India faces $1 billion in damages for space contract cancellation
An arbitration court at the Hague yesterday ruled that India faces $1 billion in damages because of its unilateral cancellation in 2011 of a satellite deal between itself and a private company.
More info here. Essentially the ruling says that India had made a legal commitment when it signed the contract, and by unilaterally cancelled it they did harm to the private company’s shareholders.
This case illustrates that, despite India’s successes in space, it is still running a government space program, with all the flaws that come with it. Paying off these damages will likely put a serious crimp in the country’s space effort in the next few years.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
An arbitration court at the Hague yesterday ruled that India faces $1 billion in damages because of its unilateral cancellation in 2011 of a satellite deal between itself and a private company.
More info here. Essentially the ruling says that India had made a legal commitment when it signed the contract, and by unilaterally cancelled it they did harm to the private company’s shareholders.
This case illustrates that, despite India’s successes in space, it is still running a government space program, with all the flaws that come with it. Paying off these damages will likely put a serious crimp in the country’s space effort in the next few years.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
One might argue they bought cheap and lost out.
“59% of the total population lives on less than US$2 per day” (http://water.org/country/india/) and the government is supposed to hand over $1 billion?
Those who did not stand to gain from the deal shouldn’t be on the hook for it falling through.