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- Title
INTERNATIONAL Guarantor's Obligation to Arbitrate.
- Authors
Zuckerman, Susan C.
- Abstract
The article cites the ruling of the U.S. Court of Appeals for the Seventh Circuit, which held a guaranty which states that the guarantors hereby guarantee all of the provision of the within agreement does not express the guarantors' intent to arbitrate disputes arising out of the guaranty. The dispute arose out of the breach of a noncompetition agreement between Atlantic Associates Inc., a Cayman Islands corporation engaged in operating gambling concessions on cruise ships and Atlantic International Vending & Gaming Ltd., another Cayman corporation engaged in the same business. The court found that the purpose of this agreement was to facilitate the departure of Joseph Ritt, a shareholder in Atlantic Associates and the owner of Atlantic International, from Atlantic Associates. In exchange for Atlantic International's promise not to compete in certain geographic areas, Atlantic Associates agreed to pay Atlantic International a yearly sum over a 10-12 year period. The contract also had an arbitration clause.
- Subjects
ACTIONS &; defenses (Law); LEGAL judgments; ATLANTIC Associates Inc.; CONTRACTS; CRUISE ships; STOCKHOLDERS
- Publication
Dispute Resolution Journal, 1997, Vol 52, Issue 4, p91
- ISSN
1074-8105
- Publication type
Article