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.
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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.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
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Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
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.