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Commercial Law Keyed to Lopucki
Centronics Corporation v. Genicom Corporation
Facts
The contract between the Plaintiff and Defendant provided for arbitration of any dispute about the value of the property transferred, to which the purchase price was pegged and required an escrow deposit of a portion of the price claimed by the seller pending final valuation. Plaintiff sued Defendant for breach of an implied covenant of good faith for refusing to release a portion of the escrow fund claimed to be free from dispute. Defendant moved for summary judgment on the theory that the terms of the parties’ agreements required payments out of escrow only upon completion of arbitration thus barring the implication of any duty to authorized distribution before that event. The Superior Court granted summary judgment to the Defendant. The court held that the only way funds can be released is upon final determination of the purchase price, which is in the hands of the arbitrator.
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