Open AccessRECOVERY OF DAMAGE CAUSED BY LATE PERFORMANCE OF OBLIGATIONS RESULTING FROM INTERNATIONAL COMMERCIAL CONTRACTS
Author(s) -
Aurel Băieșu
Publication year - 2021
Publication title -
interconf
Language(s) - English
Resource type - Journals
ISSN - 2709-4685
DOI - 10.51582/interconf.21-22.04.2021.030
Subject(s) - jurisprudence , institution , doctrine , harmonization , international law , law , political science , business , legal doctrine , law and economics , economics , physics , acoustics
This article analyses the different approaches in comparative law, arbitral practice and in doctrine regarding the institution of interest on late performance (default interest) allocated to compensate for the damage arising from the late performance of contractual obligations, known by most legal systems and instruments of uniform law. Despite the trend of harmonization of regulations in this area, national legislations enshrine different solutions regarding some aspects of this institution. Consequently, the national and international tribunals give various decisions, depending on the legal regulations and the international commercial customs that they consider applicable in the case, the jurisprudence in this field being different.