DAMAGES REDUCED IN TAKE OR PAY CASE

A federal appeals court in Bismarck, N.D., has sharply reduced the amount of damages awarded to a U.S. producer in a take or pay case against a gas buyer. A spokesman for the New York law firm that represented the buyer called the action "a landmark decision that is expected to have extraordinary impact on the energy industry." That's because the award was reduced to reflect the current market price of gas rather than the much higher last regulated wellhead price.

Mar 29th, 1993
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