Common Contracts
1 similar null contracts
Title:February 15th, 2024
Tsuneishi Heavy Industries (Cebu), Inc. (Tsuneishi) entered into a contract with MIS Maritime Corporation (MIS) on March 22, 2006, for the dry docking and repair of MIS’s vessel, M/T MIS-1. The vessel dry docked on March 23, 2006. During an engine test approximately a month later, the engine emitted smoke due to a burnt crank journal and hairline cracks in the crankpin, attributed to defective lubrication or deterioration. Despite disagreements over fault, Tsuneishi, in good will, paid for a new engine crankshaft, crankpin, and main bearings. Tsuneishi then billed MIS US$318,571.50 for the services, which MIS refused, instead demanding Tsuneishi pay US$471,462.60 for lost income during the six-month non-operational period. Tsuneishi rejected MIS’s demands and claims, proceeding to deliver the vessel to MIS in September 2006. Despite an Agreement for Final Price signed by MIS on November 6, 2006, MIS failed to fulfill payment obligations.
