Changed Circumstances and Pacta Sunt Servanda
Article from: TDM 5 (2007), in International Commercial Law
To what extent can arbitrators grant relief when the context which prevailed when the contract was concluded has substantially and unforeseeably changed so that contract performance has become more onerous? This question is obviously to be answered according to the national law chosen by the parties or the arbitrators, if they elect to do so. This contribution will attempt to determine the rules which would be applicable if the parties or the arbitrators, in the absence of a choice of law by the parties, have resorted to transnational rules. The sanctity of contract is ...