N. Litarenko

Conformed Payment in Case of Default under lex mercatoria.

2016. No. 3. P. 113–121 [issue contents]
The freedom of parties in the choice of applicable law is an interesting and relevant for practice featureof international commercial transactions drawing attention of researchers and businesspeople. Thechoice of law provides benefits for the parties. Increasingly, the application of lex mercatoria sourcesis becoming popular to govern legal relations defying national law. The paper analyzes the possibilityto apply sources lex mercatoria as a contractual statute on the whole and the efficiency of such choiceof rules to govern the relations to charge damages in particular. The author answers the followingimportant for practice questions. May the parties choose lex mercatoria in the event of unsettled legalrelations e.g. damages? To what extent can it be efficient in the situation with damages? What are theperspectives of enforceable performance decided on the basis of lex mercatoria documents? The authordraws special attention to the issues of applying lex mercatoria sources due to some reasons suchas scarce possibilities to govern this area of conformed amounts for default in UNIDROIT principlesand Model rules of the European contract law and the lack of case practice to interpret key aspectswhen charging damages. In particular, lex mercatoria acts do not determine the proportion of chargingdamages and default charge, it lacks provisions on the size of excessive charge as well as its minimum.This and other issues represent the area of issues in regulating conformed amounts for default underlex mercatoria. The successful solution of the issues presented in the paper may promote to applyinglex mercatoria in regulating damages.
Citation: Litarenko N. (2016) Soglasovannyy platezh pri neispolnenii obyazatel'stv v istochnikakh lex mercatoria [Conformed Payment in Case of Default under lex mercatoria.]. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 3, pp. 113-121 (in Russian)
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