London Arbitration 33/22

Ship repair - Delays - Whether waiver on yard's final invoice barred all claims or void for duress - Counterclaim - Whether owners entitled to claim for loss of profits - Whether 0.1 per cent interest per day was penal

The claimant shipyard brought a claim in London arbitration for a balance under a final repair invoice. The respondent shipowners counterclaimed for breach of contract and delay in completion of the repair contract. They alleged that they were entitled to make counterclaims because a waiver in the final invoice was obtained under duress before the vessel (an oil tanker) left the yard.