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Contracts Keyed to Epstein
Austin Instrument, Inc. v. Loral Corporation
Citation:
29 N.Y.2d 124, 324 N.Y.S.2d 22, 272 N.E.2d 533 (1971)
ProfessorMelissa A. Hale
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Facts
In July of 1965, Loral was awarded a $6,000,000 contract by the Navy for the production of radar sets. The contract contained a schedule of deliveries, a liquidated damages clause applying to late deliveries and a cancellation clause in case of default by Loral. In May 1966, Loral was awarded a second Navy contract for the production of more radar sets and again went about soliciting bids. Austin bid on all 40 gear components but a Loral representative informed Austin that his company would be awarded the subcontract only for those items on which it was low bidder. Austin refused to accept an order for less than all 40 of the gear parts. Austin communicated its intent to stop deliveries unless the prices were increased. On September 15, 1967, Austin instituted this action against Loral claiming damages of $22,250 on the ground of economic duress.
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