LDK Solar Co. Ltd., a manufacturer of solar wafers and PV products, says it has filed an objection for an arbitration before the China International Economic and Trade Arbitration Commission in Shanghai, China, against Canadian Solar Inc. (CSI), a provider of solar system solutions. LDK Solar also filed a lawsuit to demand compensation from CSI due to the alleged breach of a take-or-pay supply agreement signed by the two companies and what LDK says was illegal termination of the agreement.
The suit is in regard to a 10-year supply agreement LDK Solar signed with CSI in 2008. LDK Solar claims that CSI failed to perform its purchase obligations and ceased making payments. LDK Solar also says the contract is legal and remains effective, and that CSI's actions constitute a breach of the contract.
SOURCE: LDK Solar