PVCS.L Share News (PVCS)

(Sharecast News) - PV Crystalox Solar has concluded an agreement with a customer in settlement of all claims and obligations under the wafer supply contract and arbitration award as previously outlined on 8 November last year, it announced on Friday.The London-listed firm said that under the agreement, the customer would make total payments of €28.8m, including the initial payment of €14.5m received in May, and waive its right to demand delivery of the outstanding wafers.Under the agreement, a further final payment of €14.3m would be made on 30 November/"On 8 November 2017, the group announced that it had received notification of the final award rendered by the International Court of Arbitration of the International Chamber of Commerce in the matter filed by the group in March 2015 and arising from an outstanding long-term wafer supply contract with one of the world's leading PV companies," PV Crystalox Solar's board said in its statement."The award required the customer, who had failed to purchase wafers in line with its contractual obligations, to pay the amount of around €36.5m including interest to the group as at 1 May 2018."The company said that the obligation to pay was not conditional upon the group's delivery of 22.9 million wafers, outstanding under the contract, although the customer's right to seek such delivery was not precluded by the award."As part of the agreement, the customer has waived the right to demand delivery of the wafers."