(Yicai Global) April 16 -- Cree Inc., a US producer of light-emitting diodes and other lighting products, has asked the International Chamber of Commerce to arbitrate its dispute with Click Technology Co. over the Chinese company’s alleged breach of contract.
Cree is demanding USD25 million in compensation from Click for expected losses and legal fees, Shenzhen-based Click said on April 13 when announcing receipt of the arbitration notice. Cree also wants their agreement ended and does not want to be liable for any payables under the deal.
Click began supplying LED electrical components to North Carolina-based Cree in June 2011, the statement said. Cree unilaterally ended the contract in October 2016 and stopped making payments after quality issues arose with its products in August that year. It claimed Click-supplied components were the problem. Despite lengthy talks, the pair have been unable to come to an amicable solution.
The announcement did not provide further details on the case nor offer any expectations on the arbitration’s duration or outcome.