With a decision poised to set a precedent, the Venice Court of Appeal threw out the role of arbitral objection provided for in leasing contracts.
Company “Beta” leased a property to “Gamma”, who subsequently assigned the leasing contract to company “Alfa”. Alfa then exercised its right of option and bought the property under a contract of sale. After the purchase, Alfa discovered that there were unauthorised building works on the property, as well as an undeclared methane pipeline easement restricting its use. On the basis that these defects should have been declared before the sale, Alfa initiated legal proceedings against Beta, seeking termination of the contract and reimbursement of the purchase price.
In the article on Altalex, Lawyer Maurizio Borra examines the possible impact of this decision that changes the “rules of the game”.
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