The Full Amount of Contractual Penalty Was Awarded by Court

The Ninth Arbitrazh Court of Appeals upheld the decision of the Moscow Arbitrazh Court rendered in favor of AGP's client and dismissed the opposing party's appeal seeking to reduce the awarded penalty for late payment under an agency agreement. The full amount of the contractual penalty was recovered in favor of our client as the principal under the agency agreement and the opposing party's arguments for reduction of the penalty amount by virtue of Article 333 of the Civil Code were rejected by the courts.

AGP attorneys Olga Glazkova and Olga Zelenskaya represented our client as plaintiff in both courts.