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MRI Trading AG v Erdenet Mining Corp LLC

Eder J has overturned an arbitration award on the enforceability of a long term frame contract for the supply of copper concentrate.  The London Metal Exchange tribunal had concluded that the frame contract was unenforceable because it contained an agreement to agree on an important aspect of the price.   Eder J took the robust view that the tribunal's decision on this issue was such that no reasonable tribunal could reach and set aside the award.  The case throws light on English law on whether an agreement to agree will render a contract unenforceable, and also whether a court should set aside an award or remit it back to the tribunal when it has concluded that there was an error of law.  Eder J gave permission for the matter to go to the Court of Appeal.

Clare Ambrose (led by Stephen Moriarty QC and instructed by Clyde & Co) acted for the Respondent