Hi AllI am pretty much convinced that we will end up in...

Hi All

I am pretty much convinced that we will end up in arbitration at the ICC under the provisions of the foundation agreements. Accordingly I have been doing some browsing to get an idea of how long such a process might take in the case of Iranian disputes. Haven't found an answer to that (anyone know?) but have learned a little bit. Here's some articles:

* Iran has a long history of use of arbitration in disputes. Have established a framework to work with international laws.
http://www.iccim.org/English/Law/guide_to_iranian_market/commercial_arbitration.htm#6
http://1stcounsel.com/articles.asp?page=arbitration-developing-countries
http://www.salans.com/FileServer.aspx?oID=379&lID=0
http://www.salans.com/FileServer.aspx?oID=377&lID=0

* Many international legal firms cite successful claims against Iran in arbitration (and also some for Iran indicating they support the systems both ways). A few examples (search for Iran on the pages)
http://www.bakernet.com/BakerNet/Locations/North+America/Regional+Practice/Litigation/International+Arbitration/default.htm
http://www.bsfllp.com/practices/020
http://www.ashurst.com/doc.aspx?id_Content=2324

* It's been a subject of discussion in Iran recently with ICC conducting seminars there last year to encourage further support and use of the system. See article on right of this page from Iran Daily (other articles are generally interesting too though):
http://www.iran-daily.com/1386/2938/pdf/i3.pdf

----
UCL will presumably be going for the maximum entitlement ie US $600 million per the insurance provided by Ministry of Finance. Obviously the govt would challenge that strongly leading to a settled award which it seems we have reason to be confident, on basis of past performance, they will abide by. From discussion at the AGM, although the mine is the jewel, a good award would also be accepted by the board as the means to move on and acquire new projects.

Hopefully I'm wrong in my expectations of going to court, resolution would be preferred but if it goes that way the best we can hope for is a speedy process and a big cheque.

The wait continues.