Agreed Payment for Non-performance in International Commercial Contracts
(2021) HARN63 20211Department of Business Law
- Abstract
- The commercial contracts commonly require an agreed payment clause for nonperformance. This clause provides agreed statement of the amount recovered by
the innocent party in case of a breach of contract. The term, agreed payment for
non-performance includes two types of clauses, penalty clause and liquidated
damages clause. The penalty clause and liquidated damages clause have similar
features but are treated very differently in certain jurisdictions. The international
law does not specifically state anything regarding this topic but the model rules are
presented and compared in this thesis. The background law of the contract defines
how the liquidated damages clause and penalty clause are treated and validated.
The... (More) - The commercial contracts commonly require an agreed payment clause for nonperformance. This clause provides agreed statement of the amount recovered by
the innocent party in case of a breach of contract. The term, agreed payment for
non-performance includes two types of clauses, penalty clause and liquidated
damages clause. The penalty clause and liquidated damages clause have similar
features but are treated very differently in certain jurisdictions. The international
law does not specifically state anything regarding this topic but the model rules are
presented and compared in this thesis. The background law of the contract defines
how the liquidated damages clause and penalty clause are treated and validated.
The benefits and the validity of the agreed payment for non-performance clauses
are analysed in this thesis by using Finnish law and English law as an approach. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9073178
- author
- Hälinen, Mila LU
- supervisor
- organization
- course
- HARN63 20211
- year
- 2021
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- International, Commercial, Contracts, Penalty, Clause, Liquidated damages
- language
- English
- id
- 9073178
- date added to LUP
- 2022-01-21 13:37:26
- date last changed
- 2022-01-21 13:37:26
@misc{9073178, abstract = {{The commercial contracts commonly require an agreed payment clause for nonperformance. This clause provides agreed statement of the amount recovered by the innocent party in case of a breach of contract. The term, agreed payment for non-performance includes two types of clauses, penalty clause and liquidated damages clause. The penalty clause and liquidated damages clause have similar features but are treated very differently in certain jurisdictions. The international law does not specifically state anything regarding this topic but the model rules are presented and compared in this thesis. The background law of the contract defines how the liquidated damages clause and penalty clause are treated and validated. The benefits and the validity of the agreed payment for non-performance clauses are analysed in this thesis by using Finnish law and English law as an approach.}}, author = {{Hälinen, Mila}}, language = {{eng}}, note = {{Student Paper}}, title = {{Agreed Payment for Non-performance in International Commercial Contracts}}, year = {{2021}}, }