Avcorp Awarded $27.4 Million In Arbitration | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 06.18.18

Airborne-UnManned 06.19.18

Airborne 06.20.18

AMA Drone Report 06.14.18

Airborne 06.15.18

Airborne-YouTube

Airborne 06.18.18

Airborne-UnManned 06.19.18

Airborne 06.20.18

AMA Drone Report 06.14.18

Airborne 06.15.18

Tue, Nov 20, 2012

Avcorp Awarded $27.4 Million In Arbitration

Payments Associated With Loss Of Work Being Performed For Cessna

An arbitration panel has found in favor of Avcorp Industries in a reimbursement dispute with Cessna, and will require the Wichita planemaker to pay the airframe component manufacturer some $27.4 million.

Avcorp received the determination of an appointed arbitration panel which was charged with resolving outstanding issues relating to cost reimbursements and compensation payable to the company in connection with the transition of Cessna Aircraft Company ("Cessna") production work back to Cessna and other suppliers. The transition of Cessna production work was first announced by the Company on December 17, 2010 and immediately following notification by Cessna, the Company had attempted to negotiate compensation payments as contemplated by the Cessna Strategic Alliance Agreement (the "SAA"). Only when negotiations and mediation were unsuccessful did the Company refer the matter to binding arbitration.

The binding arbitration award, which was delivered to the Company on November 16, 2012, determined that the SAA was an exclusive agreement between Cessna and Avcorp, and Cessna could not unilaterally transition production work from Avcorp. The panel further found that Avcorp had fulfilled the requirements of the SAA, and suffered damages as a result of Cessna transitioning production work from Avcorp.

In addition, all counterclaims that were advanced by Cessna were denied. The quantum of damages was assessed by the arbitration panel at USD 27,391,372, which amount is payable to Avcorp within 30 days of the arbitration award.

FMI: www.avcorp.com

Advertisement

More News

Airborne 06.18.18: XP-82 Twin Mustang, Tuskegee Airmen, Supersonic Reg Change

Also: Thunderbirds/Snowbirds To N TX, AK Mid-Air, Gogo AVANCE L5, Sikorsky's New Parts Supply Site The restorers of a North American XP-82 “Twin Mustang,” one of the mo>[...]

Airborne-Unmanned 06.12.18: FAA Restrictions, Drone Innovation Act, Parrot Anafi

Also: UAS Software Startup Kittyhawk, Drone Delivery Canada, Axon And DJI, Airobotic's Autonomous Industrial Drones At the request of federal security partners, the FAA has been us>[...]

Airborne 06.18.18: XP-82 Twin Mustang, Tuskegee Airmen, Supersonic Reg Change

Also: Thunderbirds/Snowbirds To N TX, AK Mid-Air, Gogo AVANCE L5, Sikorsky's New Parts Supply Site The restorers of a North American XP-82 “Twin Mustang,” one of the mo>[...]

AMA Drone Report 06.14.18: AMA Expo W Drone Races, Ag v Drones, Kitty Hawk Flyer

Also: Drone Rotor Safety System, Birds Inspire Drone Design, UAVs Stop Crime, Fat Shark 101 As previously noted, the upcoming AMA Expo West Tradeshow not only starts early, but in >[...]

It's On--Again! EAA/ANN Announce 2018 AirVenture Innovation Preview!

Stunningly Successful Innovation Program Draws Hundreds of Thousands of Eyeballs to ‘All Things AirVenture’ E-I-C Note: We're tremendously excited to work with EAA agai>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC