Foreign contractor drops arbitration case vs EDC

BACMAN Geothermal Inc. (BGI), a wholly owned subsidiary of the Lopez family’s Energy Development Corp. (EDC), said Thursday that its European contractor has withdrawn its request for arbitration with the Construction Industry Arbitration Commission (CIAC) and that the commission has dismissed the proceedings before it on that basis.

Arbitration is an alternative scheme of settling disputes between or among parties that could be done outside the confines of the courts.