LA JOLLA, Calif. – Marine computer electronics and displays manufacturer Argonaut Computer has reached a pre-trial settlement with Raymarine, Inc. to resolve a contractual legal dispute between the companies, Argonaut said in a recent press release.
Under the terms of settlement, Raymarine has agreed to pay Argonaut an undisclosed amount of cash in addition to granting ownership title to production parts, according to Argonaut.
The terms of settlement stipulate that without any admission of liability or fault, Raymarine and Argonaut wish to enter into the agreement resolving all disputes between them.
Argonaut said that in April 2001, Raymarine had contracted it for the development of a specialized marine computer device, but that in September of that year Raymarine rejected production ready prototypes Argonaut delivered to its U.K. facility for specification testing, alleging they did not meet specifications.
In January of 2002, Raymarine filed a lawsuit in New Hampshire Federal Court seeking a declaration that it had properly terminated its contract with Argonaut. Argonaut filed a counterclaim seeking $12,000,000 in damages and alleging breach of contract due to Raymarine falsely contending that the Argonaut prototypes did not meet specifications, Argonaut said.
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