Arbitration Court Orders Barros To Pay Former Sponsor $2.9 Million For Breach Of Contract

Arbitration Court Orders Barros To Pay Former Sponsor $2.9 Million For Breach Of Contract

© 2005, Roadracing World Publishing, Inc.

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Alex Barros condemned to pay Altadis USD 2,9 million. Award from the Paris Court of Arbitration dated July 18, 2005 At the end of the 2002 MotoGP season Altadis and Alex Barros signed a two year contract for the duration of the 2003 and 2004 MotoGP seasons. At the end of the 2003 MotoGP season Alex Barros decided to abandon the project and unilaterally breach this contract. This breach of contract caused Altadis to take legal action and sue Alex Barros before the Paris Court of Arbitration, not only to protect its own interests but also for the good of the sport itself. The decision issued by the Arbitral Court on this procedure is definitive and without any possibility of appeal. The Arbitral Court made the following Award: 1. Mr Barros to pay to Altadis the amount of USD 2,900,000, plus interest at the rate of 3.85% on the amount so awarded from November 2003 until payment. 2. Orders that Mr Barros bear 70% of the costs of this arbitration fixed at USD 150,000. 3. Orders that Mr Barros pay to Altadis the amount of USD 180,000 as contribution to Claimant’s costs and expenses incurred for this arbitration. 4. Declares the present Award immediately enforceable. Altadis wants to express its full satisfaction with the contents of the award, which considers as a recognition by one of the most respected Courts of Arbitration on the necesity for the parties to respect the contractual terms.

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