bpv GRIGORESCU STEFANICA secures favourable award for client Siemens IT Solutions and Services in arbitration against the Ministry of Public Finances and CFCU

bpv GRIGORESCU STEFANICA secures favourable award for client Siemens IT Solutions and Services in arbitration against the Ministry of Public Finances and CFCU - 5 October 2011

bpv GRIGORESCU STEFANICA has secured an important award for client Siemens IT Solutions (now, Atos IT Solutions and Services) in arbitration against the Central Finance and Contracting Unit (CFCU) within the Ministry of Public Finances of Romania.

The arbitration was lodged in early 2009 with the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania following CFCU’s failure to pay certain amounts out of a PHARE contract for delivery and installation of computers and software to the Ministry of Public Finances. The awarded amount was approx. EUR 3 million and included withheld contract price and damages, interests and legal costs.
The award was important in so far as the arbitration court has upheld the civil law principles applying to con-tract formation and bona-fide performance of contractual obligations by the supplier over the formalism of PHARE procedures.
The arbitration award was upheld by the High Court of Cassation and Justice of Romania in the extraordinary appeal (actiune in anulare) lodged by CFCU.

The team of bpv GRIGORESCU STEFANICA was led by partner Liz Minea and included managing partner Catalin Grigorescu and associate Raluca Marcu.

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Siemens IT Solutions and Services was part of the Siemens group until July 1, 2011, providing information technology solutions and services for the complete IT service chain. The company is currently renamed in Atos IT Solutions and Services and is part of the Atos group (www.atos.net) following a global deal between Siemens and Atos aimed at creating an European IT champion. Atos is a global group with revenues of EUR 8.7 billion, currently operating in 42 countries with 78,500 business technologists.