Reuters
[Source: Reuters]
New Zealand Rugby and chemical producer INEOS have reached a settlement agreement, both parties said on Monday, following their dispute over a sponsorship contract.
The NZR launched legal action in February for alleged breach of contract, claiming the company had walked away from their six-year contract three years early after INEOS informed them in January of their intention to exit the agreement.
INEOS then said it was in discussions with New Zealand Rugby, saying it had sought to adjust the sponsorship as part of cost-saving measures.
Details of the settlement agreement remain confidential but in statements New Zealand Rugby and INEOS said both organisations were satisfied with the outcome and acknowledged a desire to move forward.
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