Cobra Infraestructuras Hidraulicas, S.A. v. Societa Esecuzione Lavori idraulici, S.p.A. et al (Final Award), 30 June, 2017

SELI, an Italian tunneling company (Respondent) and Cobra, a Spanish construction company (Claimant), had entered a contract that provided for SELI to construct a steel fiber reinforced concrete segment tunnel in connection with the construction of a hydroelectric power plant in Guatemala. The dispute arose following allegations by Cobra that SELI had breached their contractual obligations, citing multiple delays and failures to perform, in response to which Cobra terminated the contract. Under the terms of the parties’ arbitration agreement, Cobra initiated proceedings before an ICC tribunal seated in Miami, Florida. The tribunal denied Cobra’s claims and awarded SELI USD 23 million in damages for Cobra’s unjustifiable termination.