The applicant charterers Exfin applied to set aside an arbitration award in favour of the respondent ship-owners, Tolani for some US$130,000. Exfin argued that there was no “dispute” between the parties pursuant to the arbitration clause in the parties’ contract because Exfin had admitted the liability, the amount of the claim and that payment had not been made.

Does failure to make payment admittedly due constitute a “dispute”?