claimant as Social Security payments; and
3) 8,818,396 Iranian rials allegedly due by the Claimant to the Ministry of Economic Affairs and Finance as taxes.
As of the date of the enactment of this law, Bank Refah Kargaran and the Iran Housing Company are removed from the Ministry of Health and Welfare; and while preserving their juridical personality and their financial and administrative independence, they shall be administered under the supervision of the Social Security Organization in accordance with the charters which shall be approved by the Council of Ministers upon the recommendation of the High Council of the Organization. Until new charters are approved, the present charters and regulations of each of the above organizations remain effective. (Emphasis supplied).
Should (the parties) fail to solve the dispute on the basis of the Contract and relevant rules and regulations, the matter shall be settled through competent courts according to the Iranian Laws.
The Respondent Iran Housing Company is obligated to pay the Claimant, Gruen Associates, Inc., U.S. $500,000, which obligation shall be satisfied by payment out of the Security Account established by paragraph 7 of the Declaration of the Government of the Democratic and Popular Republic of Algeria of 19 January 1981.
The Co-Registrars of the Tribunal shall give the documents deposited by the Claimant during June 1983 with the Registry of the Tribunal to the Agent of the Islamic Republic of Iran for transmittal to the Respondent Iran Housing Company.
The claim for the value of property allegdly lost or expropriated in Iran is dismissed for lack of proof.
The counterclaims are dismissed for lack of proof.
Each of the parties shall bear its own costs of arbitrating this claim.
This Award is hereby submitted to the President of the Tribunal for the purpose of notification to the Escrow Agent.