Corporacion AIC, SA v. Hidroelectrica Santa Rita S.A., No. 20-13039 (11th Cir. 2023)
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This case arose from a dispute between two Guatemalan companies, Corporación AIC, S.A., and Hidroeléctrica Santa Rita, S.A. Pursuant to a contract signed in March of 2012, Corporación AIC agreed to build a new hydroelectric power plant for Hidroeléctrica in Guatemala. Hidroeléctrica issued a force majeure notice that forced Corporación AIC to stop work on the project. Hidroeléctrica filed an arbitration proceeding in the International Court of Arbitration to recover advance payments it had made to Corporación AIC, and the latter counterclaimed for damages, costs, and other expenses. An arbitral panel ordered Corporación AIC to return some portion in advance payments but allowed it to keep what it had earned on the contract. Corporación AIC filed suit in federal court seeking to vacate the award.
The Eleventh Circuit vacated the judgment in favor of Hidroeléctrica and remanded for the district court to consider Corporación AIC’s Section 10(a)(4) contention. The court held that the district court correctly followed Industrial Risk and Inversiones, which constituted binding precedent at the time and declined to address Corporación AIC’s argument that the arbitral award should be vacated because the panel exceeded its powers under 9 U.S.C. Section 10(a)(4).
This opinion or order relates to an opinion or order originally issued on May 27, 2022.
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