Award of Abitration Court

Polish Chamber of Commerce, Warsaw

6 July 2005

Case No. S.A. 99/2004

Proper time for settlement of share transfer

Transfer of title to shares, as an element of "payment" for the shares in another company, may fulfil its economic function only if it occurs at the time agreed during negotiations, in line with the principle of freedom of contract. If the shares have lost value, a delay in transferring title results in the seller's failure to receive the price for shares agreed with the buyer.