TGS Baltic has successfully represented Valstybiniu Misku Uredija —Lithuania's state-owned enterprise responsible for the supervision, administration, and inventory of state forests that is also engaged in logging activities, trading timber, and planting — before the Supreme Court of Lithuania.
According to TGS Baltic, the plaintiff timber buyer had claimed that "under the contract for long-term sale and purchase of timber, which is executed when one wins an auction, the timber buyer may disagree with the timber price recalculated every half a year. The Supreme Court of Lithuania upheld the position of VMU that price change is provided for in rules of public law, and the recalculated price of timber does not have to be separately agreed upon with the buyer, and therefore that the timber buyer does not have the right to disagree with the recalculated price and must buy the contractual timber volumes, therefore VMU reasonably imposed a fine for breach of obligations."
TGS Baltic’s team was led by Senior Associate Erika Jurgutyte.
